Welcome to the first Trend Talk of 2023!
We hope Trend Talk will be of use and insight for all of you in 2023 :)
The team wishes all of you a Happy New Year!
As 2022 was coming to an end, much was going on in the NFT scene.
Solana’s DeGods and y00ts have decided to migrate, scam/rug pull projects were running about, Trump’s collectibles, Valhalla, and more…
On today’s episode, we’ll be talking about NFT predictions for 2023!
Trend Talk Episode 6: Expectations for 2023
More Brands Will Join Web3
Many iconic fashion brands joined the world of NFTs in 2022. After RTFKT (digital fashion and collectibles brand) was acquired by Nike in 2021, Adidas, Gucci, Louis Vuitton, RIMOWA, and more joined Web3 last year.
Many fashion brands had attempts to combine physical goods with digital creations.
Back in April 2022, Bulgari debuted their newest jewelry collection of physical products and a few NFTs as well. Two of their digital artworks were sold only together with their physical twin necklace.
Tiffany & Co. also teamed up with CryptoPunks, one of the most popular and expensive NFT projects (blue-chips). They released a limited collection called NFTiff which was limited to a supply of 250 being sold at 30 ETH.
Even in December, Starbucks opened up their Web3 loyalty and NFT program called Starbucks Odyssey (Beta experience). Although Odyssey is currently beta testing, users will be able to receive new rewards and experiences the Web3 way.
Storytelling
Another big feat and expectation in 2023 is Storytelling.
Many artists and writers are focusing on storytelling these days. The Web3 space but more specifically, the NFT space is going through a huge transition. As stated before, many brands are leveraging NFTs to create a stronger foundation.
Capturing the attention is harder as the world is much more fast-paced and businesses/brands need to engage customers quickly and efficiently. This is where storytelling comes in. Brands must be able to integrate and hit a wide range of emotions to make their mark. Many companies are trying to use Web3 to build emotional connections, yet, they don’t truly “communicate” with their community.
Brands must be more transparent and accessible to Web3 participants, not the traditional Web2 community method. To be more specific, many NFT “brands” or projects are basing their project on storytelling. From lore to comics and a wide range of products, they are paying attention to more detail.
Regulation
In 2022, we saw a chain-reaction of global exchanges and huge ecosystems blowing up. Governments are already avidly seeking regulation in multiple aspects such as DAOs, NFTs as Securities, Taxes, and more.
Since the fall of major crypto companies and exchanges, the government has been using these catastrophes as opportunities. It is also expected that MiCA (Markets in Crypto-Assets) will pave the way for regulation in 2023 and 2024.
Despite only being a week into 2023, the trends of 2023 are being forecasted by many.
***This is not financial advice~ these are opinions! DYOR (Do Your Own Research)!***
