Non-fungible tokens (NFTs) and the crypto sector remain stable at the end of 2023. Analysts and experts say 2024 should be a good year for these industries. Large firms and corporations have also focused on the niche represented by NFTs and cryptos. Thus, the NFT space will keep changing rapidly and present new developments.
GameFi And NFTs
The gaming function is no longer limited to the classical meaning. Normally, it took a bit longer than expected, but now cryptocurrency, NFTs, and gaming are almost the only sectors where anything is moving. Besides the old hat roulette bitcoin, retro games, and relatively renowned scam projects, a trend of AAA and indie titles is developing.
This integrates NFTs, DeFi, and online gaming to develop GameFi technology. It can help realize all ideas, new and old, such as designing in-game behavior, cross-platform links, game rewards, and a lot more. The first use given to the non-fungible tokens will be many sprays, skins, and other accessories for characters. This function is already familiar for the games made for single players.
Therefore, NFTs will let gamers acquire rare art, weapons, and armor, which they find by farming or looting their bosses. Most people insist that GameFi is the most worthwhile trend that might dominate 2024. It is hard to dispute that.
NFTs And Metaverses
What does it mean to build a metaverse? It starts with an idea and developers go to work. Strangely, most studios are moving away from producing these items and they instead hope to use NFTs in developing the gaming world. Nonetheless, robots or beautiful cats and plants are not easy. Everything comes down to virtual property, digital attire, and land.
In the case of real estate, the most interesting example is maybe Metropoly. Metropoly, on the flip side, also allows people to use NFTs within its virtual reality universe to own real estate. This firm distributed more than 20 million magna at the end of December 2023, which is not a small figure for the whole metaverse.
The most serious shortcoming of all is the existence of many metaverses. One after the other they flood into the market, and eventually replace them all. Notably, developers never tried to improve the ones available but aimed at getting a new out that was always superior in comparison with what others had previously.
Will this trend continue in the coming year? It is currently a worry of investors and developers. These numbers are continuously being swapped around by ordinary users and big firms and countries could be described similarly to these digital nations.
NFT And Economy
For an extended period, the question of incorporating cryptocurrency at the foundational level has been under consideration. This deliberation persists, extending into 2024. However, a minority of the population believes that regardless of its significance, NFTs and cryptocurrencies inherently have full access rights to the system.
To put it mildly, the opposing viewpoint remains unconvinced. This disparity in perspectives captures the attention of the first group. Consequently, if we acknowledge this divergence, the second group simply needs to be informed about the developments with NFTs, and they will be well informed.
Nonetheless, apart from the headline-making issuance and return on investment figures, most news outlets have also offered lots of reporting about scalping issues. Serious cases have involved security and fraud on connect cards and legal loopholes over handling the assets earned legally by playing these games.
Furthermore, although firms are eager to use NFTs in marketing efforts, normally, management seems to not have the right information about the nascent technology. Simultaneously, due to these misdeeds, the marketing program eventually fails. Also, this failure is possibly caused by the lack of supporting software.
There will be discussions about cryptocurrency and the economy, but reaching an agreement is impossible. There are 420 million crypto users globally, 4.2% of the total world population. For now, that percentage is not adequate to reach a compromise.
The Takeaway
The top three NFT trends for 2024 are Metaverse, GameFi, and Economics. Everything seems to be going fine in the first two. A few international companies, including Warlords NFT and Ubisoft, are already working on them. However, nobody dares to say what will happen next since, as it is stated, everyone is waiting for someone else’s move and they have everything in theory but nothing developed yet.
But in the case of the economy, anything goes. 2023 has produced new firms and renewed interest in crypto. Maybe giant firms like Amazon, Google, and Microsoft will enjoy a large presentation on NFTs in the future. But, we will just have to wait to see what happens next.
