The Forecasts of NFTs 2023: A Look-Back for a Look-Forward | by Library of Trader | Coinmonks | Dec, 2022

  • December 19, 2022

NFTs have experienced a tumultuous year. — Source: Analytics Insight
  • Oversupply: He pointed out the participation of many celebrities, influencers, sports leagues, and big brands leading to the burst of NFT supply. To be fair, some have been wonderful projects by true operators. Yet, most NFT projects are not due to the imbalance between demand and supply, which makes waiting-to-burst bubbles.
  • Short-term greed: NFT users might be triggered by the trend of making a quick buck from the launching projects of trading NFTs. Thus, it results in losses to scams and projects having poor fundamental implosions. Sprinting a gold rush needs a lot of skills and thoughtfulness rather than just speed. In the poll by the blockchain monitoring software company DEXterlab about NFT buying habits of over 1,300 people from late May to early June, the result was that 64.3% of its respondents said they bought NFTs “to make money” while fewer than 42% aimed at making a profit through NFTs.
  • Poor Operations: It is easy to launch an NFT project while its founders do not have enough solid knowledge about business, long-term community development, daily operation of staff, the creation of demand, etc. Thus, such projects are easily on edge of collapse amid tumultuous price actions.
NFT Forecasts in 2023 — Source: NFTA
  • The tremendous ZK adoption
  • The tokenization of financial assets
  • Emerging to leverage blockchain data
  • The expansion of non-fungible tokens providing value to their holders

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