Mar 17th 2023 | 11:52 | 3 min read
NFTs are a fantastic way to store data, authenticate identity, verify credentials, and even track the product journey. Plus, they also enable storage and verification of digital documentation, patent registration and licensing.
That’s not all! NFTs can be beneficial in law and education sectors where documentation is key. With NFTs, you can bring decentralization and transparency to various industries and increase efficiency across the board.
Because of all these amazing benefits, there has been a rising demand for enterprise NFT development solutions in 2023. Companies in the retail, healthcare, insurance, and real estate sectors are actively integrating NFT solutions to enhance their productivity.
So, experts predict a positive NFT market trend in 2023, with revenue expected to reach a whopping $3546 million! The market analysis report also shows that NFT market revenue will grow at a 22.82% CAGR (2023-2027), pushing the market to a mind-blowing $8068 million by 2027!
So, what are the top NFT development trends that will keep the market alive in 2023 and beyond?
Stay tuned, because we’ll be diving into that in this blog!
Top 8 NFT Development Trends To Watch Out For In 2023
Look at notable NFT development trends across major sectors that will shape the future of NFTs.
Legal Documentation & Cases
Did you know that recently the UK court has allowed to serve documents via NFTs?
In the case of D’Aloia v. Binance Holdings & Others, the High Court of England and Wales recently issued an order permitting the delivery of court proceedings documents through the transfer of a non-fungible token (NFT) on the blockchain.
It is the first instance in the U.K., and the second globally, in which a court has authorized the use of blockchain to “serve” documents. A U.S. court also granted permission for NFT-based service in June.
Non-fungible tokens (NFTs) can be used for legal documentation and cases in a number of ways. Here are a few examples:
Digital ownership :NFTs can be used to establish digital ownership of a document, such as a contract or a will. By minting an NFT of a document and recording it on a blockchain, the owner can prove that they are the rightful owner of the original document and that it has not been altered.
Authenticity verification: NFTs can also be used to verify the authenticity of a document. By attaching an NFT to a document, the owner can prove that it has not been tampered with and that it is an original.
Service of process: As mentioned earlier, NFTs can be used for the service of process in legal cases. This allows court documents to be delivered to the intended recipient in a secure and transparent manner.
Evidence preservation: NFTs can be used to preserve digital evidence in a legal case. By minting an NFT of a piece of evidence and recording it on a blockchain, the authenticity and integrity of the evidence can be established and preserved.
Smart contracts: Finally, NFTs can be used in conjunction with smart contracts to automate certain legal processes. For example, a smart contract could be written to automatically transfer ownership of a piece of property when an NFT representing the property is transferred on a blockchain.
NFTs are becoming an increasingly popular way to showcase academic qualifications. These tokens offer a secure and tamper-proof way to demonstrate attendance, degrees achieved, and other important information that is recorded on the NFT blockchain. This information cannot be edited or hacked, providing a high level of trust and transparency.
Using NFTs, certificates and academic achievements can be tokenized, enabling individuals to maintain a permanent and easily verifiable record of their educational accomplishments. This is a significant improvement over traditional paper certificates, which can be lost or damaged, and may not be easily verified by potential employers or academic institutions.
To create NFTs for academic achievements, tokens can be distributed for each course completed, and degrees can be verified through smart contract mechanisms. This creates a permanent record of coursework completed, and ensures that the legitimacy of each degree can be easily verified by potential employers or academic institutions.
As paper certificates become less common, NFTs will increasingly serve as a record of academic performance that can be easily transferred to others, providing proof that the token holder has earned the associated NFT. The tokenization of certificates and licenses through NFTs confirms their ownership and legitimacy, significantly reducing the risk of falsified documents.
This makes NFTs a valuable tool for organizations and institutions seeking to obtain and verify certificates and academic achievements.
NFTs in the ticketing sector can do wonders by streamlining the entire process. You can release and sell NFT tickets for all types of events instead of paper tickets or digital passes.
What are the benefits of NFT tickets?
Firstly, you do not have to rely on third-party platforms to manage your ticketing process. Secondly, you can easily verify ticket ownership with NFTs. Thirdly, with NFT tickets you can even check the authenticity of the tickets. Thus, it saves event organisers and customers from ticket scalping and fraud.
Overall, NFT ticketing will decentralize and improve your entire ticketing procedure. You can easily mint NFT tickets and release and sell them via NFT marketplaces.
The best thing about NFT tickets is that they can act as both event pass and collectable. The audience can keep the NFT tickets as collectibles after the event.
For instance, in September 2020, DC Comics, a subsidiary of WarnerMedia, offered free non-fungible tokens (NFTs) to fans who registered for their virtual event, DC FanDome. The NFTs were inspired by DC Comics characters such as Batman, Wonder Woman, and Superman.
Further, in March 2021, YellowHeart, a blockchain-based ticketing platform, partnered with MGM Grand Resorts to sell NFT tickets. They released a collection of 1100 NFT tickets for Jabbawockeez dance performances at the MGM Grand Hotel and Casino in Las Vegas.
Each NFT ticket provided access to prime seating at the live performances and additional benefits such as food and drink credits. Moreover, NFT tickets also offered digital collectibles and meet-and-greet opportunities with the Jabbawockeez performers.
The partnership between YellowHeart and MGM Grand Resorts is an example of NFT development in the ticketing industry to provide a more personalized and exclusive experience.
It opens door to authenticating tickets and prevents fraud. Additionally, NFTs can provide a new revenue stream for artists and event organizers, as fans are willing to pay more for unique and premium experiences.
NFT lending is the new emerging trend nowadays. But what is it?
NFT lending is the process to take out loans by keeping your valuable NFTs as collateral.
