New Delhi, Aug 22 : The global amount of tokens that are not fungible (NFTs) transactions expected to grow from 24 million in 2022 to 40 million by 2027, a brand new report revealed on Monday and warned vendors about an unregulated environments that are an ideal environment for fraud and fraud.The report from Juniper Research stressed that vendors who participate in the NFT space could face damage to their brand because of the role that NFTs played in illegal activities like fraud, money laundering and fraud.
“Environmental issues were also cited as a major concern with the way in which transactions are handled via blockchain, which results in massive use of energy,” said the report.
The report stated metaverse-linked NFTs will be the fastest-growing NFT segment in the next five years, ranging from 600,000 transactions in 2022 to 9.8 million by 2027.
It highlighted the increasing demands for immersive experiences as the main driver of metaverse acceptance.
To take advantage of this growing trend To take advantage of this, the report encouraged companies that cater to the consumer market to develop NFT-based content that can meet the changing expectations of a younger tech-savvy generation who are more likely to buy new forms of digital and online content.
An NFT is an exclusive token that is residing in the blockchain which means it is not replicable.
This unique token can represent tangible items such as music or artwork, with the ability to be traded with transparency of transaction history.
The report emphasized the necessity for regulators to collaborate with organizations in the industry to standardize procedures with less environmental impact as well as built-in consumer protections that allow vendors to use NFTs as a means to further interact with consumers.
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