Juniper Research published unique research analyzing the non-fungible token (NFT) market’s trajectory during the coming 5 years. As per the study, the worldwide transfers dealing with NFTs will witness a boost from this year’s 24M to approximately 40M by 2027. One of the facilitating factors to elevate the adoption of non-fungible tokens will take into account their use cases related to the Metaverse world.
Metaverse Is Inevitable in NFT Growth, the Latest Account of Juniper Research Claims
With this, the position of the non-fungible tokens will turn them into the fastest progressing sectors within the industry during the forthcoming 5 years. The NFTs associated with the Metaverse will go through an upsurge in transfers from nearly 600,000 transfers in the current year to that 9.8M by 2027.
The entrance of the non-fungible tokens into the apparel market with their adoption by famous names like Adidas and Gucci is also a good indicator to bring technology to the world of wearables.
The respective data brings to the front that the customers intend to have the value of their digital assets go far beyond monetary. The respective thing is additionally supported by a report that Ripple published recently. In that report, the platform surveyed the prominent financial firms in terms of the NFT interest. The report found out that the music-related venues were most interested in the space of non-fungible tokens.
In the case of music NFTs, multi-utility is often involved apart from amassing the value within a wallet, like fractional stakes within song rights as well as the unique content created by an artist. In the words of Juniper, the data of the report is established on an average situation concerning the adoption.
Due to a Rise in NFT Scams, Solana Offers Phantom Wallet to Deal with Them
Though the respective digital assets provide avenues for profit and growth, it also warns the vendors to be wise while proceeding further because an enormous increase has been witnessed in the scams related to the non-fungible tokens throughout the market. Several reports have been emphasizing the NFT scams since the sector’s progress which it witnessed during the previous year.
The majority of such events have been caused due to some security breach along with the pump-and-dump schemes. Keeping this in view, Solana (SOL) declared an exclusive method to confront the spam NFTs. The organization has a strategy to offer a burning feature via the Phantom wallet thereof. With this, the customers will be permitted to discard spam NFTs that the scammers send.