The Web 3 industry, also known as the decentralized web or blockchain technology, has had a lot of problems and setbacks in 2022. These include market sentiment, slow adoption, a lack of regulation, and security problems. But this new year, we’re starting to see some real progress. There are a few things worth keeping an eye on as we look ahead to the new year.
In this blog, let’s try to find some trends that could change the way people feel and the way the market will work for NFT in 2023. Obviously, this is not the final tally, but Non-Fungible Tokens (NFT) fans would do well to keep an eye on this running list.
Let’s begin.
1. AI will enter the NFT market
The first thing that will make its way into the NFT industry in 2023 will be AI. And it’s not just a future prediction; it’s already happening!
By the end of 2022, we started to see a lot of tools popping up all over the place. From chatGPT to Dall-E, AI in conversational and interactive ways is making a significant impact on how we interact with technology and how it can make our lives easier and more efficient. So, it’s hard to miss the impact of AI on the NFT market.
And this is just the beginning. As we move into the coming years, we can expect AI to continue disrupting the NFT industry in new and exciting ways. It’s definitely something to keep an eye on if you’re interested in the future of NFTs.
2. NFT and gaming
Another big effect will be on NFT and the gaming industry. You’ve heard that Justin Kan’s Fractal game-related non-fungible token (NFT) platform extends into Polygon to increase accessibility. This is only one instance when NFTs are used in games, and that use is extended to other blockchains.
It’s not a mystery to understand that, a unique, verifiable digital asset, like a character or item in a game, gives players a whole new level of value and engagement. And it’s not just limited to the virtual world; we’ve also seen NFTs used for physical collectables.
The possibilities are endless, and we can’t wait to see where this trend takes us in the coming year. It’s definitely something to keep an eye on if you’re a gamer or an NFT enthusiast. It’s NFTs and gaming to the moon!
3. Tokenization of assets
The Swiss private bank Cité Gestion is the first private bank in Switzerland to tokenize its own shares. This was made possible by a partnership with Taurus technology. It’s an exciting prospect that could bring many benefits to all stakeholders involved. We’ll see more of these kinds of trends in the years to come.
Let’s take real estate tokenization, for instance. Isn’t it convenient to check who owns a property with just a few clicks, or switch ownership without the need for middlemen? The tokenization of real estate can solve this problem.
And it’s not just a pipe dream; it’s something to keep an eye on as technology and the market evolve.
4. More brands will come into the NFT market
In recent years, NFT fever has spread like wildfire around the world. And it’s not just world-famous celebrities jumping on the NFT bandwagon—global brands are doing it, too.
The big names of Adidas, Lamborghini, Coca-Cola, Nike, Louis Vuitton, Samsung, Pepsi, McDonald’s Burger King, Ray-Ban, and many more are already trying their hands at the NFT market. As investors around the world continue to pay more attention to NFTs, businesses will look for ways to use this new type of asset to increase brand awareness, community engagement, and revenue.
Conclusion
This is certain. NFT technology will create novel and interactive experiences in 2023, fueling the NFT industry, and as market sentiment changes, NFTs will become more mainstream.
This industry is constantly evolving, and surprises are bound to happen, so we’re excited to see where the NFT market will go in the new year and keep our fingers crossed for the best.
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Chahat has a deep passion for leveraging blockchain technology to drive innovation and transformation. With over seven years of experience, she has been instrumental in guiding WebMob through the complexities of blockchain adoption. Her expertise and forward-thinking approach make her a key thought leader in the blockchain space, paving the way for a modern decentralized industry.