Top 5 NFT Trends in 2023
This blog post will cover:
- BND’s dog NFTs
- “Crypto Stamps” from Faroe Islands
- Fashion brands and NFTs
- Nike & Fortnite sneakerhunt
- Snoop Dogg drops a “digital passport”
- The final word
To put it bluntly, 2022 was a difficult year for the crypto and non-fungible token (NFT) space. Last September, NFT trading volume was obliterated by as much as 97% after the market reached its apogee at the beginning of 2022 — from a high of $17 billion to just over $466 million. The faded glory of what was “NFT Summer” mania was part of a broader $2 trillion market drawdown:
Fast forward to the middle of 2023, there is a ray of hope shining through. NFTs, despite ongoing regulatory issues, are once again picking up steam. Each day is an opportunity for the NFT space to debut something potentially breakthrough as the technology matures. That’s why we’ve put together a list of the top 5 emerging trends in NFTs. Let’s go!
BND’s dog NFTs
The German equivalent of the United States Central Intelligence Agency — the Bundesnachrichtendienst (BND) — has created its very own dog NFT set aimed at finding the best cybersecurity talent in the country. Some of these NFTs can’t be purchased — they must be earned by completing a cyber quest that demands a certain skill.
Dubbed “Dogs of BND,” the collection features 999 unique NFTs of guard dogs, including a variety of intelligence roles. The collection has since experienced a significant boost in minimal price and trading volumes after its release. As for June 28, the lowest cost of one piece is 0,041 ETH (≈ $76).
Twitter is already actively discussing the new collection. Some of users don’t miss the opportunity to joke:
“Crypto Stamps” from Faroe Islands
In another example of government agencies entering the NFT space, the Faroe Islands National Postal Service has launched a new series of virtual stamps stored on the blockchain as NFTs while concurrently acting as real live postage.
The Faroese Postal Service named the set “Stamps of Maybe,” launched in collaboration with Austria-based digital solutions firm VariusSystems. The autonomous region follows the Dutch PostNL and the Austrian PostAG in the list of national postal services that have issued postage as NFTs — a trend that possibly could very well take off.
Fashion brands and NFTs
Luxury fashion companies and houses follow the NFT trend, too. Metaverse platform Decentraland, for instance, continues to run its highly-anticipated Metaverse Fashion Week, featuring established brands, up-and-coming designers, and seasonal collections all debuting on the digital runway to appeal to crypto-native audiences and experimenting with the technology. The MVFW23 took place in virtual reality from March 28 to 31.
Italian luxury fashion brand Prada, for instance, launched its eighth exclusive Timecapsule NFT collection last January, featuring pieces with 60s and 70s-inspired prints by renowned Italian photographer Enzo Ragazzini. The Prada Timecapsule NFT series, which launches an exclusive NFT every month available only for 24 hours, most recently features its May drop. Forward-thinking fashion brands are expected to continue their experiments in the NFT sphere from 2023 onwards, with more brands to come.
Nike & Fortnite sneakerhunt
The rumor was going around saying that global footwear brand Nike is about to launch an NFT sneaker collection on the widely popular online game Fortnite, as the Portland-based sportswear brand indicated in a recent cryptic tweet:
Nike said in its announcement, that “ultimate Sneakerhunt begins”. There are not so many details at this point in time, but it’s known that the brand is building an NFT-based game dubbed “Airphoria” using the Fortnite Creative map maker, representing a tremendous opportunity to onboard the game’s 243 million active players into web3.
Snoop Dogg drops a “digital passport”
Globally-renowned rapper, actor, and entertainer Snoop Dogg, who has long been dabbling in the world of web3, recently dropped an NFT giving fans an opportunity to follow him around and experience life on tour. The collection, launched in collaboration with Transient Labs, is called the Snoop Dogg Passport Series, and provides its owners exclusive access to behind-the-scenes content. Holders will also be entitled to future NFT drops featuring Snoop’s artwork and merchandise.
Digital merchandising in the form of NFTs is a trend that the rapper predicts will grow in the future, as artists and creators aim to leverage the blockchain to deliver unique customer experiences — and we will continue to see developments in this particular aspect of NFT technology moving forward.
The final word
NFTs and web3 are literally evolving by the hour as the tides constantly shift within the Crypto World. And while things can so quickly turn around in an instant, enthusiasts and investors need to take the multitude of indicators to make responsible, calculated bets as to what will lie ahead in the space.
Ultimately, it all boils down to the builders and creators successfully transforming their dreams into actual reality. So, let’s see what the crypto and NFT sectors have in store for us, shall we?
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.