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 […]
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 through NFTs. In fact, analysts have suggested that similar blockchain-based smart contracts can be used for real-life deeds of inheritance and property also.a photograph on Instagram that will soon be converted to an NFT.
As the Metaverse forges its way ahead, its use cases are bound to multiply across diverse sectors such as online dating, virtual dating, gaming, shopping, travel and work collaboration. Its growth will be driven by the ease of transportation and connection between digital worlds. In such scenarios, the presence of NFTs would be required to establish the proof of ownership and a means of transaction.Different market analysts predict different trajectories regarding the future of the NFT market.
Curiously, the Juniper Research study also emphasized the need for B2C companies to market NFTs to a young consumer demographic whose needs are also constantly changing. Regulators also need to work with the blockchain industry so as to standardize processes.Subscribe to get it daily in your inbox.
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