A study reported that the non-fungible token transactions would rise from 24M in 2022 to 40M by 2027. Therefore, everything is based on an intermediate scenario with companies using Metaverse technology to expand the market.
With more than eight months on a bearish streak, it is not surprising that fans of decentralized technology choose to acquire NFTs and not cryptocurrencies. However, the researchers warn that while non-fungible tokens are growing in adoptions, they are still at investment risk.
Concerns grow about scams and problems with the non-fungible token
The European research center, Juniper Research, highlights in its report that investment companies could damage their reputation if they invest in NFT. This is because NFTs have been linked to illegal acts such as fraudulent transactions, scams, and money laundering on several occasions. On the other hand, there is also concern about its environmental impact.
Juniper Research insists that trading should be regulated for the sole purpose of stabilizing problems with the environment and also protecting investors from scams or fraud. Likewise, research predicts that Metaverse-based Non-fungible Token transactions will increase in 5 years. The company estimates the transactions will go from 600,000 in transactions by the current date to more than 9.8M by 2027.
All of this research serves to encourage tech companies in Europe or elsewhere in the world to invest in NFTs. This way, they will contribute to the market’s growth by attracting a young community.
Metaverse technology will drive the non-fungible token market
While the entire outlook towards the non-fungible token market looks promising, this will not be possible if the Metaverse technology is not in its development. Instead, the research highlights a high probability that NFTs will grow rapidly if they are based on the Metaverse. This is because the Metaverse is giving value to virtual commerce through the collectibles available in auctions or NFT video games.
The art industry is also profiting from the NFTs acquisition to add value to its palpable pieces. Anything proposed by acquiring non-fungible tokens online will be prosperous for your long-term development.
Meanwhile, the crypto market continues to decline, which paints a discouraging picture for its leading investors. However, Bitcoin and Ethereum are expected to increase in value within the next few days and thus bring stability to the entire industry.
On the other hand, the NFT market is expected to create more attractive products for its industry to continue expanding based on predictions. This virtual market has not been heavily regulated like cryptocurrencies, and it would be feasible for everything to remain that way.
