NFT Projects Will Take Web3 by Storm in 2023: Indian Industry Experts

Meta and Reddit are projected to drive the global products and discussions about the NFT and metaverse sectors.

Written by Radhika Parashar, Edited by Richa Sharma | Updated: 30 December 2022 18:28 IST

NFT Projects Will Take Web3 by Storm in 2023: Indian Industry Experts

Photo Credit: Larva Labs

By 2027, the NFT market is expected to swell at a CAGR of 35.02 percent

Highlights

Rules around crypto sector expected to make NFTs also safe
More brands will hop onboard NFT wagon in 2023
Hardware players will also produce devices in accordance

The market for non-fungible tokens (NFTs), which went through a rocky momentum this year, is projected to explode in popularity in the upcoming year. More brands across industries will adopt NFTs as a way to entice, reward, and retain next-gen buyers to give them immersive experiences enveloped in metaverse experiences. Meta and Reddit are projected to drive the global products and discussions about the NFT and metaverse sectors — both of which witnessed downfalls this year.

A new form of virtual interaction technology based on Web3 is being foresighted to emerge in 2023 that will intensify industrial rivalries and promotional activities around the world, said Rajagopal Menon, Vice President at WazirX crypto exchange.

“Brands will try to outshine each other for visibility among the crypto native audience. Retail adoption of crypto, largely driven by their indirect exposure to virtual digital assets through brands they tend to engage with will also see a rise,” Menon added.

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In a report last week, Bloomberg said the sales of NFTs recorded a 16-month low following the downfall of the FTX crypto exchange, citing DappRadar.

The NFT trading volumes have reportedly slid by 97 percent since January.

Next year, however, the digital collectibles sector is projected to make a strong comeback.

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The main reason would be more nations having framed their respective laws — which would being a layer of safety for investors.

Hardware makers like smartphone companies are also expected to tweak their products to make them more ‘Web3-friendly' starting next year.

The shift in this technological trend will be sustained and profited by the global artist community.

“By issuing tokens, digital artists can sell one or more limited edition NFT offerings. They will be able to raise sales as a result, which will fuel the market's expansion throughout the course of the forecast year. The market is expanding as a result of the rising demand for digital art. NFT has become more popular in applications for digital art. These factors will propel the worldwide NFT market's expansion,” Abhay Aggarwal, CEO and Founder of Colexion NFT marketplace, told Gadgets 360.

The size of the global NFT market is anticipated to increase by $113,933 million (roughly Rs. 940 crore) between 2022 and 2027, according to market research firm Technavio.

In the next four years, the NFT market is expected to swell at a CAGR of 35.02 percent.

The report also said that during the projection period, 39 percent of the growth of the global market would be attributable to Asia-Pacific Countries (APAC).

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: Cryptocurrency, NFT, Metaverse, WazirX, Colexion

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More