5 Unique NFT Use Cases That Will Dominate 2023
A lot has changed in the NFT space over the past year. While in 2021, nonfungible tokens absolutely exploded, in 2022, Web3 saw the maturation of the NFT space fast-tracked thanks to a bear market. Sure, artists still found ways to sustain themselves, and NFT collectors evolved into prominent Web3 builders, but the wild west that was the NFT market cooled off significantly.
Of course, this isn’t a bad thing. Far from it, in fact. While numerous investors and influencers quickly became quiet when the million-dollar profits stopped coming in, the NFT space as a whole was propelled forward. Collectibles and large-scale PFP projects that had a hold on the market started to wane, and other often overshadowed use cases began to hit stride.
But we’re not just talking about Sound.xyz music NFT secondary sales crossing $5 million, or photography NFT editions going viral. While these are undoubtedly major wins for artists, advancements in blockchain technology and a crossover from Web2 to Web3 have helped solidify a number of robust NFT use cases that might have the potential to change the metaverse as we know it. In 2023, these growing sectors will undoubtedly be worthy of keeping an eye on.
- Ticketing & proof of attendance
- Membership passes
- Soulbound tokens
- Physical x digital
- Artificial intelligence
What else?
Independent of profits and speculation, the five use cases listed above are undeniably prominent within the NFT space as we enter into 2023. Some may fizzle out, others could potentially come to dominate the market entirely, or perhaps some unseen force could appear and shift the ecosystem even further. Yet, surely each of these instances of NFT innovation has helped, even if only a little, bring the conversation surrounding the usefulness of blockchain technology in modern society from niche to mainstream.
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