The NFT sector and cryptocurrency industry generally experienced a downtrend in 2022, with each sector having its share, particularly NFT collectors and investors, who had their confidence rattled in the face of several scandals that occurred throughout the year.
Despite the difficulties, NFTs remains a valuable asset, particularly in collectibles, as recent adoption by people demonstrates that NFT projects are not going away. At least not anytime soon.
However, after a troubling 2022, as prices and enthusiasm declined, NFTs transformed from costly collectibles into actual instruments for connecting communities, boosting sustainability, and involving real-world utility.
As a result, 2023 signals a significant shift in the industry, with the paradigm transitioning from hype to practical utility. So, what NFT trend should you look for in 2023 and beyond?
Top NFT Trend To Watch
NFT Ticketing
NFT ticketing is a hot trend because it eliminates the middleman in purchasing event tickets. A major issue with the digital ticketing system is that it has become completely centralized due to ticket sellers using bots to buy as many tickets as possible before reselling them to the general public on the secondary market for a high price. NFT ticketing solves this challenge using token-gated events that accept NFT as payment.
NFT tickets are an emerging trend in event management. Owners can generate sufficient NFTs, encode them to establish their value, or hold an auction where participants can bid their price. NFT ticketing has several benefits to the ticketing system, as it prevents fraudulent tickets and forgery and comes with reduced expenses at a quick production rate.
NFT Music
NFT music might not be as popular as gaming, digital art, and others. But NFT music is the next emerging trend. NFTs give music projects access to a new world of crowdsourcing, marketing, and monetization potential. Music NFTs can take the form of anything musical. It could be a song, a portion of a song, a full album, a music video, or even an album cover.
Many celebrities are now getting in on the act, establishing complete music albums, concerts, and events on the blockchain. NFTs Music pattern is expected to become more popular in 2023 as few marketplaces have already begun selling partial ownership music NFTs in collaboration with well-known celebrities.
NFT Collateral (Taking Loans With NFT)
NFT applications have expanded beyond gaming and digital art, with investors beginning to utilize their NFTs as collateral to obtain funding. As a result, DeFi platforms enabling the use of NFT as collateral for loans increased in 2022.
The NFT used as collateral is deposited in a digital vault through a smart contract and then returned once the debt is paid off. On the other hand, the lender is unconcerned about the volatility of coins and NFTs because the borrower must repay the agreed-upon amount of money and interest regardless of whether the value rises or falls.
As a result of this real-world use of NFT, the number of NFT markets and DeFi platforms will grow, with users able to pledge their NFTs as loan collateral or provide loans to others. Furthermore, with this new crediting system, investors will be required to leave their NFTs as collateral to collect cash for new prospective initiatives.
Artificial Intelligence In NFT
Artificial intelligence has been making headlines in recent years. The unveiling of the powerful AI chatbot, ChatGPT only accelerated this surge in AI interest. AI technology is currently being used to construct new and smarter NFTs that can learn, grow, and evolve with the NFT owner. The goal is to make NFTs more fascinating and versatile and apply artificial intelligence to improve user experience by combining data.
As a result, AI NFTs can learn and grow their knowledge depending on primary data, allowing them to develop more unique and creative NFTs. Incorporating AI into NFT could result in a unique and dynamic experience. Alethea AI is the first decentralized system for creating intelligent avatars interacting with society using artificial intelligence.
NFT Gaming Development
NFTs have become a significant part of the gaming industry, attracting millions of gamers to the play-to-earn model through many virtual platforms on the metaverse. As a result of the mutual benefits they provide, gaming and NFTs have become an inseparable pair.
As NFT gaming evolves, gamers' opportunities increase as they may use their in-game assets to produce other gaming content and monetize it through the NFT marketplace. As a result, mainstream gaming will become more NFT-focused, and more brands will consider developing more gaming platforms on the metaverse.
NFT gaming is one of the most extensively utilized NFT applications. With various innovations in the ecosystem, 2023 is expected to be the stage at which NFT gaming matures from its infancy.
Final Takeaway
The year 2023 looks promising for the Web3 and blockchain markets. However, technological trends cannot be predicted because of the various factors influencing their development. Still, one thing is certain: NFT is here to stay, as these trends indicate its adoption and utility in our daily lives. So be part of this development and hop on the NFT and web3 ride.
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