NFT Trends To Watch Out For In 2023
2022 has been the year of scandals and tsunamis for NFT collectors and investors. These events have made some people question whether or not investing in NFTs is a wise decision.
Despite a successful 2021 year with with 1.5 million in NFT art sales, the market appears to have come to a standstill in Q3 and Q4 2022.
For instance, last December there was roughly $534 million in NFT sales compared to the $2.77 billion in NFT sales in December 2021
However, NFTs have demonstrated that they are still a popular asset, especially when it comes to collectibles. It has shaken the digital art space and has disrupted it since 60% of the market share is in the digital art space.
NFTs have also been a wake-up call and raised awareness on security and identity in Web3.
Despite recent news stories about the fall of FTX and the arrest of Sam Bankman-Fried, which have caused many people to lose trust in Web3, NFT projects continue to raise, however with much more solidity and reliability.
What to watch in the Web3 space in 2023
New NFT Platforms
An NFT marketplace allows users to buy, sell, and trade NFTs. While you may have heard about Opensea as the top NFT marketplace, newcomers like the Binance NFT marketplace, have achieved a lot in a little over one year. The success of Binance as an NFT marketplace relies on the use of the BNB Chain and, in the meantime, the access to Ethereum assets. There are also plans to launch support for more blockchains.
From NFTs to Digital Collectibles
Brands have capitalized on the blockchain technology and start using NFTs as tokens that have utilities. For instance, Starbucks launched its blockchain-based loyalty program and NFT community, Starbucks Odyssey, to its first group of U.S. beta testers. The new initiative, which includes coffee-themed NFTs that translate to real-world experiences, is an extension of Starbucks’ existing loyalty program, Starbucks Rewards, and leverages web3 technology through the polygon blockchain and NFTs. The Journeys include utilities from free coffees to a trip to the Starbucks Hacienda Alsacia coffee farm in Costa Rica.
The Journeys are designed to promote the Starbucks brand and teach customers about coffee and the company’s history.
Other Majors like Porsche and McDonalds are also building blockchain-based projects to build brand and Web3 awareness.
2022 has been the year of phishing attempts and malicious bots, specially on Twitter and Opensea.
Experienced Web3 users are used to recognize fake accounts. For newcomers, it can be really confusing and time-consuming to figure out if they are facing hackers impersonating NFT marketplaces and NFT projects. Massive phishing campaigns targeting NFT investors have been reported in 2022.
From securing your assets to refraining from FOMO (Fear Of Missing Out), Education is key in protecting Web3 users, wallets and peace of mind.