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The Web3 market today is full of many innovative approaches, most of which have garnered popularity among the global population. More businesses and individuals have an increased interest in exploring this sector and gaining monetary benefits. With every passing year, the perception of Web3 elements, particularly NFTs, has been changing owing to increased awareness. We will see the top NFT development trends one should look forward to in the coming year and how they can make the most of these predictions. This quote from the American entrepreneur Chris Dixon says a lot about the role of tokens (including NFTs) in making Web3 alive.
“Web3 is an internet owned by users and builders orchestrated with tokens.”
- The NFT Market Today
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NFT Development Trends to Watch Out for in 2024
- “Trust” Will Become Paramount in Determining the Success of NFT Projects
- Even More Regulatory Changes Addressing NFTs are on Their Way
- More Gaming and Real-World Applications to Take up NFTs
- NFTs Will Become More Easily Accessible Than Ever Before
- Metaverse NFT Marketplace Development is Set to See a Revival
- Wrapping Up
The NFT Market Today
According to CoinMarketCap’s dedicated web page for NFT statistics, the current market cap of NFTs is a little over 2.3 billion dollars. The portal also shows an impressive 454.4 million dollars worth of sales has occurred in the last 30 days. When we look at the top blockchains where most NFT transactions have occurred, CryptoSlam tells us Ethereum, Solana, Polygon, Mythos Chain, and ImmutableX have seen maximum transactions in the last 30 days.
What does all this mean to an average NFT enthusiast or an aspiring entrepreneur?
Well, it can mean different things to different people. Still, the general gist to be understood is that the NFT market is nowhere near flopping, as outsiders might comment based on limited information. Also, these statistics indicate that the market is far more spread out than earlier, as we find that Solana, Polygon, and Mythos Chain have sales volume in the region of around 30 million dollars.
If you perceive the NFT marketplace development space’s popularity by assessing how many users utilize these platforms, DappRadar’s rankings can aid you greatly. Rarible, Element Market, Uniswap NFT Aggregator, Lifeform, and OpenSea have been the top-ranking platforms in the last 30 days. The total number of unique active wallets (UAWs) across these applications amounts to nearly 1.15 million users, which is an incredible figure, given the crypto market oscillated quite wildly during this time.
With millions of active users across NFT platforms, the demand for customized NFT marketplace solutions is on the rise, making it a lucrative opportunity for forward-thinking businesses.
NFT Development Trends to Watch Out for in 2024
As far as NFT development in 2024 is concerned, great expectations exist, and preparations are already underway. A recent advancement that made the NFT market joyous was the fact that Google has started allowing NFT game advertisements after modifying its policy on cryptocurrency advertising. This has served as an extra boost, especially after Google’s decision to allow NFT gaming apps to be listed on its Play Store early this year.
Our article will exclusively focus on these aspects:
- “Trust” will become paramount in determining the success of NFT projects
- Even more regulatory changes addressing NFTs are on their way
- More gaming and real-world applications to take up NFTs
- NFTs will become more easily accessible than ever before
- Metaverse NFT marketplace development is set to see a revival
“Trust” Will Become Paramount in Determining the Success of NFT Projects
Despite going through so many advancements in its short existence, the NFT market is still evolving in many aspects. New projects keep launching at astounding rates, and most find establishing trust a difficult peak to climb. This becomes even more challenging after numerous malicious actors misused NFTs’ power to form rug pull schemes over the years.
As we move to 2024, it becomes more imperative for projects to focus purely on being trustable entities while ensuring user privacy is not compromised. With more people understanding the intricacies of the NFT space, projects need to appeal to them in a personalized yet convincing tone and offer maximum self-custody in order to become a trusted brand.
Even More Regulatory Changes Addressing NFTs are on Their Way
The 2020s have seen the rise of NFTs and, subsequently, the rise of regulatory measures surrounding this new asset class. 2023 was no different, as many nations changed their stance on cryptocurrencies and NFTs. While countries have been softer while approaching NFTs, they have amended related legalities such as user verification, money laundering prevention, and security classification.
The next year is set to be the same, as prominent nations like the United States have been unsure of what to make out of NFTs. Court hearings based on unclassified security sales in the form of NFTs have become common, and projects hope organizations like the SEC make important decisions on the legalities of NFTs.
More Gaming and Real-World Applications to Take up NFTs
When we speak of NFT marketplace development, we cannot understate the potential of gaming and real-world use cases. The popular game studio Konami has delved into blockchain gaming with Project Zircoin, set to be unveiled at the Tokyo Game Show. Such moves only show us how NFT gaming is set to evolve in 2024 as more gaming projects are predicted to join the virtual space.
As far as real-world applications are concerned, many brands have adopted NFTs into their operations, including Starbucks, Adidas, Gucci, and, more recently, Lufthansa. The process is expected to continue for a few more years, and 2024 is already set to be lit up by some prominent brands’ NFT ventures.
The words of Kristian Weymar, Director of New Business at Lufthansa Business Hub, on their latest NFT loyalty program, reflect how leading brands take NFT adoption:
“Web3 is in an early stage of development. Curiosity is high. But, we also encounter questions and hesitation – which is where Uptrip hits a nerve. We make it possible for people to access this new technology.”
NFTs Will Become More Easily Accessible Than Ever Before
Although creating and trading NFTs currently is seamless (thanks to NFT marketplaces), many people find the process difficult. The technicalities associated with NFTs and Web3 in general have made NFT adoption challenging. 2024 is expected to be that time when helpful resources become more accessible and easy to comprehend as more creators have started embracing Web3.
Also, many NFT marketplace development projects have begun focusing on diversified user experience, where they emphasize all sorts of users, including collectors, fans, gamers, and pro traders. Such a shift in focus brings a paradigm shift in how people use NFT marketplaces and NFTs in daily life.
Metaverse NFT Marketplace Development is Set to See a Revival
Although the concept of metaverse looks dead from the outside, it is actually thriving in a different region of the world – Asia. This was the sentiment reflected by Sebastian Borget, the co-founder of the metaverse world The Sandbox. According to him, half of Sandbox’s business has come from several parts of Asia in the last year.
Such revival could mean a positive headstart for projects based on metaverse NFT marketplace development, as the Asian Web3 community seems interested in immersive virtual experiences supplemented by NFTs. With strong preparations and promotions, metaverses might get a second renaissance in 2024, with conditions looking ideal.
Wrapping Up
NFT development is all set to roar in 2024 as user adoption rates are rising steadily from all over the world. With more projects based on virtual and real-world utilities incorporating NFTs, the scope for these digital assets is brighter than ever. These predictions can be helpful whether you are an onlooker interested in what NFTs are, an enthusiastic NFT collector, a business owner looking to integrate NFTs, or an entrepreneur with a novel startup idea based on NFTs. This is because now is the right time to start building on your knowledge and dreams to show up in 2024’s anticipated NFT surge.
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