The narrative that “NFTs are dead” might be overly simplistic and not entirely accurate. While NFTs have experienced significant fluctuations in value and public perception, particularly with a noted drop in their values in early 2023 [1], they are far from being obsolete. The evolution of NFTs suggests an ongoing transformation rather than a demise.
In early 2023, the market did see a decrease in NFT transactions compared to the highs of early 2022, indicating a cooldown in investor enthusiasm or market correction [1]. However, the future potential of NFTs seems promising. There are predictions and beliefs that NFTs could eventually find more practical and widespread applications, such as in real estate, music copyrights, and art exhibitions [2].
Market analysts also foresee an eventful future for NFTs, especially within the DeFi ecosystem, suggesting that there’s still significant interest and potential in this space [3]. The growth of NFT marketing, particularly in the art and entertainment industries, indicates that the NFT space is still evolving and finding its footing in various sectors [4].
One of the most exciting developments for NFTs in 2023 is the expected integration with augmented reality (AR). This integration is predicted to offer new, captivating experiences, which could further cement the relevance of NFTs in various industries and consumer experiences [5].
Given these insights, it’s more accurate to say that NFTs are in a phase of adjustment and finding new avenues for application and growth rather than being “dead.” The fluctuating interest and market values are characteristic of most emerging technologies and digital assets. As such, NFTs continue to hold potential for innovation and utility in various fields, even if their journey is marked by volatility and evolving public perception [6].
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