NFT is NOT an Asset for Speculative Trading. It is more than that!

NFT is NOT an Asset for Speculative Trading. It is more than that!

In 2022, the world of Web3 experienced both highs and lows.

On one hand, there were exciting new developments and innovations in blockchain technology, decentralized finance, and NFTs.

On the other hand, there were also scandals and setbacks, such as FTX's fall and the arrest of Sam Bankman-Fried.

Despite these challenges, NFT platforms continued to grow and innovate, demonstrating the resilience and potential of this new technology.

In fact,

2022 marked a significant year for the NFT market, with more people showing their support and growing interest. Despite ETH seeing an unfortunate drop of 60%, DappRadar's report revealed that on-chain NFT trading volume in 2022 had remained relatively steady at $24.7 billion (almost unchanged from 2021) .

Even more remarkable is an incredible 67% increase to 107 million total sales count - with marketplace-based sales accounting for 68.35 million transactions.

2023 is poised to see more NFT platforms providing concrete offerings that users can benefit from in tangible ways, such as earning points, event ticketing, or community building.

We’ll see a transition of NFTs rather than just being hyped on potentially making quick cash to utility.

Welcome to the world of NFTs where Utility NFTs are the future.

Utility NFTs are a revolutionary way to unlock unbelievable potential! These tokens can be used for all sorts of applications, like granting exclusive access to content and events, representing ownership and membership, experience boosts in-game - the list goes on!

Utility NFTs prove that value doesn't just lie with the artwork alone – it also lies within their utility functions. Open up your eyes to this great new form of tokenization today!

We are witnessing more Web2 companies entering the market. The fact that over 100 top brands already offer NFTs to consumers suggests NFTs are becoming more mainstream.

For example,

Luxury brand Gucci is revolutionizing the art and fashion worlds with its cutting-edge Web 3 branding. In February 2022, the luxury fashion brand rolled out ten NFTs in partnership with the toy brand Superplastic.

Then, they partnered with SuperRare to launch their exclusive Vault Art Space for various NFT artists. The debut exhibit, “The Next 100 Years of Gucci,” features a selection of NFT artworks, each a collectible fragment of Gucci’s heritage.

Web2 companies are starting to see the potential of NFTs in creating unique and valuable experiences for their consumers. This trend will likely continue as NFTs become more established as a market.

In Alsomine NFT consumer research, 92% of respondents saw an advantage in having NFTs that could benefit them.

NFTs offering real utility and consumer benefits are the biggest driver for today's NFT market growth.

This highlights the need for NFT creators to consider the value their tokens can bring consumers beyond just being digital assets.

In summary,

Looking ahead to 2023, there are many exciting developments on the horizon for the NFT market. We can expect to see more NFT platforms offering users concrete benefits, such as event ticketing, community building, loyalty rewards, and more innovative use cases. We can also expect further integration between NFTs and the Metaverse as the two technologies continue to converge.

If you're a business looking to get involved in the NFT market, there's never been a better time.

NFTs are no longer just speculative assets – they are a tool for building customer loyalty and creating unique experiences.

To get started, consider reaching out to Consortium 21’s Chief Strategy Officer, Kenneth Choo via whatsapp, who can guide you through bridging the gap between Web2 and Web3 and help you take advantage of the incredible potential of NFTs and the Metaverse.