The scope for non-fungible tokens (NFTs), which went through a tough momentum in 2022, is project to explode in popularity in 2023. More brands across industries will adopt NFTs as a way to entice, reward, and retain next-gen buyers to give them immersive experiences enveloped in metaverse experiences.
Meta and Reddit are project to drive the global products and discussions about the NFT and metaverse sectors both of which witness downfalls in 2022.
A new form of virtual interaction technology base on Web3 is being foresight to emerge in 2023 that will intensify industrial rivalries and promotional activities around the world, said Rajagopal Menon, Vice President at WazirX crypto exchange.
Rajagopal Menon Said :
“Brands will try to outshine each other for visibility among the crypto native audience. Retail adoption of crypto, largely driven by their indirect exposure to virtual digital assets through brands they tend to engage with will also see a rise,”.
As per a report, the sales of NFTs record a 16-month low following the downfall of the FTX crypto exchange, citing DappRadar.
The NFT trading volumes have reportedly slid by 97% since January.
But in 2023 the digital collectibles sector is project to make a strong comeback.
The main reason would be more nations having frame their respective laws which would being a layer of safety for investors.
Hardware makers like smartphone companies are also expect to tweak their products to make them more ‘Web3-friendly’ starting in 2023.
The shift in this technological trend will be sustain and profit by the global artist community.
The size of the global NFT market is anticipate to increase by $113,933 million (approx. Rs. 940 crore) between 2022 and 2027, according to market research.
In the next four years, the NFT market is expect to swell at a CAGR of 35.02%.
The report also said that during the projection period, 39% of the growth of the global market would be attributable to Asia-Pacific Countries (APAC).
DISCLAIMER : Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by 2YoDoINDIA. 2YoDoINDIA shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
