Top Thriving NFT Trends to Follow in 2023

In the wake of the recent FTX crash, there is no doubt that the NFT space is in a state of flux. Despite that, NFT remains an asset worth pursuing. Adapting NFTs into their business models continues to be an ongoing process for multinational corporations and conglomerates.

NFT projects are being undertaken by companies such as Meta, Reddit, Twitter, and Visa. NFT startups are emerging all the time. The market for NFTs is projected to reach $231 billion by 2030 due to these developments.

Where does NFT technology go from here? In the days ahead, what will be the new NFT trends?

In this article, we will explore NFT trends expected to flourish in 2023, including AI-generated NFTs and music NFTs.

Noteworthy NFT Trends of 2023

NFT in Music

NFTs and the music industry are pretty seen to be rising – A report by GlobeNewswire states that the Music NFTs were valued at USD 1350.03 million in 2021, and are forecast to reach USD 6002.0 million by 2027 at a CAGR of 28.23%.

Artists can create new revenue streams for themselves and for fans by using NFTs to represent ownership of a song or album. A new level of music industry business model is being created by musicians who disrupt the traditional business model.

The price and distribution of musicians’ music are also under greater control. Consequently, copyright prevents them from easily distributing their content. In addition, artists could also sell their pieces as limited editions or bundles.

Decentralized Finance (DeFi)

NFTs have been accepted as collateral for crypto loans, expanding the scope of decentralized finance (DeFi). For investment opportunities or in the event of force majeure, people are leveraging their NFT collections to receive credit.

There have been a number of DeFi platforms launched in recent years that allow lending through NFTs. Arcade, for instance, offers loans against borrowers’ NFT collections through a decentralized marketplace. An NFT remains closed until the borrower repays it fully or defaults. It is also possible to pledge NFTs as collateral on NFT-Fi. ERC-721 tokens are used as collateral for loans issued in ETH.

NFT In Gaming

GameFi will play a significant role in 2023 because of its symbiotic advantages with NFTs. The future of gaming is blockchain, and NFTs are essential to blockchain games.

A number of mainstream gaming companies are already integrating blockchains and NFTs into their projects. Therefore, it is anticipated that gamers will gain a better understanding of NFTs once they become available. Get an idea of the must-know things about NFT gaming!

Social Media Joining NFT

Increasingly, social networks have developed rapidly since Meta was launched in 2022. Twitter, YouTube, and TikTok may integrate with NFT, according to rumors in the blockchain industry.

An NFT can now be used as a profile image on Twitter. The NFT can be set as your profile image once you have established a temporary connection to your cryptocurrency wallet. The hexagonal shape of your digital asset identifies it as yours.

NFT In Real Estate

Long-term real estate investments pose the biggest challenge in terms of ownership rights and their transfer. In minutes, NFTs can prove ownership of a property, solving such a problem. It is therefore a good trend for 2023 to use tokens in real estate.

Tokenization and blockchain technology combine to increase the security and safety of information. Additionally, it can accelerate and simplify the transfer of such assets by protecting buyers and sellers. Because of its flexibility and several other advantages, NFT is gaining traction in real estate. There are only a few companies using it, but it will likely become more common in the near future.

NFTs In Healthcare

COVID-19 caused the development of digital solutions to speed up, so blockchain and NFT systems have found their way into the medical industry.

Medical services can be improved through the development of a blockchain-based marketplace, allowing information about patients to be shared. With NFTs, information could be monetized through tokenization through a similar process.

As well, NFTs will be used more frequently to sustain the welfare of coming generations. An excellent example of medicine and tokens working together is Health Hero, a meta-world character.

Closing Thoughts

Although NFT is still a young technology, its potential is tremendous. NFTs are set to revolutionize the events industry as well as change the way artists and musicians interact with various sectors. In the coming days, NFTs will grow rapidly as integral components of Web 3.0.

Web 3.0 India’s NFT Development Experts provide enterprise clients with profitable, scalable, and robust blockchain marketplaces.