NFTs first appeared as a set of avatar artwork that you could use as your Instagram or Twitter profile picture. They have undergone significant modification, especially over the previous two years. 2021 saw a surge in the price of NFTs, and so many expected the trend to continue.
While the NFT market did well in the first quarter of 2022, with approximately $8 billion in trade, overall sales decreased by 47% in the same period. A $460 million net profit was generated in the second quarter of 2022, compared to $2.3 billion in the first quarter.
With a global volume of $1.7 billion, the USD traded between the second and third quarters of 2022 fell by 77% during the third quarter.
NFTs have been credited with changing the face of the art world, although many people are in doubt about their long-term viability, especially due to the massive decline in 2022. In 2023-2024, will NFTs recover and make a comeback?
Keep reading as we discuss some NFT trends and predictions for the nearest time.
Will the NFT Market Grow in 2023-2024?
Several unique NFTs have gained value between hundreds and millions of dollars, making them well-known. This is one of the best signs that the NFT trend, one of the key advancements of Web 3 and new technologies, is set to grow.
Numerous people have begun to question the viability of the NFT technology as a result of some alarming news and updates that have emerged in recent months. Particularly with certain price declines that enraged investors and new cryptocurrency fans.
NFTs do, like other investments, have some drawbacks, such as oversaturated markets, high gas prices, and volatile markets, but they also have some incredible breakthroughs. NFTs are now among the best and safest methods for storing assets and information, respectively.
Hence, you can anticipate a lot of development that will transform NFTs into more than just amusing images you can use on social media but also into adaptable and sustainable tokens in daily life. The utility and gaming industries are recognizing the potential of NFTs.
This means NFTs have a lot in store for the market. So, you should definitely expect huge growth in 2023 and 2024.
My Own Opinion About the Nearest Future of NFTs
As for me personally, I believe that venturing into NFTs can be very profitable. Although the world of NFTs and blockchain is still in its infancy, it comes off as the technology that will over time gain broader utility functions.
It is at this moment when NFTs will become an integral part of our everyday lives.
As NFT marketing gains popularity, GenZ and Millenials will all be a part of the ecosystem and have the most purchasing power. The best part is that the key utility function of NFTs hasn’t been created yet. This, therefore, hints that we are yet to witness the true power of this technology.
NFTs are going through the same phase as blockchain back when it was flooded with ICOs. Therefore, as we move on, we will undoubtedly see the real benefit of the tech stack and real-world use cases that actually matter.
Predictions and Trends for NFT Projects in the Future
Making precise assertions about technological progress and predicting technological trends is never easy. However, there's no denying that NFTs are here to stay. Some encouraging indications are that NFTs will become more widely accepted as assets and used more frequently daily.
Below Are Some Predictions and Expectations for NFT Projects in the Near Future:
1. NFT Gaming and Metaverse NFTs had great success in the gaming industry in 2022. It is easy to predict that in 2023, the NFTs will continue to grow in the same way.
So, more games and metaverses will definitely be developed along with new ways to include NFTs in the gaming experience.
As NFT gained popularity, players realized they could profit from it. There are so many initiatives that assist players in using NFTs to open up new possibilities. Using assets, players can produce game material and market it on OpenSea or other platforms.
NFTs are a key component of blockchain gaming, and they will eventually become the industry standard in this field. Start employing this technology for game creation and pay attention to how quickly it expands.
2. NFT Music Trends NFT music is the next emerging trend. Despite the industry's relative lack of popularity, musicians and fans can make money from it. NFTs enable creating shortages while giving musicians complete ownership and control over their works.
This will also make it impossible for their work to spread without copyright.
Authenticity will be established. A new community will be created around NFT and music. Also, musicians will be given autonomy in addition to ownership rights.
3. NFTs and Entertainment NFTs may be new, but they are quickly rising to the top of the list of ways to sell and buy assets. Because of this, the entertainment sector saw the potential right away.
Large music albums, performances, and events are already being created entirely on the blockchain by a number of well-known people and businesses.
This pattern is most likely to persist. Celebrities and artists will attend NFTs in greater numbers in 2023. They frequently want to evolve along with their audience and follow fashion trends.
NFTs will have a better chance of surviving and developing if they receive more support and are accepted by the general public. The NFT community will likely draw even more investors, and well-known names as major corporations are already investing in it.
4. Enhanced GameFi Development Several new video games have been incorporating the "play and earn" (P2E) model focus since 2021. In 2021, NFTs connected to the gaming sector brought in more than $4.5 billion. The pattern has persisted since the start of 2022, and the video game industry has remained profitable.
You can interact with various game objects via GameFi, including cards, weapons, outfits, and avatars. Players can make actual money by selling rare NFTs on markets after earning tokens. Through this movement, the NFT sector is predicted to transform the gaming business completely.
5. NFT Tickets The sale of an NFT ticket is made to the purchaser digitally after a unique digital token is created on the blockchain. As a result, assets can be kept in a digital wallet and used on any device, anywhere. The development of every event is now embracing the new trend of digital ticketing.
Owners can produce an adequate number of NFTs, encrypt them to establish their value, or hold an auction where buyers can submit bids.
People will be able to keep the ticket in their wallet and present it when attending the event, just like in other places. Ticketing is a new topic to think about as the NFT trend continues to grow. To test the system, numerous businesses have already developed and launched real-time tickets.
6. NFTs and AI The development of artificial intelligence (AI) has raised the bar for technological advancement. NFT art has long been produced with the use of AI technologies. Some people might find it offensive that computer programs are now being used to create art.
The outcomes, though, are always distinct. It produces stunning items that typically find great success in markets.
However, the development of new, intelligent NFTs that can learn, develop alongside their owners, and alter over time is now possible thanks to AI technology. The goal is to apply artificial intelligence to enhance user experience while making NFTs more intriguing and adaptable.
Final Words
NFTs made quite a stir a few years ago and attempted to bring change to various industries. Some of these were altered and raised to new heights, whilst other types of spaces spat NFTs back out. Luckily, the latter did not prevail, and we still see NFTs as a thriving medium.
With this in mind, projects that manage to create real-world utility will be the frontrunners of the space in the second half of 2023 and beyond. We already see great applications of NFTs in social impact, trading, and value exchange.
And still, this is just the beginning, and there is still so much more to come.