Insights from a Juniper Research report reportedly offered data for a look up close at the trajectory of the NFT market over the next half decades. 

Specifically, as revealed via the analysis, transactions worldwide associated with NFTs will experience a surge from 24 million this year to approximately 40 million by 2027. 

One of the most major catalysts to drive NFT adoption will reportedly be the ones connected to metaverse use cases, per the study. This niche of NFTs will be top one in terms of development speed within the next half decades. 

Metaverse-associated NFTs will undergo an incline transactions-wise from 600,000 transactions in 2022 to 9.8 million by 2027.

A good indicator for brands like Gucci and Adidas, which have already completed the integration of the tech for wearables in the digital universe, this data suggests that buyers have desires for their digital crypto assets to have value outside the scope of the monetary.

This idea also supported up by a recent report generated by Ripple (XRP), where the firm surveyed high-profile financial establishments on NFT interest. The NFTs of most interest were music-associated.

Music NFTs often come with multi-utility, apart from accumulating value in a wallet, nominally as exclusive artist content and fractional stakes in song rights.

Juniper shares that the data from the report is dependent on a “medium scenario” for adoption. Despite the fact that these digital assets come with fresh growth and profit avenues, the report still sends alets to vendors to act smartly because of the NFT scams witnessed on the market.

Since the blow-up last year, there have been a variety of reports involving NFT scams, most associated with the security of NFTs in crypto wallets and pump-and-dump schemes.