NFT market trends in 2023. What the experts say

The non-fungible token (NFT) market has been one of the most talked-about areas in the world of cryptocurrency over the past few years. As we move into 2023, there are a number of interesting trends emerging that are worth considering for those interested in the NFT market.

According to some of the speakers at the recent NFT conference, there are several key trends to watch in 2023. One of the most notable is the increasing use of NFTs in the gaming industry. As more games incorporate blockchain technology, it makes sense that NFTs would become an integral part of this ecosystem. Some speakers predicted that we could see a significant increase in the number of NFT-based games in the coming years.

Andrey Frost Moroz, CEO of Bluelight.inc

The NFT market continues its recovery, which is driven by several factors, including general trends in the cryptocurrency market. For the first time since the beginning of the year, Bitcoin was able to break through the $28,000 mark, which led to the activation of professional and novice traders in non-fungible tokens. If we look at statistics, the bulk of purchases accounts for top collections such as Mutant Ape Yacht Club, CryptoPunks, BAYC and others.

When selecting NFTs to buy, it is important to consider their utility both on and off the blockchain.

For example, NFT GameFi projects are becoming more popular among traders due to the growing interest in Play-to-Earn/Play-and-Earn games. Bluelight.inc is planning to release collections of NFTs that can be used within a virtual office space or sold on a marketplace. The company will soon present a game teaser featuring some of its mascots as part of its full launch process for Bluelight.inc.

Another trend that was discussed at the conference was the rise of social tokens. Social tokens are a type of NFT that are designed to represent an individual or group's brand or identity. They can be used to represent a variety of things, including social influence, loyalty, or access to exclusive content. Many speakers believe that social tokens could be a major growth area in the NFT market, as they allow individuals and organizations to monetize their social capital in new ways.

One of the most interesting trends discussed at the conference was the potential for NFTs to be used in the world of art. While the art world has historically been resistant to new technologies, many speakers believe that NFTs could change this. By creating a digital record of ownership and authenticity, NFTs could make it easier for artists to sell and distribute their work, while also providing collectors with a new way to invest in art.

Snezhana Kolesnik, Project Manager of Love Power Marketplace

The P2E games sector is rapidly developing, combining not only blockchain, Aİ, VR technologies, but also NFT. Today blockchain game developers actively use digital art and design in their products, which stimulates the development of the industry as a whole. But I still tend to think that the use of NFT in games is more of a hype than a really necessary technology. After all, if we go back to the nature of non-fungible tokens, their main purpose is to transfer ownership of certain objects or images. In other words, NFTs were originally created as part of the art and creative world, and they were aimed to remove the barriers between the creator of the art-work and the consumer. It is this ideology that we put in the basis of our Love Power Marketplace, where the best conditions for the sale and purchase of NFT are created. We are also actively helping artists grow and have even launched our own Love Power Coin NFT collection, which is now traded on OpenSea, Rarible and other platforms.

As for the use of NFT in games, I think that soon the hype for it will pass, because there are no real prerequisites for their mass use. Developers rather want to make money from NFT trading, than to find their application in the gameplay.

Of course, as with any emerging market, there are also risks to consider. Some speakers at the conference cautioned that the NFT market could become oversaturated, leading to a drop in prices and a decline in interest. Additionally, there are concerns about the environmental impact of NFTs, as the process of creating and trading them requires a significant amount of energy.

Overall, the NFT market is poised for significant growth in the coming years. As more industries begin to incorporate blockchain technology, NFTs are likely to become an increasingly important part of the digital landscape. By keeping an eye on these emerging trends, investors and enthusiasts alike can stay ahead of the curve and take advantage of new opportunities as they arise.