Last Updated on January 17, 2024 by newseditor
Non-fungible tokens (NFTs) evolved to be more mainstream in 2022 and we saw development in the NFT trends anticipated for the year. Despite the hit NFTs took this year, there have been increased innovations within the space, more adoption, and divergence into traditional industries.
With the year about to end, investors and enthusiasts will look out for the next big thing that will rise in the industry. The downturn NFTs experienced exposes them to even more scrutiny and hope for how it will bounce back. Therefore, watching out for trends within the space is not a bad idea.
Some NFT trends to look out for in 2024
To set the pace for 2024, here are some NFT trends you should watch out for in the NFT ecosystem.
2024 NFT Trends to Watch Out for
NFTs and Real Estate:
The traditional transfer of property rights can be quite cumbersome. NFTs bring a new dimension into real estate by allowing owners to create a token representing the property. This ownership token serves as a contract between the parties and guarantees the legitimacy of such property.
NFTs and Big Brands:
Many big brands recognized this year that NFTs could benefit a technology-centric image for their brands. We see brands like Walmart, Mcdonald’s, and Gucci utilizing NFTs to raise revenue streams. In 2024, we should expect both existing and new brands to use NFTs to improve brand value.
NFTs and the Music Industry:
This trend will grow only larger in 2024. Aside from royalty and licensing fees, artists can maximize their ownership rights via NFTs. Recording companies and artists could link NFTs to an album. Listeners will then stream the album via NFTs as many times as possible.
NFTs and the Metaverse:
We got a taste of the limitless opportunities of the digital space thanks to the Metaverse. With NFTs, the digital art domain is gaining more traction. One trend to watch out for is the development of metaverse art galleries. Artists can now buy a digital space for an art exhibition, and you can view them with a pair of special glasses.
NFTs and Artificial Intelligence:
The fusion of two disruptive technologies, AI and NFTs, is one trend to watch out for in the ecosystem. Projects like Alethea and Altered State Machine allow users to integrate AIs into NFTs. In this way, AI can learn from society, and the user can interact more effectively with their NFT through the Metaverse.
We all know that NFTs are still as volatile as ever. What may be up today could be down tomorrow. Thus, understanding your target as an NFT enthusiast is necessary as you watch out for these NFT trends. Regardless, the space is growing, and you might see NFTs coming up in even more sectors in 2024.
In a broader outlook, the blockchain ecosystem is popularly regarded as the future. Its many disruptive technologies have the potential to change traditional systems. NFTs, being one of these disruptive technologies, are probably limitless in their use cases. 2024 will see some fascinating use cases in NFTs developing while new ones emerge. It is left to you as an enthusiast to watch out for NFT trends that you can maximize.