Metaverse Use Cases to Catalyze NFT Success?

Insured Finance software development update

We are always looking to keep our users in the loop about the progress we are making toward the development of our next-gen digital asset insurance platform. Therefore, we are pleased to announce that our mainnet has officially gone live. Our app is live on the mainnet!

NFT transactions to hit the 40 million mark in five years

The NFT market has made some of the biggest moves in the digital asset market — given that they had only gained mainstream attention last year. Their growth throughout 2021 was nothing short of phenomenal, moving from a little-known niche to a multi-billion dollar market. While general interest in NFTs has reduced, the market is still attracting investors. It currently has a market cap of over $22 billion.

Metaverse use cases will drive the NFT market

As per the report, one of the top catalysts to drive NFT growth will be those linked to Metaverse use cases. Juniper noted that the NFT market will grow rapidly if more NFT projects are based on the Metaverse, as the Metaverse is providing immense value to virtual commerce via digital collectibles. The report highlighted that Metaverse NFTs will be the fastest-growing niche in the next five years, with transactions growing from 600,000 in 2022 to 9.8 million by 2027.

Concerns grow about problems hurting the NFT market

Despite predicting good things for the NFT market over the next five years, Juniper noted that industry flaws will hinder adoption if they are not quickly addressed. For one, the report highlighted environmental issues as a major concern.

About Insured Finance

Insured Finance is a decentralized, peer-to-peer insurance marketplace. Users can request customized insurance on a wide variety of digital assets, thereby ensuring full protection. Those fulfilling requests can earn premiums and earn a competitive return on their capital. Claims are fully collateralized and settled instantly.

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Insured Finance

Insured Finance

A decentralized P2P insurance marketplace with easy claims and instant payouts. Powered by Polkadot.