NFT transactions to reach 40 mn globally in 5 yrs amid scam threats

The global number of non-fungible tokens (NFTs) transactions is likely to rise from 24 million in 2022 to 40 million by 2027, a new report said on Monday, cautioning the vendors about unregulated environment which is home to fraudulent activities and scams.

The report by Juniper Research stressed that vendors who partake in the NFT space may risk brand damage by association, due to the role NFTs have had in illegal activities, such as money laundering, scams and fraud.

“Environmental issues were also raised as a major concern, with the current way transactions are facilitated on the blockchain creating massive energy usage,” said the report.