The non-fungible tokens (NFTs) market, which has experienced bumpy momentum this year, is expected to gain popularity in the coming year. More and more brands across all industries will adopt NFTs to attract, reward, and retain next-gen buyers to provide them with immersive experiences surrounded by Metaverse experiences. Meta and Reddit are expected to drive global products and discussions across the NFT and Metaverse sectors — both of which have seen dips this year.
A new form of virtual interaction technology based on Web3 is expected to emerge in 2023, which will intensify industrial rivalries and promotional activities around the world, said Rajagopal Menon, vice president of WazirX crypto exchange.
“Brands will try to outshine each other to gain visibility in the crypto-native audience. Retail adoption of crypto largely driven by their indirect exposure to it virtual digital assets through brands they typically interact with will also see an increase,” Menon added.
In a report from last week’s Bloomberg said Sales of NFTs hit a 16-month low after the downfall of crypto exchange FTX, citing DappRadar.
The NFT trading volumes have allegedly slipped 97 percent since January.
However, next year is predicted to see a strong comeback for the digital collectibles sector.
The main reason would be that more nations have formulated their respective laws – which would be a layer of safety for investors.
Hardware manufacturers like smartphone companies are expected to optimize their products to make them more “Web3 friendly” starting next year.
The shift in this technological trend is sustained and benefited by the global artist community.
“By issuing tokens, digital artists can sell one or more limited edition NFT offerings. Thereby, they will be able to increase sales which will fuel the expansion of the market throughout the forecast year. The market is growing due to the increasing demand for digital art. NFT has become increasingly popular in digital art applications. These factors will drive the expansion of the global NFT market,” Abhay Aggarwal, CEO and founder of the Colexion NFT marketplace, told Gadgets 360.
According to market research firms, the size of the global NFT market is expected to grow by US$113,933 million (around Rs 940 billion) between 2022 and 2027 Technavi.
Over the next four years, the NFT market is expected to grow to a CAGR of 35.02 percent.
The report also said that Asia-Pacific countries (APAC) would account for 39 percent of the growth of the global market during the projection period.
Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made based on an accepted recommendation, forecast or other information contained in this article.
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