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NFT Transactions Reach 40 Million Global in 5 Years Amid Scam Threats

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The global number of non-fungible tokens (NFTs) transactions is likely to rise from 24 million in 2022 to 40 million in 2027, a new report on Monday said, warning suppliers of an unregulated environment that is home to fraudulent scams. activities and scams.



‘s report Research on juniper emphasized that sellers participating in the NFT space can risk brand damage through association, due to the role NFTs have played in illegal activities, such as money laundering, defrauding and fraud.

“Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating a huge energy consumption,” the report said.

According to the report, metaverse-linked NFTs will be the fastest growing NFT segment over the next five years, from 600,000 transactions in 2022 to 9.8 million in 2027.

It highlighted the rising demand for immersive experiences as a driver of: metaverse adoption.

To capitalize on this growth, the report urged consumer-oriented companies to create NFT-based content to meet the evolving demands of a younger, tech-savvy demographic, more willing to explore new forms of online and digital content. to buy.

An NFT is a unique token that exists on the blockchain, meaning it cannot be replicated.

This unique token can represent real world items such as artwork or music with the ability to be traded with a transparent transaction history.

The report highlighted the need for regulators to work with industry associations to standardize processes with reduced environmental impact and built-in consumer protections so that suppliers can use NFTs as a medium to engage more with consumers.

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