After the significant increase in 2021, when about 1.5 million pieces of NFT art were sold, the market encountered several difficulties in the third and fourth quarters of 2022 due to substantial decreases in volume at the macro level.
However, 2022 also saw several significant advancements in Web3 developments. There are several NFT trends that savvy investors in the digital economy or those looking to add NFTs to their portfolios should be aware of in 2023.
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5 Special NFT trends in 2023
1. NFT as tickets for events
The potential for NFTs to be used as tickets in 2023 is super intriguing. Event planners can use blockchain security to reduce fraudulent sales and resales.
The convenience of NFT tickets’ transferability means that they can be bought and sold amongst fans or on the resale market with no hassle.
An example is when NFT tickets could incorporate unique benefits or opportunities, such as meeting with an artist or accessing the backstage area, and be offered higher than standard tickets.
Notable advantages of NFT tickets
In addition to the advantages that it would provide for event organizers and attendees, the use of NFTs for tickets can;
- Potentially open up new income sources for artists and events.
- Reduce the stress experienced during regular sales of tickets.
- Forster accountability.
2. NFT as music collectibles
NFTs’ adoption as a property right in the music industry is another movement to watch. By using NFTs to show ownership of a song or album, artists can give their fans a new way to support their work and earn money at the same time.
This has the potential to fundamentally change the established order of the music industry and offer musicians greater power over their work.
A crucial element in luring clients and producers is the low barrier to entry. So for musicians or artists just getting started in the NFTs, AirNFTs is a great place to start.
Notable advantages of NFT music
- It removes the gap between music and arts, further bringing the two together.
- It promotes music genres and gives artists ownership rights.
3. NFTs as Game modules
NFT games are digital entertainment platforms based on distributed ledger technology (DLT). Therefore, non-fungible tokens (NFTs) and crypto tokens can be earned in games and cashed out for goods and services.
NFTs allow players to retain ownership of in-game items that they have earned or purchased, such as an avatar or a weapon, and token awards once they reach a certain level of participation in the game.
Notable advantages of NFT gaming
- Gamers can buy, sell, and trade virtual goods efficiently.
- Rewards gamers for passion.
4. Blockchain and metaverse-inclined NFTs
2023 will be a fascinating year for investors interested in non-fungible tokens (NFTs) and the metaverse. This is certainly an interesting trend to watch out for!
Machine learning advancements have enabled artists and collectors to produce unique digital works that can be stored on blockchains.
Notable advantages of blockchain and metaverse-inclined NFTs
- It paves the way for the creation and ownership of digital assets.
- Gives users a first-class virtual reality experience (VR).
5. Fractional NFT
Fractional NFTs, commonly called fractional ownership NFTs, signifies a portion of ownership in a physical or digital asset. They allow numerous parties to own a single asset and divide the expenses, rewards, and rights that come along with it.
As a means of owning and trading a diverse array of assets in a fractional capacity, fractional NFTs could become more widespread and generally recognized.
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Applications of fractional non-fungible tokens
- Ownership of a portion of high-value assets, such as real estate, artwork, or other valuable items.
- Buying and selling non-financial treasures and other unique products proportionately.
- Purchasing a small share of in-game products or virtual assets and exchanging them with other players.
“As time goes on, developments in technology will lead to the emergence of innovative and creative applications of fractional NFTs,” William Clarke, Private NFT consultant.
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Bottom line
A significant shift is happening in the NFT industry right now, and it has frightened some investors.
However, many investors, businesses, and young traders are prepared to utilize this incoming trend. You can also!
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