As an investor, you can earn around 20% to 40% APR. Moreover, if the borrower fails to repay the loan, you will get the NFT as payment.
On the other hand, borrowers can get instant loans on their valuable NFTs. Thus, NFT lending is a win-win situation for both the lender and the borrower.
What’s the best thing about NFT lending?
The entire process is automated using smart contracts. So, the lenders and borrowers do not have to worry about the loaned money or collateralized NFT. The entire process is transparent and automated.
Real Estate NFTs
The existing real estate industry is laced with the challenges of the traditional working model. The key challenges of present day real estate sector are:
- Lengthy documentation process
- Liquidity issues
- Inaccessible to small investors
- Document frauds
- High costs
NFTs in real estate facilitate the tokenisation of physical real estate properties. With NFTs, you can now tokenize your land, house, shop or other properties and sell them as NFTs. It will not only help you to digitalize your real estate business but also resolve key challenges.
Here are the benefits of NFT development in real estate.
- High volume liquidity
- Lower costs
- Data transparency
- Automated processes
- Instant settlements
- Authentic proof of ownership
Most importantly, NFTs in real estate also facilitate fractional ownership of properties. What do you mean by fractional ownership?
Fractional ownership of real estate properties is where you tokenize and divide the property’s value into several digital tokens. Each digital token represents a share of the asset and offers exclusive ownership rights of that share.
Therefore, instead of selling the entire property to one investor, you are selling it to multiple investors. Thus, fractional ownership increases liquidity and opens the real estate market for small investors.
Metaverse will change how we work, learn, socialize, and use online services. It is an immersive virtual world that replicates the elements and experiences of the real world.
Metaverse has its own ecosystem consisting of tokens and assets. One of the key innovations driving the metaverse ecosystem is NFT.
From avatar accessories to virtual lands, and online concerts, virtual products on the metaverse are traded as NFTs.
You can buy NFT clothes and accessories for your online avatars. You can even buy and sell virtual real estate including land and properties NFTs. That’s not all! You can even sell metaverse concert tickets as NFTs.
Further, NFTs help businesses, brands, and creators port their real-world assets into the metaverse. They can easily market and sell their assets as NFTs on the metaverse. Moreover, NFTs enable businesses to sell merchandise, increase fan engagement and promote their brand.
AI (Artificial Intelligence) NFTs
The fusion of AI and NFTs has opened up a whole new world of possibilities for artists, collectors, and tech enthusiasts alike. It’s a fascinating area where cutting-edge technology meets creative expression, and the result is nothing short of mind-blowing!
Imagine being able to create and trade digital assets that are truly one-of-a-kind, thanks to the magic of AI algorithms. With AI-generated NFTs, artists and collectors can explore new frontiers in digital art and monetize their creations in ways that were previously unimaginable.
And that is not all! AI can help curate and generate digital art, pushing the boundaries of what’s possible in terms of creativity and innovation. It’s a new tool in the artist’s toolbox, allowing them to experiment and create like never before.
But the real magic happens when AI and NFTs join forces with virtual reality technology. The result is a mind-boggling, immersive experience that transports you to a whole new world. With AI-generated NFTs, you can create virtual worlds and games that offer players a personalized and engaging experience.
So, whether you are an artist looking to explore new mediums, a collector looking to monetize your digital creations, or a tech enthusiast eager to push the boundaries of what’s possible, the intersection of AI and NFTs is the place to be. It is an exciting time to be alive, and we can’t wait to see what the future holds for this incredible fusion of technology and creativity.
NFTs in Supply chain
NFTs are used to improve supply chain management systems. As NFTs store data on an immutable distributed ledger, it prevents data manipulation. Apart from this, NFTs offer a decentralized and transparent way to track the product journey from its manufacturing to distribution.
For instance, Chaincode Consulting, a blockchain development company has harnessed the power of blockchain and NFTs to develop products like SMARTHUB and NFTrace. These are end-to-end supply chain tracking and management solutions. They enable secure tracking and provenance of goods and documents as they move through the supply chain.
How are NFT trends making the supply chain efficient?
NFT can be used to produce the digital twin of the physical product. The digital NFT twin will create a digital footprint using the token ID associated with the physical product. As the product moves along the supply chain, its history will be automatically updated in the ledger. Further, NFTs in the supply chain create a single immutable record, which is accessible to all participants.
Therefore, NFTs in the supply chain help to bring transparency to the system. Moreover, it also reduces operational costs and eliminates unnecessary intermediaries.
To sum up, with NFT development solutions in the supply chain, you can achieve higher efficiency, transparency and security. Companies are leveraging NFTs to gain control over their supply chain, reduce the risk of fraud and errors, and enhance trust with their customers and partners.
The Future of NFTs
The future of NFTs seems promising, credit to their use across major industries and sectors. After blockchain, NFTs proved to be a brilliant innovation that will complement the growth of every sector.
From web 3.0 sectors like Defi and metaverse to conventional industries like real estate, logistics, supply chain, trade and finances, NFT will bring revolutionary transformation.
Tempted to know more about the future of NFTs? Read here.
If you are one of those entrepreneurs looking to upgrade your business infrastructure with NFTs, contact us. As a leading provider of NFT development services, Chaincode Consulting offers customized NFT development solutions that cater to your specific business needs.
Our NFT development team will help you build a robust and secure NFT business model to target business excellence, growth and high revenue.
Schedule a call with our experts today!
Hyperledger Fabric in Blockchain – A Comprehensive and Simplified Overview
Hyperledger Fabric, or an open-source blockchain framework hosted by The Linux Foundation, is a formidable name in blockchain technology and stands as a robust and versatile framework revolutionizing the landscape of decentralized applications. Understanding the intricacies of th