With technological advancement, the world is changing fast with various innovations. Blockchain technology and non-fungible tokens (NFTs) are some of the latest technological advances revolutionising various aspects. NFTs are transforming different aspects of modern society, becoming the most resilient innovations in finance, arts, gaming, fashion, and tech.
This year, despite the bearish market in the crypto sector, NFTs have witnessed significant demand, and the trend is expected to continue until 2023. Notable projects like the metaverse, new gaming developments, and AI technologies have boosted the creative process and utility of NFTs, leading to massive growth in the sector.
Although NFTs are relatively new, millions of individuals, including celebs and cryptocurrency stakeholders, have joined the trend to acquire and sell NFTs. It is vital to note that NFTs are tied to cryptos. Therefore when the crypto sector experiences bearish prices, then NFTs will be impacted. Around 80% of NFTs are minted on the Ethereum network and when the value of the crypto drops, so does the value of NFTs. Despite the current crypto winter, NFTs present a massive opportunity to capitalise on going into 2023. We shall discuss in this article some of the NFTs that should be in the spotlight in 2023, but first, let us look at what NFTs are.
What are NFTs?
An NFT is a unique cryptographic asset based on the blockchain network and can be linked to physical or digital objects to offer immutable proof of ownership. Because of its uniqueness, it is impossible to replace or interchange an NFT. An NFT may be a gaming item, a work of art, or a PDF. the data on an NFT is tied to avatars, videos, songs, or digital images. NFTs allow users to create, buy and sell digital items through blockchain. It is vital to note that when you are purchasing an NFT, you are not buying the asset’s intellectual property, copyright, or commercial rights. That said, here are five NFTs to keep an eye on in 2023.
The Sandbox (SAND)
The Sandbox Team launched the project in 2021, and it integrates three leading technologies; Defi (Decentralised Finance), blockchain, and NFTs. It is a metaverse game similar to Roblox and Minecraft, where players interact and decorate their spaces. The platform allows developers to create and sell their digital assets and voxel games. In addition, the progressive gaming community combines NFTs and DAO (Decentralised Autonomous Organization) , where players can create and customize experiences after purchasing LAND NFT in the game.
With the Sandbox metaverse, everything is an NFT, and players can create NFTs such as avatars, games, in-game items, and structures. They can sell the NFTs on the Sandbox marketplace using the SAND token, an ERC-20 token that can be used to transact and interact. The Sandbox (SAND) has created a considerable reputation with interest from various NFT companies such as Helix and Atari, and in 2023 it is expected to continue making massive strides.
Launched in 2017, CryptoPunks are among the most popular NFTs in the world today and among the first to go mainstream. The NFT served as an ERC-721 standard model. It spawned a new generation of non-fungible tokens such as Azuki and Bored Ape Yacht Club. Around 10,000 different collectible characters of cyberpunk-style avatars include lions, apes, humans, and zombies. Users can purchase, offer and sell CryptoPunk NFTs on the NFT marketplace. CryptoPunks have demonstrated resilience in the bearish market, making them the hottest NFT collections that people will continue seeking in 2023.
Moshnake is an NFT play-to-earn game developed to replicate the famous Snake game on Nokia phones. It is a new project with massive potential in crypto, and its official currency is the MSH token. Since the NFT project has several positive characteristics and doesn’t rely on marketing, the chances of Moshnake succeeding in 2023 are very high. Most importantly, players can improve or upgrade to raise their Moshnake NFT’s value. In addition, two native tokens power the gaming platform, with the Moshnake token acting as a governance token and the Venom token (VEN), which is the in-game currency players can use to exchange NFT snakes.
Bore Ape Yacht Club
Bored Ape Yacht Club (BAYC) NFTs are the most popular collection and have attracted celebrities such as Jimmy Fallon, Kevin Hart, Snoop dog, and Justin Bieber. BAYC are pictures of apes, each with unique features like fur colour, accessories, and facial expressions. They are the most widely used NFT collections. Unfortunately, there are only 10,000 available BAYC NFTs worldwide, and the rarity makes them expensive. Interestingly once purchased, the owner receives the complete commercial right to the NFT along with the exclusive benefits of the club available only to holders.
PlayDapp and Mickey NFT
PlayDapp and Mickey NFT is a collection from the NFT marketplace and gaming platform PlayDapp. When the 10,000 NFTs featuring DJ Mikey the Panda launched, they sold out in three hours. The NFT collection is available on the PlayDapp Market, with its developers expecting NFT enthusiasts to join the platform considering utility can be attained with the launch of the “Tournaments” games which offer perks to Mikey NFT holders. Most importantly, holders can stake Mikey NFTs to earn PlayDapp’s native token. With the floor price of the NFT being 3.5 MATIC for every rock star panda, the NFT yields much potential. Moreover, it appeals to Generation Z investors, which will uplift it next year.
NFTs aren’t a passing fad, but they considerably impact various sectors. They have become mainstream, with the number of high-profile individuals embracing them growing daily. The discussed NFTs are some of the collections showing massive potential as we advance to 2023 and present an investment opportunity for NFT enthusiasts. With gaming industries and utilities picking up NFT prospects, it is expected that the NFTs market will continue to grow to offer more uses. Despite their popularity, it is vital to note that NFTs are highly volatile and tend to be oversaturated with high gas fees.