5 Future NFT Trends That Will Enter Our Lives Starting in 2023
NFTs are going to be ubiquitous but not [anymore] as expensive JPEGs. Here is my 5 NFT trends that will bring these digital tokens to everyone's wallet.
Before we get into it, make sure you check out minty.art, our NFT marketplace.
Why NFTs have become so popular?
Out of curiosity, I asked ChatGPT, the new AI tool that has quite recently spread like wildfire, to ELI5 (Explain Like I am 5) the exact meaning of an NFT, and this is the answer it gave me:
‘An NFT is a special type of digital picture or video or music that is unique and can't be copied. It's like a baseball card or a sticker that only one person can have. People can buy and sell NFTs just like they would buy and sell other special items. Some NFTs are worth a lot of money because famous artists make them or because they are very special or rare.
In recent years, the use of collectible NFTs has gained significant popularity and mainstream attention, especially among artists, musicians, and other content creators. They have begun to use them to monetize their work and, most importantly, retain control over the distribution and use of their creations. In fact, NFTs that are basically mini-programs (more usually called smart contracts), enable artists and creators to set up the royalties they want to collect from each following resales. Although, in a perfect world, creators expect to sell to their true collectors and avoid speculators, royalties are still a huge breakthrough. The sales and resales have led to a boom in the NFT market, with many high-profile deals of NFT artworks fetching millions of dollars
However, the use of NFTs has also been contentious, and critics have recurrently argued that they contribute to the commodification of art. Others have raised concerns about accessibility and exclusivity in the NFT market, the environmental impact of the blockchain technology used to create NFTs (by the way, Ethereum’s electricity consumption went down 99.99% since it switched to Proof of Stake, which is essentially a less energy-intensive way to transact. Hence this leaves as much carbon footprint as 3 hours of YouTube screening!
But despite these debates, it is clear that NFTs are here to stay and are likely to continue to be a significant force in the world of digital art and media. But there’s a lot more to them than meets the eye.
As more and more assets are digitized, more users will convert to the platform seeing the pertinent value of using NFTs. NFTs will mimic better user experience with the convenience of the digital world, eventually increasing their adoption rates. So, NFTs are here to stay, and they will be even more present in our lives no later than in 2023, and I am going to tell you how right now.
My Top 5 NFT Trends in 2023
Before we start, one very important aspect of NFTs that must be understood is that Nonfungible tokens do not only represent expensive JPEGS. It helps to think about NFTs as a digital folder that can carry any type of file, be it a picture, a document, a video, or even a song. This means that a lot can be done with this technology and without further ado, let’s uncover the upcoming trends for NFT applications in 2023.
Widespread NFT Adoption by Mainstream Artists and Celebrities is the first big trend for 2023: This trend gradually started in 2022, but as the NFT market continues to expand exponentially, we will see an explosion of artists and celebrities creating and selling NFTs related to their work. More and more celebrities will come to the game, just like Paris Hilton, Mick Jagger, Pele, RIP Legend, as well as key opinion leaders like Snowden.
I'm so excited about #NFTs! Here's why I think #NFTs are the future & everything you need to know to get in the game!Celebrities from all sorts of diverse horizons will be populating NFT storefronts and marketplaces with their unique collectibles. Even though some have been a rotten flop, most celebrities have had a great response from their fans, who tore themselves away to acquire these rare collectibles. So, be ready to buy your favorite celebrity collectible in 2023.
The second major NFT trend will be NFT Representing Assets Ownership and Management: NFTs will represent ownership of physical assets that surround us, and I am not just talking about art and mere pixels in a metaverse. NFTs will be used as certificates proving ownership of objects, both tangible and intangible, and every interaction with them will be recorded on a blockchain. Think about a car, a house, a piece of land on the Lymington Sea for example, or even yachts and planes; yes, you heard that right!
They will all be represented via smart contracts living on a blockchain. Every single piece of information regarding these assets will be stored in an immutable folder.
And catch this, you can already invest in real estate using smart contracts and own a parcel in Manhattan in 2023; simply click here.
And what’s more? You will be able to interact with your asset through the NFT so the management also will be done through the program! Opening/closing the car, switching on the engine, and renting it, are all functions that will be carried out through the NFT, providing you with a complete digital car management system on the Blockchain via NFTs.
Soulbound Tokens in a nutshell, soulbound tokens or SBTs, created by Vitalik Buterin, the founder of Ethereum, are nontransferable NFTs representing an individual’s credentials. Think about a decentralized social system that stores our identity, diploma, reputation, affiliations, etc. The benefits of SBTs are huge; they will enable protocols to verify someone’s credentials and, for example, offer under-collateralized loans, an action which was not possible until now. They would also enable collectors to verify that a piece of art is authentic and recruiters to verify that the candidate’s credentials are real. Although some of you will associate SBT with a credit score system, the difference here is that this technology relies on decentralization and will protect individuals’ privacy, thanks to cryptographic and computer science attributes. For example, only the verifier involved in the transaction will have access to the data stored in the token.
Want to issue your first SBT, check what the Envelop team has been working on.
Another NFT trend that will massively change our lifestyle in 2023 is using NFTs as Members’ Clubs Passes and Loyalty Gamification. Indeed, thanks to their programmability, NFTs offer endless possibilities and have become the best tool for communities. Features such as identification, perks, privileges, airdrop distribution, ownership tracking, and royalties collection will enhance membership management and community engagement tremendously. On top of that, the tokenization of loyalty points will unlock humongous potential for social value, entertainment via gamification, and obviously economic value, or simply: monetization. In the past, the biggest pitfall of memberships was their rigid transferability and their non-convertibility and illiquid attribute, which will be all unlocked thanks to NFTs. NFT native projects such as Bored Ape Yacht Club have already started the playbook. They are now inspiring a lot of clubs and businesses with their remarkable fashion to flourish and exalt a branded community.
If you need NFTs for your loyalty program, check what Uptop folks are doing by clicking on the link in the description below, and get ready for the upcoming NFT membership trend. Collabland is another option that can help manage a community.
And finally, another massive trend coming up in 2023 is that of Branded NFTs Coming To Fashion and Luxury Wearables and Displays. Bored Ape Yacht Club started to colonize iWatch home screens and other flashy necklaces
My 1st Jewelry Design. I call it the “Ethereum Block Chain”. I wanted to make a cool way to display NFTs. Digital x Physical Assets. #NFT #nftartbut also Timex with a fully customizable watch. Nike acquired RTFK and launched Swoosh, a platform for NFT/Web3 experiences like never seen before. Brands have been actively surfing the NFT trend, and at the same time, highly rated NFT projects have started associating their brand with their luxurious counterparty.
Speaking of brands, I will release a new post shortly about all the brands that have stepped into the world of NFTs, so if you don’t want to miss it, remember to subscribe to my blog.
Lastly, if you are a creator and you want to mint your first NFT, just go to Minty.art, to learn about a simple way to launch your first NFT collection using Polygon blockchain. Give it a try.
And with that, we have come to the end. I would love to hear your thoughts in the comment sections on these trends, so feel free to drop a comment. Thanks for reading, and see you on the other side.