Who hasn’t kept up with the scandals and roller coaster ride that was crypto in 2022? From being at the very top of the totem pole, to quickly falling from grace, to dusting off and getting back up again.
This is the pattern of a hot commodity being forced to mature into something more long-lasting.
While the FTX scandal led most people to believe that Web3 was on its way out, we can’t deny that the world of non-fungible tokens (NFTs) and digital art has seen a tremendous boom in the last few years, and shows no signs of slowing down.
As we head into 2023, the possibilities and potential of NFT art are endless. From the increasing use of NFTs in gaming and collectibles to the growing adoption by mainstream artists and brands, the future of NFT art is looking brighter than ever.
In this blog post, we'll take a look at what to expect in 2023 for the NFT art market, including the latest trends and potential impact on the art world.
What is an NFT?
An NFT, or non-fungible token, is like a virtual "golden ticket" for a piece of digital art or other digital item. Just like how no two "Willy Wonka's Golden Tickets" are the same, no two NFTs are identical. It's a way to prove that a certain digital item is one-of-a-kind and truly belongs to you.
Think of it like a rare trading card, but instead of a picture of your favorite basketball player on it, it could be a moving, one-of-a-kind piece of digital art created by a digital artist. And just like how some trading cards can be worth a lot of money, some NFTs have sold for millions of dollars.
In a nutshell, NFT is a way for digital assets like art, music, videos, collectibles and others to be verified as authentic and unique. And so, it can be bought, sold, and traded like physical assets.
But unlike physical assets, it stays in the digital world forever. So it's like having a virtual treasure chest full of unique digital collectibles.
Let’s dive into three NFT trends to watch in 2023.
Hello, AI art generators.
Who hasn’t seen the TikTok trend where an artificial intelligence art generator recalibrates your face onto a goddess or a renaissance man?
While AI art generators have existed for a while, it seems like 2022 was the year that they shot into the mainstream, bringing with them infinite possibilities.
With the help of artificial intelligence, these generators can take a simple idea or concept and turn it into a stunning piece of digital art in a matter of seconds. Because these pieces are created by machines and not human artists, there can be an infinite number of variations and editions, making them not just unique but also exclusive, adding a new layer to the NFT market.
The impact of AI art generators on the NFT market could be huge in 2023. It could democratize access to digital art, making it possible for anyone to create and own a one-of-a-kind piece, without needing to have a particular artistic talent.
At the same time, it could also lead to an increase in supply, as there could potentially be an infinite number of unique AI-generated pieces. It could also bring a new wave of collectors, who might be interested in owning one of a kind AI generated pieces of art.
Bring on the brands.
Brands are like the cool kids at school. They're always looking for new and exciting ways to stand out and catch people's attention. Think of NFTs as the new trendy accessory that everyone wants to get their hands on.
Just like how you might wear a designer handbag or a limited edition pair of sneakers to show off your unique style, brands are starting to use NFTs to showcase their own individuality. They are using NFTs to create one-of-a-kind digital collectibles and experiences, like virtual concert tickets, unique virtual fashion items, and limited-edition digital art pieces.
They can create special, exclusive and limited items that only a select group of people can own, and these items become conversation starters and help to create a deeper relationship between the brand and its customers.
Some companies are using NFTs as a way to gamify their customer engagement (PUMA), by rewarding customers with NFTs for their loyalty and participation in brand campaigns. Some are using it to create virtual worlds where people can explore and interact with their products in a new way (Nike, Chase).
In 2023, we can expect to see a greater number of brands and celebrities using NFTs to connect with their audience. Whether it’s for exclusive access to concerts, for philanthropic reasons, or to simply gamify their customer experience.
In short, NFTs are like a secret handshake between brands and their customers, it's a way to show how exclusive and special the relationship is, by creating one-of-a-kind digital collectibles and experiences that are not just useful but also fun.
If you want to read more about how brands utilized NFTs in 2022, check out this blog.
Tangible NFT experiences.
Okay, so you know how on a treasure hunt, when you finally reach the end and find the treasure, it's not just a pile of gold, but also something unique and special like a diamond-encrusted sword or an ancient artifact? Buying NFTs in 2023 is kind of going to be like that.
For example, some digital artists, brands, and celebrities are using NFTs to not only sell the digital art piece but also include access to exclusive content, real-world experiences, like meet-and-greets with the artist, VIP passes to concerts and events, or even physical merchandise.
It's like winning a VIP package at a treasure trove of exclusive experiences and tangible items.
In short, NFTs in 2023 are going to be like treasure chests, not only do you get the treasure inside, but you also get the added bonus of exclusive experiences, behind-the-scenes access, and tangible items that make the treasure even more special and valuable.
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Goodbye, 2022. Hello, endless possibilities.
As we open a new chapter in 2023, we'll see the NFT art market continue to evolve and grow at a breakneck pace. From the increasing use of NFTs in gaming and collectibles, to the growing adoption by mainstream artists and institutions, the world of NFT art has proven to be an exciting and dynamic one.
We'll see AI art generators change the way we create and consume digital art, democratizing the space and making it possible for anyone to create and own a one-of-a-kind piece. We'll also see brands embrace NFTs as a way to connect with their customers and create exclusive and unique experiences.
And we'll see platforms emerge to support all aspects of the NFT art ecosystem, from marketplaces to metaverses.
The future of NFT art is looking brighter than ever. With new technology advancements, innovative use cases, and an increasing number of creators and collectors entering the space, we can expect to see even more exciting and unique offerings in the near future.
The NFT space is a digital treasure trove, full of exciting possibilities and potential, and we can't wait to see what new treasure will be discovered next.
So stay tuned, and happy hunting!