NFTs have had somewhat of a turbulent history… there can be no denying that. They were at the absolute top of their game in 2021. And then came the crypto winter of 2022, where the crypto market itself plummeted. However, against all odds, NFTs, or non-fungible tokens, came out the other side stronger than ever. Since the new year dawned, the market has been looking up for NFTs, albeit in a new light.
While before, NFTs were usually the talk of the town for their collectible value. As times changed, utility took precedence. In fact, according to a recent survey by CoinGecko. Around 3 out of 4, NFT holders list either the utility or long-term profit as the top reason for doing so. NFTs still retain more than a little collectible value, but an NFT Launchpad project in 2023 can be expect to flourish only if it has some tangible utility and/or if it has the capacity to give its holder a return on investment.
As there seem to be signs of a bull market coming up. Here are a few NFT trends to help you stay on top of all the news. Read on to find out about the future of NFTs… At least as far as 2023 is concerned!
Trends to Look Out For
- NFT Gaming: As always, the use case of NFTs that tops the list is NFT gaming. Play-to-earn games are nothing new. But with the advances in blockchain technology and the journey towards Web3 and the Metaverse, we can expect these games to take on a whole new look and feel. They have the potential to become way more dynamic, vibrant, and immersive than they already are, with more opportunities to earn. Another thing that is given a place of importance with regard to NFT gaming projects is the community. It is reasonable to expect that the community of an NFT game or an NFT gaming marketplace may have more power when it comes to important decisions. The rewards earned through the game and even by participating in community-based contests and giveaways could be very beneficial to players.
- Ticketing: One of the most utility-driven use cases of NFTs that has slowly been gaining a lot of attention is NFT ticketing. We have heard of several instances where ticket sales were not as smooth and streamlined as they should have been. As a result, there have been financial losses for a great many people who just wanted to enjoy a show. That is where NFT tickets could be useful. With their use of decentralized and transparent blockchain technology, they could make ticket sales more equitable to all. The concept of scalpers, too, could be mitigate if not eliminate completely. What’s more, the event organizers and the artists would get their due royalty when the tickets are sell on a secondary marketplace.This is in contrast to the trade of traditional tickets where scalpers run amok.
- Virtual Events: While we are on the topic of events and how NFTs can make the process better. we can discuss virtual events. The Metaverse is a word that has not been a stranger to us for quite a while now. There have already been concerts and other events hosted on Metaverse land. With plans that could one day encompass virtual work meetings and conferences. Many of these virtual events would require using NFTs and other digital collectibles. This is primarily because the Metaverse itself may provide a more gamified experience… So whether it is in the form of skins, accessories, or even avatars. NFTs will have a major role to play in the hosting of virtual events.
- Music NFTs: NFTs have been shining for a few years in the art world. Now, it may be time for them to establish their presence in the music industry as well. In fact, a band named Kings of Leon has already released an entire album as an NFT! With this setting a precedent, we can surely expect more and more artists to explore the potential of NFTs. As we have already established, people seek utility in their NFTs…This being the case, music NFTs could come with exclusive access to content. Merchandise or even event passes and meet-and-greet sessions!
- Decentralized Finance (DeFi): What makes the blockchain so popular ad useful is how it minimizes the interference of third parties. This makes transactions a lot more secure with very minimal chances of fraud and counterfeits. In this regard, the immutability of NFTs could be extremely beneficial, especially as collateral for crypto loans. NFT staking is already being out in use and the members can even earn rewards for staking their tokens. All this would aid the effort of making online transactions that much more secure and transparent.
- Profile Picture NFTs (PFP NFTs): While it is true that purely collectible NFTs may be slowly losing momentum, PFP NFTs can still be expected to make a comeback in 2023. This could be because of the fact that collections. Like Bored Ape Yacht Club and CryptoPunks offer the holders a layer of exclusivity. The holders of these PFP NFTs get to be in a very elite group of people that has even been grace by the names of several celebrities! This could also be useful for brands to develop a loyalty program centered around their consumer base.
While the above-list applications are expect to be hot topics in the NFT world, there are several other uses that we will be able to see. For instance, with AI taking center stage in recent times, AI-generate and even AI-augment NFTs can be expect to pop up in the coming months. Digital assets could also serve as digital twins of real-world products, letting developers test their innovations with ease and safety. The healthcare sector, too, may see NFTs put into practice within itself. Patient records can be made secure, medications can be tracked and authenticated. It would even be possible to track blood and organ donations! And lastly, we have virtual land. This would be a whole new revolution in the marketing industry. Those brands could reach out to the tech-forward GenZ audience. Here’s hoping that all of them come to fruition in the next few months!