The Growth of NFTs – Notable Trends for 2023

NFTs are majorly impacting the way people perceive, buy and sell digital art. Many top brands worldwide are using NFT technology to win customer appeal and enhance their reach. Now, the benefits and application of NFTs is moving beyond simple artwork sales. The technology is predicted to reach new heights during 2023, and in the upcoming years. Let’s examine the notable trends for the year in the NFT space.

Biggest blockchain trends for 2023

The following are the top blockchain trends for 2023 that can significantly influence the growth of NFT technology.

Adoption of Web3 by traditional companies will bring the crypto summer

Experts analyse that as more Web2 companies start incorporating Web3 elements, it will help in drawing awareness towards NFT technology and encourage its development. The 3 parts of such an adoption are simplicity, applicability and security.

The gaming industry is a pioneering the boom of NFTs

In recent years, there has been a significant integration of crypto and NFT elements in the gaming industry, particularly among top companies. From in-game purchase of digital assets to enabling crypto payments, gaming companies are staying ahead of the competition with the help of blockchain technology. The adoption of the technology has proven to be worthwhile. It has simplified payments and enhanced the gaming experience of the players. In turn, gaming companies enjoy higher player appeal and efficiency. 

NFTs are expanding across multiple industries

Many people perceive NFTs to be mainly about dealing with digital artworks worth surprisingly large amounts of money. However, as the technology develops, new benefits are cropping up which growing businesses are keen to test out. For instance, NFTs are now used to link physical products to the digital world. It helps brands enhance the traceability and verifiability of their products, and improves efficiency in operations. Such advantages are prompting businesses across various industries to try out the technology.

3 things every company must do to adopt NFTs

It can often seem daunting for new companies to figure out how to start integrating NFT technology. However, there are certain tried-and-tested steps that many brands follow for a seamless integration process.

A. Build a community with clear memberships

An easy way to kickstart the NFT integration process is to enable memberships. You can create a community with your loyal customers, which also strengthens the connections. You can further enjoy honest reviews and opinions on your products and business.

It is made possible by issuing NFT membership tokens. The customers who sign up should be able to enjoy exclusive offers and other benefits. For instance, you can extend membership invitations to the first 50 people who sign up for the program.

B. Provide early access benefits

The key reason why some customers pay for an NFT membership is to enjoy worthwhile benefits. A key benefit that they expect is early access to your brand’s latest products. For instance, top sneaker brands provide their NFT-holding members early access to their sneakers before they actually hit the market. Similarly, the customers can gain access to meet and greets with designers, exclusive events, and more.

C. Make customers feel valued

A good way to strengthen the relationship between your brand and the loyal members of your community is by involving them in the company’s decisions. Enable members to voice their ideas on how to grow your business, and take their feedback into consideration. Such factors make the customers feel valued, and emphasises the worth of their NFT memberships.

The rise of NFTs and their legal framework

The key idea of blockchain technology is that it operates in a decentralised system. Therefore, it might seem strange that governments worldwide are introducing laws to regulate it. However, considering the quick rate at which NFTs are gaining popularity, setting legal boundaries has become a necessity. For instance, many celebrities are actively promoting NFTs, some introducing limited-edition artworks for the benefit of their fans. Similarly, many brands are using NFTs to manage their real-life products with ease.

All in all, it is safe to say that NFTs will continue to grow, and are not just a passing fad. In particularly, you can expect major changes in the NFT space during 2023.

Schedule a demo of the Authlink platform or sign up for the beta version today to explore more.