What's Next for NFTs? A Sneak Peek into 2023 Trends

In 2021, NFTs first captured the spotlight with their whopping prices; in 2022, many new NFT projects and use cases emerged, and as the NFT category matures, its segments are becoming increasingly versatile.

According to NFTScan, as of December 31, 2022, the total number of NFT transactions on Ethereum hit 29,104,735, with roughly 33,997,579 active wallets. Both figures saw a growth rate of over 200% YoY.

The continued growth of the NFT sector has triggered the appearance of new applications, which include the extensive use of NFT artworks for branding and project promotion. However, there are also ongoing debates surrounding NFT royalties charged by creators. Amidst the market volatility last year, NFTs faced challenges and also managed to impress us with highlights.

In 2022, the NFT community came up with a series of financial solutions based on NFT liquidity and price discovery mechanisms to address the insufficient liquidity, heterogeneity, and limited use cases of NFTs.

Source: NEWSBTC

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