NFT Marketplace Development- Top Trends to Follow in 2023
After experiencing a significant surge in NFTs in the 2021, the market encountered numerous difficulties during the latter half of 2022. This decline has largely come about as a result of lower trading volume over the last year.
However, with the start of the year 2023, the NFT market is slowly getting back on track. According to the reports, the NFT trading volumes have followed an upward trend from $683 million in December 2022 to $946 million in Jan 2023, increasing at a CAGR of 38.5%.
This indicates that NFT marketplace development is gaining huge traction across industries as a potential revenue maximizing avenue. Which is why a number of startups and enterprises are looking to invest in the NFT marketplace.
If you’re considering investing in a similar undertaking, it’s vital to first understand what is an NFT marketplace, the prevailing trends in the market and what to expect in 2023.
So, without further ado, let’s get started!
What is the NFT Marketplace?
It’s simply an online marketplace that enables creators a direct way to sell their non-fungible assets such as artwork, music, collectibles, domain names, photography, sports, and customers to buy all these assets at a set price using cryptocurrencies.
Following this, users can store NFT as a part of the collection and it implies that you have exclusive ownership of the unique digital asset.
Now that we’ve discussed what an NFT marketplace is, we look at how deploying an NFT marketplace can drive success to your business and scale it to new unprecedented heights. Before that, let’s take a look at some of the most anticipated trends in NFT marketplace development in 2023.
NFT Marketplace Development Trends- Which one is ideal for Your Business
- AI-powered NFT Marketplace
The convergence of AI and NFT is an exciting marketplace to consider in 2023.
AI has revolutionised the concept of generating NFT arts and collectibles by using advanced machine algorithms.
Moreover, artists and collectors can contrive one-of-a-kind digital artworks encoded on the blockchain. It can be stated that AI-oriented art auctions and NFT marketplaces open up new possibilities to create unique and rare digital assets.
With all these facts considered, the future of NFTs is looking bright with the involvement of new technology and there may be better solutions developed in the coming years.
Therefore, keeping an eye on AI-based NFT projects can help you stay on top of the market demand, as this will be exponentially growing in the days to come.
2. NFT Music Marketplace — Better streamlined to Make, Sell, and Spread Music
NFT music marketplace is another trend to follow in 2023, incorporated with a smart contract to represent ownership of a particular song or album.
Empower artists to get more control over their music and possess the potential for playback and deals without any involvement of intermediaries.
Not only this, but artists can open new ways for fans to support their music and create a new revenue stream.
All in all, it can disrupt the conventional music industry and allow musicians to create and sell music in a streamlined way.
3. Social Media NFT Avatars — Getting Progressively Popular in the Days Ahead
NFTs have paved their way into almost every domain such as- finance, travel, music, etc. Presently, many brands are majorly focused on integrating NFTs into their social media platforms.
With the advent of the social media NFT marketplace, social media account holders and influencers have got the opportunity to change their content into blockchain-driven digital NFTs.
NFT for social media platforms monetizes the content to trade like videos, pictures, gifs, reels, and so on. In addition to this, it eliminates the middlemen’s cost to auction NFTs listing and provides lucrative rewards to the buyers, bidders, and artists’ fans, along with a great increase in the market value of social media platforms.
Therefore, NFT for social media disrupts the industry by monetizing content in a decentralized way. In view of this, social Media Giants like Twitter, Instagram, TikTok, and YouTube are anticipated to release their NFTs in the markets soon.
4. NFT Gaming Marketplace
The gaming industry has also been quick to embrace NFTs, using them to create unique in-game items and collectibles that can be bought, sold, and traded outside of the game. NFTs are also being used to create new gaming experiences, such as in-game items, characters, and skins.
Next to this, the implementation of NFTs in the gaming industry, is the creation of a new type of gaming economy, allowing players to own and trade unique in-game items and collectibles. NFTs are enabling players to monetize their gaming experiences, creating a new type of gaming-based income.
NFT marketplaces have the potential to revolutionize the gaming industry and create new and exciting opportunities for gamers. As the gaming industry continues to evolve and grow, NFT gaming marketplaces will play an increasingly important role in shaping the future of gaming.
5. NFT Ticketing Marketplace
With the creation of NFT ticketing marketplaces, we now have a new and innovative way of buying, selling, and exchanging event tickets.
NFT ticketing is an exciting possibility for 2023 and beyond.
In line with this, NFT in ticketing is all about the creation of new revenue streams, allowing event organizers to sell unique digital tickets directly to their fans.
With no doubts, NFTs are helping to cut out intermediaries and increase revenue. Additionally, NFTs are helping to create a more intimate and personal connection between fans and event organizers, as fans can own a piece of the event and interact with it in new and exciting ways.
6. Metaverse NFT Marketplace
Metaverse NFTs represent a new level of innovation in the web3 space.
Unlike traditional NFTs that are limited to a single asset, Metaverse NFTs offer a gateway to immersive virtual worlds that let you engage with art, games, and other experiences in new and exciting ways.
On top of this, the most exciting use case for Metaverse NFTs is the ability to create unique and unforgettable gaming experiences.
Imagine being able to explore a completely immersive virtual world where you can meet other players, complete quests, and discover hidden treasures, all while owning and trading rare metaverse NFTs that give you special abilities and powers.
7. Virtual Reality and Augmented Reality-Based NFT Marketplace
Virtual reality (VR) and augmented reality (AR) are becoming increasingly popular in the NFT world, offering new and exciting ways to experience NFTs.
Moreover, VR and AR allow users to interact with NFTs more immersively, giving them a better sense of ownership and connection to their NFTs. This trend is expected to continue in 2023, with more and more NFT marketplaces to incorporate VR and AR into their platforms.
How Debut Infotech Can Help Businesses Stay Ahead of the NFT Marketplaces
NFT marketplace development has played a significant role in the coming years as the world witnesses the potential of the internet via Web 3.0.
Having said that, the demand for NFTs is thriving over time due to their uniqueness and rarity.
Therefore, if you are looking to deploy an NFT marketplace, the above-mentioned NFT business ideas will help you run a successful NFT business in the days to come. Or, if you have a revolutionizing business idea and want to deploy it into a profitable working platform, contact a globally renowned NFT development company.
Debut Infotech is a leading NFT marketplace development company with profound experience in deploying blockchain-powered solutions. Having a team of NFT marketplace professionals can help build a highly profitable marketplace.
Our experts understand the space inside out to build customized NFT marketplaces or if you are looking for a ready-to-use NFT marketplace, we can also help you with some premium White label NFT marketplace solutions.
In regards to business requirements or ideas you have to build an NFT trading marketplace, let’s get in touch with our experts to launch your marketplace today and start growing your business.