From marquee NFT drops selling out on Instagram to major film festivals selling VIP passes as NFTs, 2023 is proving the staying power of these new digital assets. The NFT frenzy in 2021, in which Bored Apes were snapped up for millions of dollars, brought this digital asset class into the mainstream. Looking beyond pure financial speculation, NFT use cases span a number of industries and real-life applications.
Early signs of optimism in 2023 — like OpenSea processing over US$320 million in Ethereum NFT trades by late January — point to a new opportunity for leaders in the space to build better infrastructure to support these digital assets and pave the way for increased utility and adoption.
Market recovery is leading to renewed interest
Crypto Winter has put the non-fungible token space to the test, but in 2023 the sector is starting to show some signs of life. A report from DappRadar estimates that Ethereum’s NFT market is up 68% from its November lows. The steady climb over the past few months will likely help drive projects and creators back to the NFT marketplace as…