The NFT market has surely witnessed significant alterations and advancements, given the duration of just a year. We all saw NFTs (Non-fungible Tokens) sitting on the throne of the internet and social media when they were at their peak back in 2021. As the NFT market matured and became popular, we witnessed numerous influencers, artists, athletes, and notable personalities jumping into the NFT bandwagon.
A lot has happened during these alterations, and irrespective of whether you are an artist, an investor, or maybe an influencer, it is essential to keep an eye on the dominant patterns in the market. As NFTs commence paving their way to mainstream adoption, let’s look at the top NFT trends of 2023, which supports the fact that NFTs will grow and are here to stay.
NFTs represent rare items equipped with an individual digital signature. This implies that they are just what the gaming domain has been missing in order to facilitate the representation of in-game items. With the incorporation of NFTs into games, users will have the ability to own, purchase, sell, and trade unique digital assets on NFT marketplaces.
How’s that revolutionizing?
Security, Transparency, and Immutability - NFTs assure gamers that the assets they possess are unique, securely stored, and can be traded without any hassle.
Monetization - This is big. NFTs have brought advancements in gaming by allowing players to create, earn, and trade digital assets with other gamers. Hence, paving the way for impressive earning opportunities.
Authenticity -The one thing that wasn’t closely associated with traditional gaming. NFTs carry the potential and algorithm to provide a level of authenticity due to the fact that they are backed by a transparent and irrevocable record of ownership. Well, all thanks to blockchain.
Numerous play-to-earn games have risen in popularity, with gamers jumping on the blockchain and NFT-gaming bandwagon. Some of the top P-2-E games are Axie Infinity , The Sandbox , Galaxy Fight Club , Lord of Dragons , MOOW , and Krypto Fighters.
NFT in Real Estate
Real Estate is certainly one of the oldest and biggest industries in the world, and the emergence of NFTs is bringing a revolution to it. With the usage of NFTs in real estate property dealings, we can have a secure and transparent way to transfer ownership. Moreover, you won’t require any kind of physical paperwork, ultimately making the transaction more secure and faster as compared to the traditional method.
What’s the role of NFTs in real estate?
Instant Ownership Transfers - Without the need for any intermediary or middleman, NFTs are able to facilitate instant ownership transfers. This ensures an even more efficient and cost-effective way to purchase and sell a property.
Allows Fractional Ownership - This basically means multiple investors can own a single piece of property on a shared-ownership basis. That’s how they will be able to gain access to a large pool of capital without investing huge amounts of money in order to diversify their portfolios.
Tracking Investments - As the records of ownership are stored on the blockchain, NFTs allow buyers and sellers to track their investments easily without any issues. This promotes accountability and transparency, two of the most important things for an investor.
NFTs are gaining momentum for their capability to be utilized for event ticketing as this approach boasts blockchain technology's transparency and security to create transferable and verified digital tickets. It prevents ticket fraud and scalping and paves the way for enhanced flexibility and convenience. In addition to this, it brings the potential to generate new revenue streams for artists, performers, and event organizers.
How’s NFT ticketing turning the tables?
Reduced Costs - Selling and minting NFT tickets will not involve much cost, specifically if we compare it to the traditional ticketing system. Unforgeable tickets can be formed with fewer production costs, along with the ability to get the authenticity of the ticket validated.
Prevention of Fake Tickets - With blockchain standing solid in between ticket holders and organizers, the NFTs transfer from the initial sale to resale is securely stored on the blockchain immutably. Hence, all the parties involved can prove the authenticity of the ticket.
Perpetual Revenue - Programmable NFTs will allow the organizer to analyze profit-sharing percentages for future resale on secondary markets and acquire funds. Given the NFT’s coding, the tickets would be unalterable.
NFTs in Healthcare
The healthcare industry has started realizing the potential NFTs possess. Apart from the fact that the technology is still relatively new, it carries the capability to assist in streamlining the processes associated with the healthcare industry. In fact, with the commencement of NFT utilization for the healthcare industry, it appears it was always meant to be this way.
How are NFTs being utilized in the healthcare sector?
Security and Immutability - As NFTs are stored on a blockchain as digital assets, they enable the tracking and securing of drug supply chains, facilitating the management of patient records, and handling medical histories. NFTs can help healthcare organizations secure patients’ information while advocating for accuracy.
Payments -Traditional payment formalities in hospitals and healthcare facilities were both time-consuming, frustrating, and costly. NFTs can quickly facilitate secure payments for services.
Safe Medical Images Sharing and Storing- Test reports, such as X-rays, CT scans, and other medical procedures involving sharing or storing physical images, can be secured with NFTs. Moreover, with NFTs, there is no need for physical media, and patients can be assured that their personal information is secure.
Fractional NFTs are yet another one of the best NFT trends 2023 we need to keep up with, as they are responsible for representing partial ownership of a digital or physical asset. Along with that, they allow multiple parties to collaboratively possess and share in the rights, advantages, and costs that come with the ownership. Without a doubt, Fractional NFTs could become more predominant and widely acknowledged as a way to own and trade a wide range of assets fractionally.
Where could Fractional NFTs be utilized?
Real Estate -In order to ensure safe and hassle-free ownership transfers, a real estate property can be converted into an NFT, replacing intermediaries with smart contracts and speeding up the overall process of property dealings.
Metaverse-Metaverse-related projects are expected to allure a huge influx of investments, and Fractional NFTs can be utilized here. This will allow groups of conglomerates, investors, and even individuals to come together and purchase virtual land and other similar digital assets within the virtual world.
Gaming -Multiplayer games that are also play-to-earn games can allow players to purchase, sell, and own several in-game items. These games can use Fractional NFTs to allow players to collaborate and trade expensive in-game assets by making investments in their fractionalized shares.
Beeple’s NFT , one of the most expensive NFTs of all time, has been converted into a fractional NFT and has been divided into 100 different tokens to be bought and traded individually.
NFTs Transition to Build a Safer and More Connected Web3
These were the latest NFT trends 2023, that is gaining attraction all over the tech community and social media. The NFT market will undeniably keep on trending, given the continued development in terms of technology and the inclusion of platforms. The potential that NFTs possess to bring a revolution in the digital economy is known to all, and it spans everything from music to gaming to digital collectibles.
To keep yourself updated with the current latest NFT trends 2023, and the ones that are yet to come are becoming more and more critical. Without a doubt, NFTs can bring ample opportunities, and taking advantage of them is entirely up to us.
1. What Kind of NFT Sells the Best?
Digital artwork is surely on top of the selling NFTs, followed by collectibles, as they are backed by digital scarcity and rarity.
2. How to Determine Which NFT will Sell High?
One decisive factor determining the true value of an NFT is social proof associated with the project behind the NFT.
3. What are the Hottest NFT Projects?
Some of the coolest NFT projects right now to have a look at are, Cocky, Battle Infinity, Tamadoge, and Real Estate Investment Club.
4. Which is the most valuable NFT project?
Everydays: The First 5000 Days is certainly the most valuable project worth $69.3 million and is bought by a single person. The project was created by Mike Winkelmann, aka Beeple.
5. Which is the Best NFT Marketplace for Beginners?
OpenSea can be considered the best choice for beginners looking forward to starting with a straightforward marketplace with ample options.