NFT Trends

AFRICA SIDE OF NFT

The rising popularity of digital art and its advantages have brought about the introduction of blockchain technology that is used in creating crypto art. In recent times, a couple of African and Ghanaian artists have gained a lot of money by selling crypto art. Quadri S. (2021) said the current revolution in digital art (NFTs) in Africa was triggered by Nigerian artist, Osinachi, who sold crypto art worth $75,000 in just 10 days in March 2021. South African artist Norman O’Flynn sold the country’s first-ever crypto art for around $35,000, and Kenyan marathon runner Eliud Kipchoge sold highlights of his career as crypto digital art for $50,000. Tachie-Menson, a Ghanaian artist minted her first crypto artwork, “Fantastical Argos”, sold at the beginning of the week for 1ETH—$4,140. It was blogged on the Pulse platform on how the popular Ghanaian pallbearer sells coffin dance crypto digital art sold for $1 million (Effah, 2022). From the above, it is clear NFT is getting rooted in the soil of Africa.

Top 5 Latest NFT Trends 2023 published by Christinapaul – Javarevisited

The non-fungible token market has been growing rapidly over the past few years showing no signs of slowing down. With the increasing popularity of NFTs, it’s important to stay informed about the modern trends and developments in the market. In this article, you will look at the top NFT trends that are expected to dominate the market in 2023.

TOPICS COVERED:

✒ Artificial Intelligence

✒ Tokenization in Gaming

✒ The Emergence of NFT-Powered Social Networks

✒ Web 3.0 will gather pace

✒ DAO

Artificial Intelligence

Artificial Intelligence (AI) is a rapidly growing NFT trend in the digital art world. AI algorithms are being used to create unique, one-of-a-kind digital artwork and animations that are then tokenized as NFTs. These AI-generated art pieces are highly sought after for their novelty and unpredictability, and their value is often determined by the algorithm’s level of creativity. As AI continues to advance, the possibilities for AI-generated NFTs are endless, and it is an exciting trend to watch in the world of NFTs and digital art.

Tokenization in Gaming

The integration of NFTs in gaming is a trend to watch in 2023. Blockchain technology allows players to buy virtual assets in the form of NFTs in games such as Axie Infinity. This metaverse-style game, created by Sky Mavis, lets players collect, train, and battle tokenized creatures called Axies stored on the Ethereum blockchain. To play, users must purchase Axie NFTs through the in-game marketplace. Axie NFT owners can earn in-game currency and convert it to real money by winning battles or selling Axies. During the COVID-19 pandemic, Axie Infinity’s popularity rose due to players being able to earn a profit, becoming the main source of income for some in the Philippines during lockdowns. The game now has 2.8 million active players and has generated $3.6 billion in sales through its NFT marketplace. Axie Infinity has raised $9 million in funding.

The Emergence of NFT-Powered Social Networks

Another trend that is expected to gain huge traction in 2023 is the emergence of NFT-powered social networks. These social networks are built on blockchain technology and use NFTs to represent ownership and control of user data. This not only gives users complete control over their data but also provides new monetization opportunities for content creators.

NFT-powered social networks also have the potential to disrupt traditional social media platforms by offering a more equitable and transparent way for users to connect and engage with each other. For instance, users can earn rewards for creating and sharing content, and they can use NFTs to prove ownership and control over their data. This will not only lead to new monetization opportunities for content creators but will also create new incentives for users to participate in these networks.

Web 3.0 will gather pace

The trend of NFTs in 2023 is largely due to the advent of Web3, the next generation of the internet that utilizes blockchain technology. This new iteration provides individuals with greater control over their personal data and intellectual property, allowing for asset ownership, monetization, and rewards through NFTs. Unlike the primarily content-focused Web2, Web3 is poised to transform the way brands operate in the digital space.

DAO

Investment in decentralized autonomous organizations (DAOs) is set to increase as they attract more resources than other firms and individuals. DAOs also enable wider access to exclusive NFT investments. The rise of DAOs is a top trend in the NFT market for 2023, promoting democratization and drawing attention to non-fungible tokens.

NFT-based decentralized finance (DeFi)

NFTs will be used to tokenize financial assets, such as stocks and bonds, allowing for fractional ownership and making investments more accessible to a wider range of people.

NFT-powered art marketplaces

NFTs will continue to revolutionize the art world, making it easier for artists to sell and showcase their work to a global audience while also providing buyers with a secure and verifiable way to purchase and own unique pieces of digital art. This can change the entire landscape of how a marketplace works and would ease the way of selling NFTs.