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NFT Projects Will Take Web3 by Storm in 2023

NFT Projects Will Take Web3 by Storm in 2023

The market for non-fungible tokens (NFTs), which has had a bumpy year, is expected to skyrocket in popularity in the coming year. More brands across industries will use NFTs to entice, reward, and keep next-generation purchasers by providing immersive experiences wrapped in metaverse experiences. Meta and Reddit are expected to stimulate worldwide products and conversations regarding the NFT and metaverse sectors, which both experienced declines this year.

According to Rajagopal Menon, Vice President of WazirX crypto exchange, a new type of virtual interaction technology based on Web3 is expected to emerge in 2023, intensifying industrial rivalries and promotional efforts around the world.

“Brands will compete for visibility among the crypto native audience. Retail adoption of cryptocurrency will expand, owing largely to their indirect exposure to virtual digital assets through brands with which they interact,” Menon stated.

Bloomberg reported last week that sales of NFTs had reached a 16-month low following the demise of the FTX crypto market, citing DappRadar.

Since January, NFT trading volumes have reportedly fallen by 97 percent.

However, the digital collectibles sector is expected to make a strong recovery next year.

The key explanation would be that more countries have drafted their respective regulations, providing investors with an extra layer of protection.

Hardware manufacturers, such as smartphone manufacturers, are also anticipated to make changes to their products to make them more ‘Web3-friendly’ beginning next year.

The global artist community will benefit and sustain the shift in this technological trend.

” By issuing tokens, digital artists can sell one or more limited edition NFT offerings. As a result, they will be able to increase sales, fueling the market’s rise during the projection year. The market is developing due to increased demand for digital art. NFT has grown in popularity in digital creative applications. These elements will drive the growth of the global NFT business,” Abhay Aggarwal, CEO and Founder of Colexion NFT marketplace, told Gadgets 360.

According to market research firm Technavio, the worldwide NFT industry will grow by $113,933 million (approximately Rs. 940 crore) between 2022 and 2027.

The NFT market is predicted to grow at a CAGR of 35.02 percent during the next four years.

According to the analysis, Asia-Pacific countries would account for 39 percent of worldwide market growth throughout the projection period (APAC).

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