NFT Adoption Continues: Trends to Follow in 2023

  • Crypto Guru
    February 14, 2023, 13:10

NFT adoption continues to grow globally, and even large multinational corporations like Meta, Twitter, and Visa are discovering ways to incorporate non-fungible tokens into their business promotion strategies. Researchers believe that the NFT market will amount to $231 billion in 2030. New original NFT startups are cropping up daily, and the most unique and promising ones really deserve attention. In this blog post, you will learn what the future of NFTs looks like. Let’s explore NFT trends in 2023 with Grapherex.

Top Trends in 2023

After a significant surge in 2021, the NFT market faced many problems in Q3 and Q4 of 2022, primarily caused by a sharp decline in trading volumes. But 2022 was also a year of significant innovation.
Investors familiar with the digital economy should be aware of the main trends in today’s NFT market: Artificial Intelligence, NFT Ticketing, Gaming, Music, and Fractional NFTs. This is by no means the ultimate list of trends that will appear, and we are likely to see a lot more going forward.

NFT Gaming

Gamers spend hours accumulating in-game assets such as diamonds, weapons, or coins. But in conventional games, in-game items do not belong to the player. From a legal perspective, buying an item from a game developer is more like renting a game item. Thanks to NFT-based games such as Axie Infinity and Spliterlands, gamers can actually own and trade their digital assets.

Additionally, users can now store their virtual assets in their wallets and trade them on third-party websites like NFT marketplaces. There is a clear tendency towards launching play-to-earn game models, as it is profitable for both players and developers.

NFT & Artificial Intelligence

In the new digitalised world, we see the intersection of NFT and artificial intelligence technology. AI in NFTs is an exciting area to keep an eye on in 2023.

A popular way to use the technology is to create unique AI-generated art NFTs and other digital collectables quickly. The popularisation of the NFT trade allows users to generate income using advanced machine learning algorithms. Artists can simplify their work and stand out from the crowd with their digital works encoded on the blockchain. This opens up new opportunities for art auctions and NFT markets.

Another potential use case is the implementation in the field of virtual reality (VR). When combining NFT with VR, users can create and sell immersive experiences, from virtual reality concerts and events to real estate.

NFT Ticketing

Since we mentioned concerts and events, let’s analyse the use of NFT ticketing. The experts from the Binance platform are confident that NFT tickets are the future of the events industry. NFT tickets are digital documents that provide their owners with access to events. NFT tickets can help solve many problems and fraudulent practices that arise when using regular tickets. An e-ticket can mitigate some issues, but QR codes are easy to fake, so NFT tickets could be a solution.

Holders of NFT tickets could also receive additional privileges, including invitations to meetings with artists, exclusive merch and much more. Moreover, event organisers could confirm ticket ownership without using a third-party platform, hence, better controlling the resale market.

Several organisations are already using NFT-based tickets; for example, WarnerMedia’s DC Comics offered comic book-inspired NFTs for free to users who signed up for their DC FanDome virtual fan event.

Music NFTs

NFTs are a promising solution to the problem of copyrights in the music industry. These NFTs are not made just for fun but for a real purpose – proving ownership of a musical composition.
An NFT represents ownership of a particular song or album, and this could give artists more control over their music. Also, artists can open up new ways for fans to support their work, creating an additional source of income.
AirNFTs is one of the prominent music NFT marketplaces designed for musicians entering this industry for the first time. The AirNFTs platform offers a low cost of entry and no commissions, and small network fees, which is a crucial factor in attracting new creators and customers.

Fractional NFTs

A fractional NFT, or F-NFT for short, is an NFT with partial ownership of a real or digital asset. This is a token that allows several parties to jointly own one asset and share all rights, benefits, and costs.
They could be useful and become widespread to share obligations when purchasing an expensive asset. The asset can also be traded in parts, so it may be useful to some companies.

Other potential applications of F-NFTs may include:

  • Partial ownership of real estate, works of art, and other valuable assets;
  • Partial ownership and trade of NFT collectables and other rare items;
  • Partial ownership and trade of game items or virtual assets.

With the further development of technology and the market, new and innovative ways of using NFTs will appear. Follow the news with Grapherex!