Predictions For The NFT Industry In 2023, By NIFTY Souq’s Alla Maria Musnicka
Introduction to NFT
The NFT industry continues to evolve with numerous advantages over traditional assets, including security, exclusivity, convertibility, and profitability. And you know what they say “The Metaverse is a moment is time when your visual assets ( like NFTs) have more value than your physical ones”
Blockchain technology continues to thrive, and we expect to see more innovative NFT applications. NFTs (Non-fungible Tokens) are still in the early development stages. Hence, there are unique possibilities for what can be done with them, such as:
- Using NFTs as loyalty points or rewards programs for customers
- Implementing them in marketing campaigns to create more immersive and engaging experiences for consumers
- Maximizing transparency powered by blockchain to create impactful CSR programs
- Participating in virtual worlds that players can immerse themselves in.
Predictions for the NFT Industry in 2023
Future NFT roles will be enhanced by corporate/brand projects in the NFT world, raising public awareness and creating a desire for entry, experience, relevance, and the advantages they provide.
For 2023, we will see improvement and more significant investment in the following areas:
1. Simplifying the process of creating wallets so that anyone can create, collect and exchange their tokens.
You won’t have to set up complicated blockchain powered wallets. It is all going to happen through a single sign-in. Of course, those who have created their wallets already can still plug them into NFT marketplaces.
2. Expanding on the utility aspect of NFTs, apart from their potential artistic value. We at NIfty Souq define utility as any measure of value that collectors derive from owning an NFT. That value can correspond to different types of benefits: – Functional (ability to do something). -Emotional (feeling a certain way). -Financial (monetary upside).Those benefits can also be realized: On-chain, i.e. built into an NFT’s smart contract, for example, NFT revenue splits or on-chain music storage, or Off-chain, i.e. delivered and experienced outside of blockchain-specific environments, such as through in-person events, merchandise, and community building.
3. Adoption of music, theatre, sports and cinema events on the NFT tickets system.
NFTs are evolving to include more use cases in industries other than sports, art, and games. So it is no surprise that NFT technology can help solve the legacy ticket industry shortcomings in music, theater, and cinema. This is from addressing paper ticket shortcomings and rewarding fans with exclusive perks to serving as an additional feature to ensure event security.
As a result, NFT tickets can change the ticketing landscape for businesses and the public.
Watching your favorite team play live with thousands of other fans can be an extraordinary experience. But it may be lost. A digital ticket may reduce the chances of losing it, but QR codes can be easily forged. In such situations, the NFT ticket is helpful for goers of events, concerts, cinemas, plays, and performing arts shows. Tickets for NFTs are digital assets stored on the blockchain, so the risk of a ticket being lost, stolen, or damaged is almost impossible. Additionally, NFT tickets can become valuable collectibles, serving as permanent mementos. This system also helps reduce resale value and fees.
4. Games relying on the NFT system to achieve profits
With the openness to the world of NFTs, we see that their uses are endless, and so is the case in gaming. In 2023 we will see the emergence of new games based on NFTs. We will also see that games will become a secondary platform for marketing to brands through their products in the form of in-game NFTs.
In addition, in-game items will become more valuable as players can trade or collect items as NFTs and even sell them for real money. Doing so will open a new secondary market similar to the physical collectibles market for games, including trading cards and animated characters.
5. Web 3.0 budgets assigned and ( mass) entry of brands into the NFT and Metaverse world. NFTs are a new creative medium for brands, providing opportunities to build community, connect directly with people, and express themselves across new cultural barriers…Developments in the meta worlds are fueling interest in NFT at present. So in 2023, we will see brands striving to enter the world of Web 3 in which a new community, relationships, and consumer models are formed, which in the future will be an important virtual market that is a new source of revenue.
The world of metaverse depends on NFTs, through which the demand for branded products will be enhanced. These NFTs represent incentives for the consumer’s benefit, whether in the natural or virtual world, adding another channel for brands to deliver on their promises.
This is an exciting time to join the Web 3.0 ecosystem. My biggest tip is to find time to immerse yourself in case studies to be able to build engagement through emerging technologies.
Alla Musnicka
Alla Maria Musnicka is most inspired by brave ideas and brands, open-minded people, and happy laughter. A member of the brand strategy team with VMLY&R in Dubai, she is responsible for NFT-related projects. An entrepreneur turned strategist, she is also a fanatic researcher. She transforms insights into ideas and innovations for impact-driven brands such as Ford, Lincoln, Cartier, MBR Innovation Fund, and Emirates Development Bank. The last 10 years have included jobs at a private equity firm, an airline, and an education technology startup in New York, London, Riga, and Dubai. In addition to her creative pursuits, she travels, hikes peaks, including Fuji, and dances salsa.
