BusinessNFT transactions will reach the level of 40 million in 5 years,...

NFT transactions will reach the level of 40 million in 5 years, the pace will not stop despite the challenge of scam

Juniper Research in a report emphasized that for those who bet in the NFT space, this association could pose a risk of damage to their brand.Investing in and securing physical silver can be challenging for an investor. HDFC AMC's Silver ETF gives investors an opportunity to invest in digital form. It allows investors to diversify their portfolio

NFT Transactions: The number of non fungible tokens i.e. NFT transactions worldwide is estimated to increase from 24 million in 2022 to 40 million by2027. This has come to the fore in a report on Monday. However, the report cautioned the vendors about the unregulated environment, which mostly leads to fraud and scam related activities.

Betting on NFT will putthe brand at risk

Juniper Research, in a report, emphasized that for those who bet in the NFT space, this association could run the risk of damaging their brand. The mainreason for this is the role of NFTs in illegal activities like money laundering, scams and frauds.

Environmental issue is also a big concern

According to the report, environmental issues are also a major concern. Current methods of transactions work on the blockchain, which uses a lot of energy. Metaverse linked NFTs will be the fastest growing NFT segment over the next five years, the report said. This will increase from 6 lakh transactions in 2022 to 98 lakh transactions by 2027.

Need to create NFT based content

To capitalize on this growth, the report urged consumer facing businesses to create NFT based content to meet the changing demand from a young, tech savvy population that is ready to be purchased in the form of online and digital content. Are. NFT is a special token, which exists on the blockchain. Therefore, it cannot be copied.

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