NFT transactions to reach 40 mn globally in 5 yrs amid scam threats

by IANS |

New Delhi, Aug 22 (IANS) The global number of non-fungible tokens (NFTs) transactions is likely to rise from 24 million in 2022 to 40 million by 2027, a new report said on Monday, cautioning the vendors about unregulated environment which is home to fraudulent activities and scams.

The report by Juniper Research stressed that vendors who partake in the NFT space may risk brand damage by association, due to the role NFTs have had in illegal activities, such as money laundering, scams and fraud.

"Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating massive energy usage," said the report.

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

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

To capitalise on this growth, the report urged consumer-facing businesses to create NFT-based content to meet changing demands from a younger, tech-savvy demographic, who are more ready to purchase novel forms of online and digital content.

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

This unique token could represent real-world items like artworks or music, with the ability to be traded with a transparent transaction history.

The report emphasised the need for regulators to work with industry bodies to standardise processes with reduced environmental impact and built-in consumer protections to enable vendors to utilise NFTs as a medium to further engage with consumers.

Latest News
In leaked audio, Shehbaz Sharif being told that Maryam's son-in-law wants Sun, Sep 25, 2022, 08:30 PM
Pakistan could import wheat from Russia: Shehbaz Sharif Sun, Sep 25, 2022, 08:29 PM
Delhi HC hauls up Axis Bank for breach of undertaking in Pune-Satara toll road case Sun, Sep 25, 2022, 08:27 PM
Look for opportunities to buy on dips Sun, Sep 25, 2022, 08:26 PM
NFT startups shun Apple App Store due to high commission, tough rules Sun, Sep 25, 2022, 08:21 PM
3rd T20I: Bhuvi back in playing XI as India win the toss and elect to bowl first against Australia Sun, Sep 25, 2022, 08:19 PM
Kenya's Kipchoge breaks own world record to win 2022 Berlin marathon Sun, Sep 25, 2022, 08:18 PM
India claim bronze on debut at women's International Tent Pegging Championship Sun, Sep 25, 2022, 08:17 PM
Deepti had all the 'rights' to run out Charlie Dean, says Anjum Chopra Sun, Sep 25, 2022, 08:16 PM
Hope I have been successful in inspiring the next generation: Jhulan Goswami Sun, Sep 25, 2022, 08:15 PM
Other states keen in learning about Dravidian development: Stalin Sun, Sep 25, 2022, 07:46 PM
If any of MLAs who went to Manesar is made CM, govt may fall: Gehlot camp minister Sun, Sep 25, 2022, 07:45 PM
International kidnapping racket busted in Kolkata, three arrested Sun, Sep 25, 2022, 07:44 PM
Property attached in J&K's Bandipora for wilfully sheltering militants Sun, Sep 25, 2022, 07:41 PM
Muslim scholars seek ban on singing 'bhajans', 'Surya Namaskar' in Kashmir schools Sun, Sep 25, 2022, 07:40 PM