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NFT market might hit $40 million mark by the end of 2027: Juniper Research

On August 22, Juniper Research, a leading analytics firm in the digital sector, published a report and revealed that the global NFT transaction will rise from $24 million in 2022 to $40 million in 2027.

Despite the fact that the market has been in a bear market for more than eight months, it is astonishing to see that users prefer to buy NFTs rather than cryptocurrencies.

However, researchers caution investors that despite posing a growth opportunity, they are still a risky investment in an unregulated environment.

Juniper Research in its report also highlighted the fact that due to the NFT linkage with fraudulent activities like scams and money laundering, NFT will deteriorate the reputation of investment firms.

Apart from the fraudulent activity, due to massive energy usage, NFT also poses a threat to the environment.

Moreover, Juniper Research insisted that to protect the environment and users from fraud/scams, the trading of NFT should be regulated. The firm also estimates that the transaction value of NFT will move from its current level of $600,000 to more than $9.8 million by 2027.

However, if the development of Metaverse technology does not happen, it will pose a risk to the NFT market as well. The researcher also highlighted that the NFT market will proliferate if it gets leveraged with the Metaverse technology.

Moreover, the art industry is also profiting from the acquisition of NFTs as proposed by buying them online, which will be prosperous for long-term development.

Meanwhile, the crypto market is still in a downtrend trajectory, framing a negative picture for its long-term investors.

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