Five years from now, where will the NFT market really be?

ambcrypto.com:

A study by the UK-based market research firm Juniper Research recently analyzed the trajectory of the non-fungible token (NFT) market over the next five years. It has predicted that the number of global NFT transactions will hit the 40 million-mark by 2027.

In fact, in a recently published whitepaper titled ‘NFTs – Seizing the Metaverse Opportunity,’ Juniper Research also commented on the possible future of NFTs, with a focus on Metaverse-related NFTs.

The study suggested that the global number of NFT transactions will rise from 24 million in 2022 to 40 million by 2027. A major reason for this growth will be the increasing adoption of the Metaverse by brands for boosting their digital presence.

It also observed that among all the NFT segments, Metaverse-linked NFTs will grow the fastest over the next five years. These NFTs will note an increase in transactions from 600,000 in 2022 to 9.8 million by 2027.

The NFT industry gained momentum with the release of the Ethereum-based game CryptoKitties in 2017 in which new digital cats could be produced in the form of NFTs. By October 2018, the players had bred 1 million cats with a volume of 3.2 million transactions, reported VentureBeat.

This year, the Italian haute couture brand Gucci launched itsambitious NFT project, highlighting the next 100 years of the enterprise. Titled ‘The Next 100 Years of Gucci,’ the NFT collection manifests the extraordinary leap of faith other industries such as fashion, music, arts etc. are taking in adopting NFTs and Metaverse for future growth.

NFTs have been introduced in the digital real estate business also within the Metaverse. Decentraland, Polka City and SuperWorld are some of the many Metaverse platforms where one can buy virtual real estates