5 Developments Ahead for NFTs in 2023

Emphasizing that NFT roles will change drastically in the future and will take on a different identity with new projects, Doğu Taşkıran, CEO of social NFT marketplace OIX, lists 5 major developments awaiting NFTs in 2023. The NFT industry continues to evolve with many advantages over traditional assets, including security, convertibility and profitability. Still at an early stage of development, NFTs could be innovatively mainstream by 2023 and experience a user-driven progression in tandem with Web 3.0. NFTs will offer even greater opportunities for users, investors and artists in the future, says Doğu Taşkıran, CEO of social NFT marketplace OIX,

As 2022 draws to a close, crypto investors around the world are facing a difficult time with crashed exchanges and crypto market declines. In 2023, the markets may recover and this period may create very favorable opportunities for NFT investments. According to OIX CEO Doğu Taşkıran, who stated that users should not despair for the coming period, there are 5 developments waiting for users on the NFT front in 2023.

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5 Developments

1) Creating a Wallet to Trade NFTs

The process will be simplified so that anyone can create, collect and exchange their NFT. In 2023, users won't need to set up complex blockchain-powered wallets. Everything will happen through a single login. In addition, those who have already created their wallets will still be able to connect their wallets to NFT marketplaces.

2) Adoption of Music, Theater, Sports and Cinema Events in the NFT Ticket System

NFTs are evolving to be used more in sectors other than sports, arts and games. Therefore, NFT technology will help solve the problems of old-school ticketing systems such as sports, cinema and theater. This ranges from addressing paper ticket shortages and rewarding fans with special perks, to serving as an additional feature to ensure event security. While a digital ticket reduces the chances of losing a ticket, QR codes can be easily forged. In such cases, the NFT ticket becomes useful for those attending events, concerts, cinemas, plays, and performing arts shows. NFT tickets are digital assets stored on the blockchain. Therefore, the risk of a ticket being lost, stolen or damaged is almost impossible. In addition, NFT tickets can become valuable collectibles that serve as lasting mementos. This system also helps to reduce resale value and fees.

3) Games Based on the NFT System for Profit Generation

With NFTs being open to the world, it is observed that their use is endless. The same is true in the gaming industry. Games can become a secondary platform for marketing to brands through their products in the form of in-game NFTs. In-game items will also become more valuable as players will be able to buy and sell items as NFTs.

4) Mass Entry of Brands into the NFT and Metaverse World Will Increase

Developments in the metaverse are currently driving interest in NFTs. NFTs provide a new creative medium for brands, offering opportunities to build community, connect directly with people and express themselves across new cultural barriers. Thus, in 2023, there will be brands seeking to enter the world of Web 3.0, which is expected to become a major virtual marketplace and a new source of revenue where community, relationships and consumer models are taking shape. The metaverse is therefore dependent on NFTs, where demand for branded products will increase. These NFTs also represent incentives that benefit the consumer, whether in the natural or virtual world, by adding another channel for brands to deliver on their promises.

5) Using NFTs as Credit Collateral

It will be possible to use NFTs as collateral for instant loans. Tokenization of high-value physical assets will give token holders access to instant liquidity. Lending banks will be able to meet the need for instant cash by providing users with large loans in exchange for pledging NFTs as collateral. Thus, NFTs will take on a different role as a means of cash utilization.