As 2023 closes its curtains, nonfungible tokens (NFTs) continue to be a big part of the Web3 space. Community members are looking to 2024 with bullish eyes, believing the future has a lot in store for the asset class.
From NFT gaming taking off to continued regulatory uncertainty, Cointelegraph spoke with various Web3 professionals, who shared their perspectives and predictions on which trends may continue into 2024, as well as what challenges NFTs may face in the year ahead.
NFT predictions for 2024
Connections between digital and physical
Professionals working in Web3 predict further development in the connection between digital and physical assets in 2024. The NFT space is set to play a part in this intersection, according to John Crain, co-founder and CEO of SuperRare Labs — the entity behind NFT marketplace SuperRare.
Crain believes there will be a “significant rise” in the connection between the two worlds and that NFTs will play the role of “digital twins and certificates of authenticity.” Furthermore, Crain told Cointelegraph that since collectors love physical editions of NFT art, it could be another growth driver over the next year.
Throughout 2023, the tokenization of real-world assets (RWAs) has been a major discussion within various parts of the crypto space. Oh Thongsrinoon, chief marketing officer of Altava Group — which connects luxury fashion brands with Web3 — told Cointelegraph that this trend will continue in 2024.
2/ Prediction 2: RWA Tokenization
Real World Asset (RWA) tokenization will drive the blockchain economy, led by real estate and commodities. Tokenized RWAs on XRP Ledger will enhance collateralized loans, improve interoperability, and attract institutional adoption, reshaping…
— Ripple (@Ripple) December 20, 2023
Thongsrinoon explained that NFTs are more than just profile pictures (PFPs): “We’ve always been a big believer in NFT having utilities and value beyond just a PFP.” In addition, the executive shared that Altava has applied RWA tokenization to…
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