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The NFT sector is currently facing a tumultuous period with some collections seeing significant gains while many are witnessing a downfall. Where Bored Ape Yacht Club (BAYC) saw a 30% loss in the past 24 hours, Doodles, an Ethereum-based project, surged by 100%. Other NFT collections like Otherdeeds, Bored Ape Kennel Club (BAKC) and more were seen falling.
Will The NFT Sector Rise in 2023?
Mutant Ape Yacht Club (MAYC), sister collection of BAYC, was up by over 20%. Porsche 911 NFT collection, which was met with community backlash, gained 96% in its sales. CryptoPunks, a project owned by BAYC creators, also became one of the gainers with trading volume rising by over 25%.
The NFT plane may appear to be caught in a turbulence, but 2023 might prove a game changer for some prominent collections. The tokens associated with the Bored Ape universe have a real chance here following the potential release of the Otherside metaverse.
The company said that users may see the official release of the metaverse game at some point this year. They recently released a game dubbed Dookey Dash where the players were allowed access via the Sewer Pass, which was down by around 45% at the publication time.
However, a recent report dubbed State of the Gaming Industry 2023 notes that developers’ sentiment has remained the same. A majority of them are still opposed to the notion of integrating blockchain technology into games. This may affect the sector at large as the current user base is not that significant in contrast to traditional gaming.
Though gaming remains the most relevant use case associated with non-fungible tokens, more utilities are emerging frequently. Experts argue that NFTs are nothing more than images or other digital stuff persisting on a blockchain. Some projects have proved this fact wrong while offering attractive perks to the holders.
Platforms like Royal(dot)io offer music as NFT pieces where users will receive royalties via the original sales of the album and associated events. Yuga Labs allows their holders to use the tokens for commercial use. Last year, Eminem and Snoop Dogg showcased their respective non-fungible tokens during the MTV VMA 2022 awards.
NFT space is a growing industry and requires more use cases to attract users into the community. People need something of value and it takes more than just some generative art images to convince the audience that the tokens, in fact, carry they can actually utilize.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
