The future course of the nonfungible token (NFT) market over the following five years was examined in a recent analysis by Juniper Research. The report predicts that by 2027, there would be about 40 million global NFT transactions, up from 24 million in 2022.

According to the study, use cases related to the metaverse would be one of the main drivers for NFT adoption. In the following five years, this subset of NFTs will have the fastest growth. By 2027, there will be 9.8 million transactions involving metaverse-related NFTs, up from 600,000 in 2022.

A positive sign for the NFT market is coming from major companies like Gucci and Adidas that have already embraced wearable technology in the digital sphere. These findings demonstrate that customers desire monetary value from their digital possessions and the ability to exchange that value with others.

This is further supported by a recent analysis from XRP creator Ripple, which examined the interest of major financial institutions in NFT. The most interesting NFTs had to do with music. In addition to building up value in a wallet, music NFTs frequently incorporate multi-utility, such as exclusive artist content and fractional ownership of royalties/song rights.

Juniper claims the report’s data is based on an adoption “medium scenario.” Despite the fact that these digital assets present fresh opportunities for growth and revenue generation, the report advises vendors to exercise caution given the prevalence of NFT scams in the industry.