• NFTs should be safe thanks to regulations governing the crypto business.
• In 2023, more brands will join the NFT bandwagon.
• Hardware manufacturers will also create products that comply.

It is anticipated that the market for non-fungible tokens (NFTs), which experienced a shaky pace this year, will soar in popularity in the following year. In order to attract, reward, and keep next-gen customers, more companies from many industries will use NFTs to provide them with immersive experiences engulfed in metaverse experiences. 

The global goods and conversations about the NFT and metaverse sectors, both of which experienced declines this year, are anticipated to be driven by Meta and Reddit.

According to Rajagopal Menon, Vice President of WazirX cryptocurrency exchange, a new type of Web3-based virtual interaction technology is anticipated to appear in 2023 and will exacerbate commercial competition and promotional efforts globally. 

Retail adoption of cryptocurrency will increase, in large part due to consumers' indirect exposure to virtual digital assets through the businesses they frequently interact with, Menon continued. According to a report published last week by Bloomberg, who cited DappRadar, after the collapse of the FTX cryptocurrency exchange, NFT sales hit a 16-month low. 

According to reports, the NFT trading volumes have decreased by 97% since January. The digital collectibles industry is anticipated to rebound strongly the following year, though. The key rationale would be that other countries would have their own rules in place, adding another layer of security for investors.

Beginning the following year, hardware manufacturers including smartphone makers are anticipated to modify their devices to make them more 'Web3-friendly.' The global artistic community will benefit from and maintain this technical trend change. 

One or more limited edition NFT offerings can be sold by digital artists by issuing tokens. They will be in a position to boost sales as a result, which will support the market's expansion over the course of the projection year. The market is expanding since there is an increase in demand for digital art. Applications for NFT in digital art have become more prevalent.