NFTs have become a sensation virtually overnight and took blockchain technology by storm. But, with recent changes and occasional bear markets, a lot of people are wondering what is the future for NFTs in 2023 and if they are still a good investment.
If you want to know more about NFTs, their potential problems as well as prominent future predictions, you came to the right place.
You will learn everything about NFT trends, how to find the rarest NFTs, and make possible investments in new and upcoming projects. So, let’s jump right in and discover what the future holds for non-fungible tokens.
Do NFTs Have a Future?
Non-fungible tokens such as BAYC, CryptoPunks, or CryptoKitties are becoming household names even if they are worth thousands and millions of dollars. This is one of the best indicators that the NFT trend is here to stay and one of the major developments of Web 3 and new technology.
In recent months there have been some worrisome news and updates that made a lot of people doubt the perseverance of the NFT technology. Especially with some price drops that really upset the investors and new crypto enthusiasts.
In reality, even though there are some things about NFTs that are problematic such as oversaturated markets, high gas fees, and volatile markets, there are also some amazing developments in the NFT universe.
NFTs have become one of the safest ways to keep information and one of the best ways to store assets. The utility and gaming industries are picking up on the potential of NFTs, and we can expect a lot of development that will make the NFTs, not just fun pictures you can use on your social media but also versatile and sustainable tokens in daily life.
NFT Trends in 2023
NFTs had the most success in 2021 when some of the famous projects launched. However, even the infamous and economically hard 2022 was not bad for NFTs. There were some amazing projects. Such as new gaming and metaverse developments, and advanced AI technologies created to boost the utility and creative process of NFTs.
But, what are the potential NFT directions and trends we will see in 2023?
There is no guarantee that any trend is going to last, and in fast-moving universes such as the NFT, it’s always possible to make even better results than expected. Even with the best research and top-tier information you should always make sure to follow reliable sources for new updates and upcoming projects.
With that idea in mind, here are some of the NFT trends in 2023 to look out for:
AI NFTs
Artificial intelligence or AI is taking our concept of improvement and technology to a whole new level. And while using AI in the NFT universe is not new, there have been some great implementations you should know about.
AI technology has been used to create NFT art for quite some time. This trend of using computer programs to generate art might be controversial to some. However, the results are always unique. It ends up with breathtaking pieces that usually have major success on marketplaces.
However, AI technology is now used to create new and intelligent NFTs that can learn, grow with the NFT owner, and change over time. The idea is to make the NFTs even more interesting and versatile and to use artificial intelligence to improve the user experience.
One of the most popular projects and the most recent AI NFTs sold is the famous AI-powered avatar called “Alice” created by Alethea AI.
AI NFTs are able to learn, expand their knowledge based on their primary code and even create more unique and complex NFTs. The future of NFTs is looking pretty bright with the new technology involved and there might be even better projects developed in 2023.
So, keep your eye on NFTs and especially the projects that promote the use of AI technology, as it will most likely exponentially grow in the future.
Metaverse and Gaming
NFTs started as silly art you can use as your profile picture on Instagram and Twitter. With time they have evolved so much. Especially in the last two years. More importantly, NFTs are now a major part of the gaming industry showing great results and attracting millions of users on new virtual platforms called metaverses.
It’s not surprising to see new games and metaverses being developed daily on the blockchain, but there are some such as Sandbox and Decentraland that take the lead and have the most success.
It’s not just about creating amazing NFT universes and metaverses, but also using the unlimited variety of NFTs as in-game assets and items. These can be anything from avatars, clothes, accessories and essentially NFT building blocks users can have to create their own virtual realities.
NFTs accomplished massive success in the gaming industry in 2022. It’s easy to assume the NFTs in 2023 will have the same direction of development. Most likely we will see more games and metaverses created and more ways to incorporate NFTs into the gaming experience.
Entertainment
NFTs might be new but they are becoming one of the most popular ways to sell and purchase assets. That’s why the entertainment industry noticed the potential right away. Many big names and companies are now joining the fun and creating entire music albums, concerts, and events on the blockchain.
It’s likely that this trend will continue. NFTs in 2023 will bring in more celebrities and artists. Who are often willing to grow with the audience and follow the trends.
All the additional support and mainstream acceptance of NFTs will increase the chances of their survival and development. Once major companies such as Adidas, Gucci, Mcdonald’s and others create and invest in the NFT community, it’s likely to attract even more investors and famous names.
Information Protection
The potential of the NFT technology is limitless and the improved security protocols are bound to attract many industries that need to rely on information protection.
There are many potential uses for smart contracts, NFTs, and blockchain that can be developed in 2023. It’s probably going to become one of the safest ways to exchange confidential information.
Utility
While some NFT projects are solely based on art there are many that focus on the utility of the token instead. This unique feature that the NFT projects are now implementing is most likely going to thrive in 2023.
The utility of the tokens can increase their value and the way we use them on the blockchain and in real life.
Depending on the project the utility of each NFT can be different. The users can, for example, use the NFTs as part of the games in the metaverse, buy different objects, or exchange experiences and upgrade avatars.
On the other hand, there are some real-life opportunities for utility NFTs. For example, you can purchase and store assets, safely transfer funds or use the NFTs in daily transactions. The possibilities are endless and we’re likely going to see major progress in 2023.
Best NFT Projects To Invest In 2022/2023
The NFT universe is constantly growing. Even though there are some indications that the market is overly saturated, there are always some amazing projects to keep an eye on.
Here are a couple of examples you should look into:
- Decentraland
- Sandbox
- Bored Ape Yacht Club
- Beyond Life Club
- Invisible Friends
- Degenerate Ape Academy
- Cryptoon Goonz
- SolSand
- Crypto Baristas
- Sound.xyz
- Moon Birds
Keep in mind that you should always do detailed research on any project you consider interesting, and check the rarity with specialized rarity tools to ensure the best ROI. In the unpredictable NFT universe, you should rely only on reliable sources and make only informed decisions.
So, What Is the Future of NFTs in 2023?
It’s never easy to predict trends in technology and make certain statements about any development. However, one thing is for sure the NFTs are here to stay. There are some good indications that the tokens will become mainstream assets, and they will have more utility in our daily lives.
As for the year 2023, the NFTs will most likely regain previous prices. There should be less saturation with poor-quality projects. Also, we will most likely see improvement in the gaming and entertainment industry.
The potential of NFTs, blockchain, and smart contracts is only being noticed by larger companies. It’s safe to assume we can expect brands and big names to join in on the fun. This will definitely boost the NFTs in the future.