The non-fungible tokens (NFTs) remain an exciting future market. While the hype of 2021 has faded somewhat due to the bear market of cryptocurrencies in 2022, the future belongs to digital, one-of-a-kind works. What can we expect from NFTs in 2023 and what will the future trends be?
In this article, we will deal with the NFT trends for 2023 and take a look at the coming months.
How was 2022 for NFTs?
In 2021, the NFT market grew so much that extremely high expectations for new projects became the norm. But the harsh crypto winter caused NFTs to be seen in a different, more realistic light over time. Despite declining activity on major NFT trading platforms, many high-quality collections have built up a very good reputation.
The year 2022 has not lived up to the expectations of some experts. This was probably largely due to the strong bearish trend in the market. We saw many new applications in NFTs in 2022. These included loyalty programs, metaverse applications, improvements in incentive-based gaming, and financial applications.
Currently, NFTs are at a stage between great hype and a possible way into the mainstream.
Will the trends of 2022 remain relevant next year?
The adaptation of NFT applications in the market shows that NFTs will remain in trend in 2022. More and more crypto wallets are connecting to NFT platforms. But sales fell significantly.
If the crypto market can recover in 2023, NFTs could also benefit again in the coming year and activity on trading platforms should pick up again. Big companies can reach more and more people in the coming months and build their reputation in the process.
What are the trends in NFTs in 2023?
Below we would like to the most important trends at the NFTs next year 2023 introduce:
- Decentralized Finance (DeFi): In the DeFi space, more and more NFTs are finding their way. These are increasingly accepted as collateral for crypto loans. Marketplaces will increasingly implement reward systems based on NFT stakes.
- Game: NFTs have long been an integral part of gaming. Play-to-earn and move-to-earn concepts will be further expanded in the coming months.
- Virtual Events in the Metaverse: Metaverse is another trend that should continue to grow in 2023. Concerts, conferences, parties and other events in the digital space could increasingly be organized with NFTs.
- PFP: PFP means proof of image. This makes it possible to identify a person on the Internet. It is a unique profile picture. PFP NFTs may be used more by businesses and individuals in the future.
- Music NFTs: There is still great growth potential for non-fungible tokens in the music industry. Some famous music producers are already selling partial ownership of their music.
Will 2023 see NFTs break into the mainstream?
We can summarize that NFTs can bring more and more real applications to users in the coming year. It could be a first step into the mainstream. More and more companies are already using the NFT market, and the expansion of the application possibilities should help the spread of NFTs.
If the crypto market were to move in a bullish direction again, then the interest in buying the non-fungible tokens on the trading platforms could also increase again. The drop in trading volume may be over again next year.
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