Where are NFTs going in 2023?

What comes to your mind when you hear the term NFTs? 

Perhaps an ape image or some blurry artwork? If so, you're not alone; NFTs burst into the world with such artistic images. 

However, as the hype surrounding NFT development faded, there was confusion and skepticism about whether these tokens would last in the long run. Regardless of how the crypto market acts, there have been an expanding number of uses for these blockchain-powered tokens.

Some venture capitalists also predict that the NFT market will not only survive but will grow exponentially. This is because they anticipate our lives becoming increasingly virtual in the coming years. Rather than only buying digital images, videos, and game assets, we may soon be acquiring real estate and equities. 

This effectively means a metaverse in which everything is converted into an NFT token that can be purchased with cryptocurrency. It is uncertain how this will coexist with our physical existence in the real world, but the revolution is already underway.

Meanwhile, the NFT market suffered significant losses in the past few years. As a result, a prominent NFT advocate Gary Vaynerchuck aka Gary Vee also noted that oversupply, greed, and unsatisfactory projects are the primary reason for the dramatic downfall of the NFT market.

Gary Vee on NFT Growth

Gary Vaynerchuck has long been a vocal critic of the non-fungible tokens (NFTs) market. Gary said that the media outlets and social media have spread a lot of fear, uncertainty, and doubt (FUD) among individuals regarding plummeting trade volumes and floor prices of NFTs this year.

Gary Vee followed up his recent tweet with a 2021 tweet stating that 98-99% of NFT ventures that gained traction during the NFT boom will fail or go insolvent. He predicts that the macroeconomic circumstances would not improve in 2023, making another market boom unlikely.

Gary went on to say that no one knows where the market will go next, but he does have some ideas. This implies that bullish momentum is unthinkable, but only time will tell what the NFT sector has in store.

Are NFTs Heading the Crypto Way?

As we all know, NFT is a tradable asset similar to cryptocurrency that is influenced by market circumstances. This turns non-fungible tokens into risky assets similar to cryptocurrency and stocks.

The crypto market, like the NFT sector, is currently experiencing a crypto winter. Since several NFT projects are somehow linked to a cryptocurrency, this implies that if the crypto market experiences losses, so will the NFT market.

Meanwhile, positive reports also emerged in recent months stating that with the growth of the metaverse in the coming years, the NFT industry would undoubtedly thrive.

What do you think, will the volume and adoption of NFTs expand in the next years? Share your thoughts in the comment section below.

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