Since the boom in 2021, there have been several allegations of NFT frauds, especially involving pump-and-dump schemes and NFT security in cryptocurrency wallets. The long-term viability of NFT is significantly influenced by the metaverse; in the next five years, it is anticipated that there will be 40 million NFT transactions worldwide.

According to an analysis by Juniper Research, over the next five years, the number of nonfungible token (NFT)-related transactions will rise from 24 million in 2022 to around 40 million in 2027.