Following the proliferation of NFTs, various novel applications of NFTs have emerged. In 2021, NFTs were introduced to the decentralized finance, art, video gaming, smart contracts, and fundraising industries, among others.
Recent NFT trends include diverse artwork, substantial collections, and the participation of well-known brands in established communities. These are the biggest trends in the realm of NFTs that are sparking conversations about crypto's newest and most amazing subculture.
But what good news does NFT provide for 2023? Following are some of the most prominent NFT trends to watch for in 2023.
1. Taking Out Loans Using NFTs
NFT loans are a burgeoning application, and investors are using their NFTs and NFT collections as collateral to obtain loans for new potential ventures and emergencies. In 2022, numerous DeFi platforms supporting the usage of NFTs as loan collateral were established. In short, NFT is another market where users can pledge NFT assets as loan collateral or offer loans to other users.
2. Big Brands Coming To NFTs
Diverse businesses from a variety of industries are vying for a piece of the NFT action through the development of inventive tactics. Food brands such as McDonald's and Campbell's, as well as luxury labels such as Louis Vuitton, Nike, and Gucci, are releasing limited-edition NFT collectibles to raise money for charity, establish new revenue streams, increase social media engagement, and strengthen brand loyalty. The use of NFTs to develop brand value is the newest tactic in the marketing playbooks of many major brands, and this trend will continue until 2022.
3. NFTs take on Hollywood
NFTs provide an entirely new universe of crowdsourcing, merchandising, and monetization opportunities for television and film projects. Several prominent industry leaders have already begun releasing NFT television shows. In addition, NFTs are used to fund numerous television and film productions, including the pilot episode of Men of the House, which was totally funded by NFT sales. This is a big endorsement of NFT, and it may be the clearest hint yet that the entertainment business and NFTs will continue to grow closer in the future.
4. A Home Away from Home
The marketplace for real estate will shift, and you will soon be able to roam around the metaverse and own the land you walk on. Currently, it is difficult to build an NFT for an entire property, but NFTs are excellent ways to share ownership. Similar to a digital transaction that is maintained in a digital ledger, the NFT operates in a similar manner. Next, the technology will be developed such that entrants to the metaverse can purchase and sell properties and "acres" of land in the digital realms they join.
5. Fashionable NFTs are in Trend
If fashion and retail companies take NFTs to the next level, they may be able to establish a target demographic that is able to relate to their future offers and engage with them in a manner that is both comfortable and natural for them. This will put the companies in a stronger position for success.
6. Intellectual Property Rears its Head
NFT marketplaces are currently being developed in order to enable the trading of intellectual property in the technological and scientific domains, which will assist labs in raising funds. Various platforms have the goal of bringing together investors and scientists, as well as uniting scientific and technology intellectual property with linked science aficionados, investors, and collectors for the purpose of NFT sales.
7. Social Media Joining the NFT Action
There have been many rumors on the blockchain grapevine about the likelihood of Twitter, YouTube, and TikTok integrating with the NFT world – a highly anticipated and well-received update by social media enthusiasts. In fact, Twitter has started to support the use of NFTs as profile images. After establishing a temporary connection to your cryptocurrency wallet, an NFT can be set as your profile image. Your digital asset is configured to appear in a unique hexagonal shape that identifies you as the NFT's owner.
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