Non-fungible token (NFT) transactions are expected to reach $40 million by 2027 as the metaverse trend continues to gain steam, according to a report by Juniper Research.
“NFT transactions will rise from 24 million in 2022 to 40 million by 2027. This is based on our medium scenario for adoption, with brands leveraging the metaverse to boost digital growth.”
For consumer-centred businesses, the research pointed out that creating NFT-based content would give them a competitive advantage based on the changing needs of the younger and tech-savvy demographic.
Younger generation consumers are inclined to purchase novel digital and online content forms. Per the announcement:
“The report predicts metaverse-linked NFTs will be the fastest-growing NFT segment over the next 5 years, increasing from 600,000 transactions in 2022 to 9.8 million by 2027. It highlights the rising demand for immersive experiences as a driver of metaverse adoption.”
Despite NFTs offering a new growth channel, the...
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