NFT Marketplace: Review the Past Two Years and the Year 2023

• 2021 & 2022 For NFT Marketplaces
• Return of NFTs
• The Potential to Change the World by NFTs

NFT marketplace is a virtual place to showcase one’s digital artwork, and talent. It’s a place where buyers and sellers meet, and one can buy certain virtual items for an amount of cryptocurrency. It can also be called an auction house for digital art, such as OpenSea, Mintable, Rarible, etc.

The Fall of NFTs

 NFT marketplaces had a dark past two years, and where it was not known for their creators and innovators but for fraudsters and grifters; more than $100 million worth of NFTs were reported stolen from July 2021 to July 2022, the volume collapsed by around 97% from its peak in January 2022. 

This was a devastating time for NFTs; many creators had a massiveimpact due to the fall of NFT marketplaces; having a relation to cryptocurrency also had an impact on NFTs and not a positive one. NFT marketplaces were barely afloat; only a handful of Art galleries sold NFTs. NFT marketplaces were deemed the next step in auctioneering and art showcasing, but it sounded like a false hope, no more, no less.

The Rise Of NFTs

It was not yet over for the NFT marketplaces people started to promote NFTs more all over the world, and different art galleries all around the world have shown support for NFTs. The Centre Pompidou, and the French Ministry of Culture, has received 18 NFTs from multiple famous artists.Itit will join the collection of France’s modern and contemporary art.

Even other Art galleries worldwide promote it at a different scale to maintain or increase the hype of NFTs. Art Dubai has built a Digital section for Artwork to be released in 2023. On a global scale, NFTs have become a new way of art that can’t be damaged or destroyed, a digital piece of work that has  benefits as it comes along.

The Future Potential of NFTs

When it comes to the versatility of NFTs, it is one of the best; they can be implemented in multiple sectors, be it artificial intelligence or the health sector, and the amount of data it stores and secure is one that is out of this world. NFTs will be the future not in Art but also the form of tokens to get places, one could get access to exclusive clubs, or get some rare digital collectibles.

NFTs promote themselves and the use of blockchain technology that’s the basis of it. One can say that it promotes other things at many verticals. The year 2023 has a lot of potential for the NFT Market, and many opportunities will open up this year for the creators and the traders of NFTs. After this, there will be more digital literacy than the generic form of literacy, it will change the world for the better. 

Conclusion

The past two years for NFT marketplaces have been a rollercoaster ride. NFT marketplaces faced challenges with fraud and a significant decrease in volume. However, there has been a resurgence with renewed interest and support from art galleries and institutions worldwide. As the market continues to evolve, NFTs are poised to make a significant impact in the art world, tokenization, and beyond, ushering in a new era of digital ownership and possibilities. 

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in NFTs comes with a risk of financial loss.