NFT projects to hit Web3 in 2023: Indian industry experts

The market for non-fungible tokens (NFTs), which has experienced a strong momentum this year, is predicted to explode in popularity next year. Many brands across industries will adopt NFT as a way to entice, reward and retain next-generation buyers to deliver them immersive experiences wrapped in metaverse experiences. Meta and Reddit are predicted to drive global productions and discussions in the NFT and metaverse spheres—both of which have seen declines this year.

A new form of virtual interaction technology based on Web3 Rajagopal Menon, Vice President at WazirX . Cryptocurrency Exchange.

“Brands will try to outdo each other for visibility to native audiences of crypto. The adoption of cryptocurrencies in retail, largely driven by their indirect exposure to virtual digital assets through brands they tend to interact with will also increase,” Menon added.

In a report last week, Bloomberg speak NFT sales have recorded their lowest level in 16 months following the collapse of crypto exchange FTX, citing DappRadar.

NFT trading volume has report down 97 percent since January.

Next year, however, the digital collectibles sector is predicted to make a strong comeback.

The main reason will be that many countries have already framed their respective laws – this will be a layer of safety for investors.

Hardware manufacturers such as smartphone companies are also expected to tweak their products to make them more ‘Web3-friendly’ starting next year.

This change in technology trends will be maintained and profited by global artist community.

“By issuing tokens, digital artists can sell one or more limited edition NFT services. As a result, they will be able to increase sales, which will drive the expansion of the market throughout the forecast year. The market is expanding due to the growing demand for digital art. NFT has become more popular in applications for digital art. These factors will drive the expansion of the NFT market worldwide,” Abhay Aggarwal, CEO and Founder of Colexion NFT Markets, told Gadgets 360.

According to the market research firm, the size of the global NFT market is predicted to grow by $113,933 million (approximately Rs 940 crore) between 2022 and 2027. Technology.

Over the next four years, the NFT market is expected to grow at a CAGR of 35.02%.

The report also states that during the forecast period, 39% of the growth of the global market will be attributed to Asia-Pacific (APAC) countries.

Cryptocurrency is an unregulated digital currency that is not legal tender and subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.

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