NFTs started as collectibles and were also used by some speculators. However, NFTs are now rapidly growing into actual utilities across many industries.
NFTs have made some strong improvements in recent years, but the year 2023 is already looking very promising for the NFT sector. Film passes are being sold in the form of NFTs, and everyone is signing up for NFT drops.
NFTs made the first major headlines in 2021 when the Bored Apes NFT collection was sold for millions. In addition to being used in speculation by crypto traders, NFTs have some actual uses in various industries.
Platforms like OpenSea have already processed millions of dollars worth of NFT transactions in the first quarter of 2023. To be exact, OpenSea processed around $320 million worth of NFTs in January 2023 alone. This type of positive news is the driving fuel behind the continued success of the NFT industry.
Developers are making the most out of this opportunity to build infrastructure on NFTs and to benefit from them in the best way possible.
The crypto winter of 2022 put lots of pressure on cryptocurrency and NFTs equally. However, the year 2023 is already looking to be a promising year for the NFT market. For example, the Ethereum NFT market is already up 68% from its record low in the last quarter of 2022.
The fast market recovery in the last few months is guaranteed to renew the interest of investors and developers in the NFT market. The bullish trend is intriguing for new investors looking to profit from the profitable trend.
Since Web3 gaming is also directly related to the NFT market, it has also seen a great increase in investments. Metaverse and blockchain-related games have secured a total of $150 million in investments so far.
More venture capitalists are investing in Web3 gaming than ever before. This upwards trend in the Web3 space will positively impact the NFT market as well. That’s because Web3 and metaverse both use NFTs in their economies.
The Possible Future of NFTs
The technology used in the creation of NFTs will prove to be vital for many industries. NFTs can be used by manufacturers in their supply chain. They can help companies precisely track the origin and destination of their products. This makes selling fake and counterfeit products impossible for fraudsters and copycats.
The real estate sector is already benefitting from NFTs, as the technology can be used to verify and transfer ownership of real estate assets virtually. So, the prospects of NFTs are nothing short of promising.
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