// Trends
Trends and Forecasts for the NFT Market in 2023
// Trends
2021 was the best year for cryptocurrency since the coins showed active growth and numerous projects developed during that year. The cryptocurrency's popularity increased, there are new projects on the market daily, and the NFT is a vivid example of a trend.
Let’s explain what the NFT industry is. Today, people don't have ownership rights if they create content on YouTube, social networks, or other applications. The corporations and platform owners state in the user agreement that the users can employ their resources temporarily and post content. In fact, the original author doesn’t own the content. This is the prime issue since the platform founders use the content for commercial purposes and can block a creator if they violate the platform regulations. NFT is a solution since non-fungible tokens allow gaining ownership rights over content.
It is a perfect time for long-term investment in crypto, namely, metaverses, GameFi, and NFTs. These will be trends in 2023 and mainstream technologies up until 2026-2030.
Recently, Facebook presented its new concept aimed at creating a metaverse. After the rebranding, the corporation attracted the crypto community and other major companies like Epic Games. The NFT sector will be at the center of attention, and it is essential to figure out the prime trends of the market.
Are you wondering why NFT images and other products are so expensive? NFT is a key to Internet evolution that allows creating and, what is more essential, owning content. Modern people are used to the difficulty of differentiating a copy and an original. Yet, the NFT changes the approach by proving the original through verification.
An NFT is not a picture but a decentralized certificate linking the digital object and blockchain address.
Each one has their opinion on NFTs. Some people consider it a typical theme that will shortly disappear; others believe it is a significant element of the cryptocurrency world. Only one thing is sure, digital assets and items influence the financial market, economy, etc.
In 2021 achieved global popularity since the Beeple artist sold the token ‘’Everydays: The First 5000 Days.’’ Here things like crypto art, NFT avatars, and digital land started.
NFTs provided opportunities for the new world and blockchain through recent advances in smart contracts, Ethereum, and others. The trend continues in 2022 and remains on the TOP. Everyone can observe new applications developed with this technology. However, hyper-popular trends in NFT are definitely worth your attention in 2023.
Beeple is not the only significant art trader in the NFT industry. For instance, Nyan Cat animated picture was sold for 300 ETH in 2021. In the American dollar equivalent, it was 590 thousand dollars. A digital map was bought for 205 ETH in a month, equaling 320 thousand dollars.
Then the avatars and digital images of cartoon heroes and other characters appeared. Frequently, the price was about 1 million dollars for an NFT.
Fractional NFTs allow the creation of new investment opportunities by purchasing valuable assets with lesser investment. For instance, Exposed Walls company intends to sell the Gorilla in a Pink Mask mural as a collection of 10 thousand fractional NFTs for $750 a piece.
Although the trend has disadvantages, the investors study the method since it’s working for earning funds. Tokens are an evolution in the world of collecting paintings and other art.
The art benefits from this model since the artist finds it easier to monetize their work, and more people can invest in it. The painters can also receive rewards for secondary sales.
According to the scale and development, the video game industry is rated the 2nd. GameFi sector can combine finance and games. The term for it is NFT gaming. The idea is that the gamers during entertainment receive NFT assets as game rewards. This idea helped the blockchain games develop.
The audience is genuinely interested in the play-to-earn model. It allows them to play and earn tokens to exchange for real money.
Here are some games that employ this method:
Axie Infinity is one of the most popular games; its native token is AXS. At its peak, the assets' volume was 1 billion dollars. The idea is to create and collect pets that have their features. AXS and SLP tokens are the game’s currencies.
GameFi industry has other projects, but for play2earn. Namely, text games that employ NFTs, like Loot. Play-to-move is the most recent developing trend, and StepN is one of the most successful projects. The developers have a lot of blockchain projects for games worth paying attention to in 2022-2023.
During Covid-19, the film industry transformed. After the pandemic, the monetization and release of movies started employing new methods; the studios now release the film on streaming platforms and cinema simultaneously. TV shows also experienced change since they adjusted to a non-linear model that entirely changed the content demonstration.
Some cryptocurrency experts claim that NFT is the new epoch in development that will transform the content industry.
Numerous major organizations actively release NFT shows on TV, including:
For example, Daniel Allan sold NFT copies of his NFTs and made a few thousand from each. Daniel makes electro-pop and uses Glass streaming to demonstrate his creation. All videos on the platform are NFTs; therefore, the creators own them and monetize them if necessary without third parties.
Band Royalty NFT is another platform for music creators worth keeping an eye on in 2023. With its help, the authors receive a part of their income each time their song is played in a playlist. The platform has about 3000 NFTs and plans to upload 4-5 times more tokens within 2022-2023.
DJ 3LAU is another musician who sells NFTs. He earned 11.6 million dollars in 24 hours with one of his albums. Meek Mill is also famous in this industry. In 2021 he announced an NFT mixtape.
There were three token options:
With the help of their NFT, collections become collateral, through which people receive credit in case of force majeure or new potential investment opportunities.
Since 2021, various DeFi sector platforms have been launched that facilitate lending through NFT. A popular service in this environment is Arcade. The borrower and the lender agree on terms before locking the collection. Collateral is provided through a target account using smart contracts from the platform. The NFTs themselves are closed until the loan obligations are fully repaid, or default occurs.
NFT-Fi is another service that provides loans with collateral in NFT. The platform allows you to place assets to secure loans, and investors can also become lenders by offering funds to others. Loans are issued in ETH, and any ERC-721 token serves as collateral. After repaying the debt, the collateral assets are returned to the borrower; otherwise, they go into full possession of the lender.
Global brands are trying to keep up with trends and enter the NFT sector.
These are the leaders in the release of collectibles to increase demand for their services and products, and loyalty among users:
The well-known chips manufacturer Pringles created the digital collection CryptoCrisp, a feature of which is a "virtual flavor." The digital assets include only 50 tokens; the NFT is an MP4 file with an animated gold can. The initial value was about $2, or 0.0013 ETH. For this money, at the time of the auction, you could buy an ordinary can of chips. After a while, the price on OpenSea was 4ETH.
Digital assets already abound, including digital clothes, lands, and various stories that can only be realized through meta-villages, creating your avatar. NFT can become a subject of verification of people's attributes on platforms, showing the actual owners of this or that item in the virtual world.
Digital fashion and meta-villages are trends that are very popular abroad than in the CIS countries.
The central perspective is the new Web 3.0 market, where we are all already participating. In other words, new leaders, contemporary society, relationships, and consumer models are now being formed. Resource allocation and the formation of a new consumer model have been created thanks to NFT.
The peak of the trend has not even begun, although many think it is already passing and fading away. NFT is rapidly evolving, changing people's attitudes toward digital assets, creativity, and blockchains. The future of NFT is a world of colorful ideas, and the technology is constantly improving and already very different from the basic projects. This sector is becoming more significant in the world. New applications, games, and fields of art are being created; there is already NFT ticketing, NFT streaming, and a host of other opportunities in the world of digital assets. A stable and developing trend in NFT is the steady growth, recognition among people, and popularity.
Today NFT is perceived more as a picture, a creation, but in the future, the technology will be in every area of life: including document management, real estate, etc.
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