The past few years have been a roller coaster of a ride with regard to NFTs. 2021 was the year NFTs really took off, even going so far as to be named the word of the year by Collin’s Dictionary. 2022, sadly, took a turn for the worse. The once glorious nin-fungible tokens were not untouched by the crypto winter which affected the sale of digital assets. However, the new year brought new hope for the crypto community as the market showed signs of bouncing back.
And now, 1 month into 2023, NFTs are going strong with a wide range of use cases to their credit. This year, the largest NFT marketplaces will do well to look toward a newer, younger audience that is more tech-savvy and open to the promise of digital assets. So here is a round-up of the top NFT trends that are expected to take over the NFT arena in 2023.
The NFT Trends of 2023
NFTs have been a part of a dizzying range of industries from art and gaming to high fashion. Some of these trends are expected to shine bright this year as well.
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NFT Gaming:
As always, one of the top applications of NFTs is in gaming. The gaming industry took on a new form with the integration of NFTs. Through play-to-earn NFT gaming platforms, players have the option of earning simply by playing. In these games, you can complete quests and challenges to earn points that can be converted to currency. You can also sell the NFTs on the marketplace to make a profit.
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Profile Pictures (PFP NFTs):
One of the most prominent existing use cases for NFTs is as profile pictures on social media platforms. This trend can be expected to shoot to new heights in 2023, primarily because several social media giants are venturing into the world of NFTs. Using an NFT as a profile picture can already be done on Twitter, Instagram, and Facebook with some slight visual effects to differentiate them from normal profile pictures. With these giants already allowing NFTs on their platforms, it is only a matter of time before this trend takes off unlike ever before!
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Music NFTs:
From the art world to the gaming world, NFTs now have a new niche: Music. Music NFTs already exist but are expected to go mainstream this year. Many artists have already begun dabbling in this space, making this a trend to look out for.
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Events in the Metaverse:
Who doesn’t love concerts? The answer is people who don’t have the means to travel halfway around the world to watch one. Imagine being a Swiftie in India while the Eras Tour is happening! Hurts to hear, right? As Metaverse events become more popular, fans will be able to attend these concerts on Metaverse platforms without ever having to leave their homes! And for those who wish work could be like this, fear not. Conferences in the Metaverse, too, are expected to gain more traction this year.
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Ticketing NFTs:
NFTs have become somewhat revolutionary in the ticketing industry. With the security blockchain provides, you can be sure that the ticket you hold is legitimate. Ticket NFTs also eliminate any scope for scalpers to thrive. And to top it all off, artists and organizers can earn royalties on secondary sales without the interference of third parties.
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DeFi:
Several DeFi platforms have already started rewarding NFT holders for staking their tokens. This is a trend we can expect to continue this year as well. And what’s more, you may be able to use NFTs as collateral for crypto loans. This also does away with third-party intermediaries, making the entire process hassle-free.
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Real Estate:
Virtual Real Estate… It sounds intriguing, doesn’t it? You can own land on a number of Metaverse platforms like Sandbox and Decentraland. Landowners may be able to host events like concerts and parties on their property in the Metaverse. NFTs will be used extensively in this regard to ensure safe transactions and an overall better experience.
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Virtual Art Galleries:
In the same vein, art galleries are expected to be a landmark development in the Metaverse. These already exist, yes, but as the Metaverse rises to prominence, NFT artwork may find a place in these fully virtual art galleries. Being in the Metaverse, these galleries have the capacity to offer a completely immersive experience to the viewers. They can move around, learn more about a piece of art, and interact with their surroundings.
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AI NFTs:
Artificial Intelligence is creating quite the buzz. From AI-generated art to ChatGPT dominating every social media trend, AI promises to be something to definitely watch out for. In the NFT space, too, AI has been making its mark with the introduction of AI NFTs. These NFTs are created by or are augmented by AI, making them dynamic and interactive as opposed to traditional NFTs that are static.
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Healthcare NFTs:
With the integration of NFTs in the healthcare sector, patients will be able to be in control of their data, even having the option of monetizing them. Patient data would also be made extremely secure and unbreachable when they are stored as NFTs. Blood and organ donation, too, can be streamlined with the help of NFTs. And of course, with their focus on authenticity, NFTs could help verify the source of pharmaceuticals, aiding the effort to eliminate counterfeit drugs.
Closing Thoughts
As we move towards the age of Web3, NFTs are expected to take the centre stage – both as individual products and as enhancements to other industries. After the recovery following the crypto winter of 2022, we can surely expect NFTs to shine again in more industries and with more applications than ever before. We simply cannot wait to watch it unfold!