Digital Renaissance: After the Big Crypto Hype: Where Does the NFT Market Go in 2023? | news

• An almost infinite number of NFT projects on the market
• Crypto crash causes NFTs to lose huge value
• Not the artwork itself, but the app is front and center

With the rise in cryptocurrency prices, the NFT market has also seen hype, so individual NFT sales at exorbitant prices have drawn attention to themselves. The native blockchain cryptocurrency, Ethereum, hit the $4,000 level in 2021. However, since Q3 2021, trading volume has fallen by 88%, according to data from developer Web3 Alchemy’s backend, and the Ethereum price is also currently around $1,621.79 (as of 01/24/2023) and therefore significantly lower. However, recent data also shows that smart contracts on the Ethereum blockchain have seen a significant resurgence since the end of the first quarter of 2022.

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According to statistics from “MarketsandMarkets”, the NFT market has proven more resilient in the bear market in 2022 than many critics thought: because the industry reached a volume of around 3 billion US dollars despite massive price drops last year. A growth rate of 35% predicts that the NFT market will be worth US$13.6 billion by 2027.

Further development of NFT 2023 projects: most important trends and topics

For further development in the NFT market, topics that separate digital from traditional are of particular interest art market distinguish: applications that go beyond the simple collection of works of art.

Alex Taub, co-founder of Truth Labs, the Web3 collective behind the famous NFT Goblintown collection, told CoinDesk that 2023 will thrive on projects that manage to build a sense of community by focusing on a storytelling more authentic. Stories condensed and shaped into smaller collections. According to the creators, Goblintown artwork is “ugly but well done” and that’s exactly why it’s attracted collectors’ interest: “You can do anything right if you have big, compelling characters and a story”, explains Alex Taub.

Another promising approach for NFTs is to provide them with a use case that goes beyond the actual collection of the artwork. For example, by tying ownership to certain property rights (including real estate) or access to exclusive experiences such as concerts or club memberships. nftnow CEO Matt Medved explains the approach behind utility-based projects to CoinDesk as follows: Innovative new use cases of different types that meet the wishes of different communities will be further developed in 2023.” You will innovate at the forefront of what [Blockchain-]technology can really deliver,” says Medved.

A successful concept in 2022 that could also set a precedent in 2023 is the Moonbirds collection from the NFT PROOF collective. Purchasing an NFT comes with a private club membership, plus additional benefits unlocked as the NFT is held longer. Pixelated Owls earned approximately $200 million in primary and secondary sales after the launch of the Moonbirds collection. PROOF co-founder and CPO Justin Mezzell uses the term “nesting” to refer to owners holding long-term NFTs. The goal of the project is to build a social platform and, in addition to discussion forums, also bring users into the conversation, Justin Mezzell told CoinDesk.

Not just an investment: Web3 strategies will drive development in 2023

With the fall in crypto prices, the prices of NFT collections also fell after the big hype. NFTs have not proven themselves as a pure investment. Resale opportunities and yield hopes of many investors have been dashed in 2022. “NFTs serve more as a means to an end and less as an end in themselves as an object of speculation”, BTC ECHO summarizes the meaning and the benefits of NFTs in an article. Also in 2023, the further development of the technological dynamics of NFTs will be in focus. After the great hype and a phase of self-reflection in the further development of Web3, according to CoinDesk 2023, other possibilities for innovative and interactive applications will come to the forefront of manufacturer development.

The first highlight of 2023 in the field of digital art is already February 24 and 25 with the “NFT Paris”, which will take place this year in the special atmosphere of the Grand Palais Éphémère and should attract 15,000 visitors. Prominent speakers drawn from the ranks of well-known global companies such as Volkswagen, Salesforce, LVMH, Shopify and L’Oréal and NFT industry leaders such as Yuga Labs, Ledger, The Sandbox or Arianee will address the common path to the Web3.

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