NFTgo, the best multifunctional NFT trading and analytics platform, released its 2023 annual report related to non-fungible tokens and it is available for free download. Today we are going to review the most important items left by NFTgo’s report.
NFTgothe leading NFT trading and analytics platform, announced its latest 2023 report related to non-fungible tokens. It can be downloaded completely free of charge on its platform and is available in five different languages (Chinese, English, Spanish, Japanese and Korean).
Before we begin to review the report from NFTgos report, it is worth clarifying that the content it provides is associated entirely for research purposes and is not intended as investment advice.
In addition, the platform makes these annual reports, but assumes no responsibility for missing or erroneous information, as it provides the information as it is researched.
This is the third report by NFTgo regarding NFTs and for Web3 users. The goal is to be able to reach experienced investors and technology enthusiasts (beginners or experts) to get a more complete view of the market.
The 7 most important points of the report
NFTgo segmented this new report into the following seven key points to understand NFTs in depth and what to expect from them in 2023:
First, NFTgo assessed the capital flow of digital assets, investigated the main trends related to NFTs and made a comprehensive overview of the most profitable assets that were around in 2022.
The second item includes all the description regarding the NFT markets such as: market capitalization, total volume, sales, the most important holders of non-fungible tokens and the current trends for 2023.
The third bullet point describes the top 10 categories in which there is the most movement by crypto-users. These are: games, digital collectibles, avatars, art, metaverse, IP, DeFi, music and utility NFTs. In addition, there is research on all collections and future trends.
Fourth, you will find the report specifically related to whales, their movements and capital inflows. Also, you will be able to see the non-fungible tokens that are considered Blue Chip and their main holders.
NFTgo’s fifth research item in this report corresponds to the analysis of the distribution of projects at the level of data such as market capitalization distribution, price range and more. Moreover, NFTgo analyzes data on the current characteristics of different NFT projects, such as the wealth gap between the main users and the liquidity observed in the projects.
The sixth point contains an analysis of the whales’ capital movements and behaviors. It specifically reviews the timing of whales’ entry and exit in the market over the past year and their reactions when faced with major industry events. Also, the different NFT investment preferences in which the whales participate are revealed.
The last item details the collaboration with multiple people who are considered influential in the ecosystem. Also, assistance from universities with respect to predictions of NFTs for 2023.
This new digital industry can be inspiring and even profitable. However, it can also be speculative, consequently, data insights, whale tracking and information provided by influential users and market experts are all-important to help small investors and traders make the right decisions.
8 forecasts for 2023 by NFTgo
NFTgo compared the trends of 2021, where the market went from bearish to bullish for several months and 2022 where clearly the market was affected in a long period. However, according to the 2023 NFT report by NFTgo, the crypto market is constantly evolving and there are more and more projects to investigate. Consequently, these are the eight forecasts made by the analysis company NFT for 2023:
First, according to research by trading and analytics platform NFT, Q3 2023 could see a bull market for non-fungible tokens.
Another of NFTgo’s predictions for 2023 is related to non-fungible music tokens, which, according to the analysis platform, will represent 0.1% of the total trading volume.
The third prediction of NFTgo is about the floor price of the ENS, as 999 Club NFT is expected to exceed $100,000 USD for its sense of belonging and the true functioning of domain names.
This fourth prediction is for the fractionalization of NFTs and also the opportunity to become a mass user adoption technology. This will be thanks to multiple applications of NFTs such as: crowdfunding platforms, fractionalization platforms, sharing and lending, leasing and more.
New consumer markets created by “sporting events” and the fan-made economy. This is another NFTgo prediction, as it confirms that after five years of progression, NFTs related to sporting events held by organizations such as FIFA, NBA, NFL, etc., have evolved considerably. This was achieved thanks to the fan-based marketplace and by reshaping the concepts of “rights” and “ownership” with the aim of integrating both characteristics to create new groups and communities, allowing for better distribution of rights and digital authentication.
Prediction number six refers to the possibility of NFTs becoming essential for decentralized social platforms.This is in reference to the fact that during 2022, several social media-related tech giants such as Twitter, Meta, Instagram, TikTok, SnapChat and YouTube have entered the Web3 ecosystem. The aforementioned companies are competing for early Web3 users through NFTs functions within their Web2 platforms and even broadcasting them (Reddit and 9GAG). Also, it refers to Web3-native social protocols such as Lens Protocol that are currently on the rise.
ChatGPT will reshape communication between NFT communities, as it is envisioned to serve as an implementation in communication spaces where projects commonly assign an administrator to answer community questions, maintain order, organize events and more. With ChatGPT this can be replaced and furthermore, add more value to NFTs collections with AI-created stories, as this tool expands and extends the cultural narrative. It also enhances community interaction and permanence.
The latest prediction made by NFTgo in its 2023 annual report on NFTs is aimed at XR Hardware’s ownership of and drive for NFTs in the metaverse. Currently, many companies including Meta, are developing AR infrastructure along with hardware installations. In addition, since 2017 NFTs became a nexus between projects that have future plans involving video games in the metaverse and users.
The 2023 report of NFTgo.io is extremely interesting to further understand what we can expect from non-fungible tokens in this year. In this NFTexpress note I just marked a few things about this document, which is truly 187 pages in total and full of valuable information if you are thinking about joining the NFTs boom.
NFTgo did a truly spectacular job, where you will be able to find the main events about NFTs that happened in 2022 and reflections from people who are called degens in the ecosystem.
If you don’t know what degens and other words commonly used in the Web3 world mean, you will also find a complete glossary of definitions of words used in this ecosystem.
Finally, you will learn about the global influence that NFTs are generating and how the world’s largest companies are betting on this technology for the digital transformation of their brands. In addition, you will learn about the microtrends in NFTs, the biggest sales that existed in 2022 according to the corresponding category and much, much more.
You can download the annual report in PDF format and in five different languages that I reviewed above here.
All investment or financial opinions on behalf of NFTexpress should not be taken as recommendations. This article is informational/educational material. Before making any type of investment do your own research.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.