Metaverse Is The Key Factor For NFT Long-Term Success

Metaverse is the key factor for NFT long-term success according to a recent analysis that goes in-depth about the NFT market, its future, and projected growth in transactions over the next few years.

New Analysis By Juniper Research

Juniper Research has released a new report that analyzes the trajectory and growth of the NFT market over the next five years. According to the report, worldwide NFT transactions will grow from 24 million in 2022 to over 40 million by 2027.

The report states that one of the most significant drivers of NFT adoption will be those related to metaverse use cases. This NFTs specialization will be the fastest expanding during the next five years. The number of transactions in metaverse-related NFTs will rise from 600,000 in 2022 to 9.8 million by 2027. There is no doubt that the Metaverse is the key factor for NFT longevity and long-term success.

A positive sign for firms like Gucci and Adidas, who have already embraced wearable technology in the digital arena. This analysis truly shows that people want value in their digital assets that extends beyond money.

This is also supported by Ripple’s recent research. Ripple’s data questioned key financial institutions, especially about their particular interest in NFTs. The most interesting types of NFTs were, not surprisingly those relating to music.

Aside from accruing wealth in a wallet, music NFTs sometimes incorporate multi-utility, such as exclusive artist material and fractional interests in song rights.

According to the company, the report’s data is based on a “medium scenario” for adoption. Although these digital assets provide new opportunities for development and profit, the research warns vendors to exercise vigilance owing to the high number of NFT frauds on the market.

Since the boom began in 2021, there have been a number of stories concerning NFT scams, most of which concern the security of NFTs in crypto wallets and pump-and-dump schemes.

OpenSea’s Twitter Thread

On Twitter, the NFT marketplace OpenSea has alerted its users about frauds and stolen NFTs:

“We’re making it easier for users who reported an item stolen to re-enable buying and selling when they recover the item OR determine they should withdraw their stolen item report. For example, we’re finalizing details on a simplified process that doesn’t require a notary.”

Solana (SOL) has unveiled a new strategy for combating spam NFTs. The network intends to add a burning function to its Phantom wallet. This allows users to filter out spam NFTs sent by crooks.

The present crypto bear market has also been a driver for the abolition of projects that lack long-term viability and utility.