Will 2024 See a Resurrection of NFTs?

NFTs’ journey has been nothing less than chaotic. The infamous growth of the Bored Ape Yacht Club (BAYC) and the NFT boom started in 2021. BAYC is a pricey virtual yacht club membership card that doubles as an exclusive collection of digital art pieces. At the height of the NFT craze, obtaining a BAYC NFT would cost you $400,000. But in 2022, after a time of enormous enthusiasm, the nft development market fell due to speculative trading and the decline of cryptocurrencies.

Even with the downturn, the story of NFTs is changing as we move into the new year. We may be seeing the beginning of a resurgence, but it goes beyond digital art. Deeper integration and an increased emphasis on the usefulness of NFTs in a variety of industries, including gaming, virtual real estate, identity verification, and security, are characteristics of this resurgence. These advancements point to a phase in which NFTs become more integrated into our daily lives and digital experiences, indicating a more mature and utility-driven future for them.

Is this next phase going to happen this year?

NFTs: historical, contemporary, and prospective

According to DappRadar data, NFT sales topped $23 billion in 2021, making it the greatest year yet for the digital asset as it gained popularity. The ability of NFTs to completely transform the ownership of artwork and digital collectibles—especially drawing in tech-savvy customers—was a major factor in the growth.

Among the significant turning points in the development of NFTs were:

The NFT artwork by Beeple

The NFT community experienced a significant event early in 2021, which laid the groundwork for the year’s hunger. At Christie’s, digital artist Beeple sold an NFT piece titled “Everyday: The First 5000 Days” for $69 million. With this sale, NFTs gained international recognition and demonstrated the potential of digital art in the blockchain era.


CryptoPunks is regarded as one of the most recognizable NFT projects, debuting in 2017. The digital collection comprises 10,000 individually created, hand-drawn, 24 by 24-pixel characters. One picture of a pixilated character sold for a record $7.6 million in March 2021 after the project became widely popular.

The entry of Snoop Dogg into NFTs

Snoop Dogg’s first NFT collection in 2021 was a significant turning point for the business. The distinctive digital artworks in the “A Journey with the Dogg” collection drew inspiration from his early years and life experiences. After a few months, Snoop and The Sandbox collaborated to introduce “Snoopverse,” a virtual environment on the Metaverse platform featuring exclusive land and NFT bundles for sale.

Grimes NFT assortment

A set of ten digital artworks inspired by singer Grimes’s music was also released at the height of the NFT buzz. $6 million was raised in the NFT series sale on Nifty Gateway.

extensive media coverage

A major contributing factor to the 2021 NFT boom was the media. Major news outlets around the world were enthralled with the phenomena and frequently ran stories about the rising number of digital millionaires, the technology underlying NFTs, and sales that broke records. A professor at Vanderbilt’s Owen Graduate School of Management conducted a study that found that, of the 26,000 NFT articles in their database, 3,000 were published in 2021’s first quarter and 12,000 in the last. By educating the public and stimulating its growth, this wide-ranging coverage of the NFT market brought new producers, investors, and fans to this innovative digital frontier.

The boom in virtual real estate

Virtual land parcels (NFTs) on platforms like Decentraland and The Sandbox saw exponential growth, with sales reaching millions of dollars. By the end of 2021, $514 million had been raised through the selling of digital land and other metaverse enterprises.

The NFT market story dramatically changed in the latter half of 2021 and the first part of 2022, with a discernible downturn brought on by market saturation. According to Dune Analytics statistics, the market crashed by 97% in January 2022. During this time, there was an excessive number of new NFTs and dupes, which reduced the distinctiveness and caliber of offerings and made it harder for individual items to stand out. As more producers and businesses entered the market, it became a hive of activity and the emphasis shifted from ground-breaking invention to a race for rapid profits. Furthermore, the performance of the NFT market was strongly correlated with the volatile values of cryptocurrencies, and as the crypto market contracted, investor apprehension increased.

But for NFTs, this was not the end of the story. This stage marked a significant recalibration of the market from its initial spurious expansion to a more responsible, quality-driven strategy. Following the downturn, the market started to shift in favor of utility-based NFTs and projects that placed more of an emphasis on long-term value and community, signaling a rebound and a learning curve from the frenetic time.

Beyond the realm of digital art

NFTs are entering a variety of fields, such as music, gaming, and sports, as well as leaving the digital art scene. Their distinct qualities of ownership and authenticity are opening up new avenues for interaction between athletes, gamers, artists, and their fan bases. As they demonstrate their adaptability across a range of industries, NFTs are redefining ownership and participation in the digital age, from exclusive music content to digital sports collectibles.


With their ability to guarantee equitable royalty distribution and provide new revenue streams, NFTs are transforming the music business.

Imagine having both a physical and digital collectible copy of your favorite record in a special edition. Artists are putting out albums as NFTs with special experiences and material. The publication of the rock band Kings of Leon’s album “When You See Yourself” as an NFT, a first for the industry, garnered media attention. The NFT version included exclusive audiovisual art and limited-edition vinyl as extra benefits for NFT holders.

Additionally, NFTs are converting concert tickets into digital keepsakes. NFT tickets are available for purchase, along with other benefits like backstage passes or premium items. Above all, NFTs are simplifying royalties and guaranteeing that musicians receive their just compensation each time their song is performed or resold. Electronic musician 3LAU made revenues available to him automatically by selling NFT compilations of his songs. Later on, he released a brand-new song called “Worst Case,” for which 333 fans who bought NFTs for the song’s rights received 50% of the streaming rights. This action was a trailblazing illustration of how NFTs may be utilized to guarantee artists earn their royalties directly and transparently, cutting out traditional industry middlemen and fostering fan interaction in the process.

Playing games

As tradable in-game assets, NFTs are useful in the gaming community. Characters, weapons, and skins are among the in-game items that players can possess as NFTs. By enabling developers to produce one-of-a-kind digital collectibles that players can purchase or exchange on an open blockchain marketplace, these products create new revenue streams. NFTs provide an open economy in which players have sovereign ownership over their digital goods, in contrast to traditional gaming, where users license products to use within the game. Monetization for game creators goes beyond standard in-game purchases. Every time an NFT they made is exchanged, they can get royalties, which gives them a business model that is both sustainable and in line with the needs of the gaming community.


Sports teams use NFTs to increase fan interaction, foster community development, foster loyalty, and open up new revenue opportunities. Among the world’s least profitable brands are those in the sports industry. Many fans choose not to purchase goods or tickets for events or matches. These are a few sports applications for NFTs.

Digital memorabilia: NFTs that depict great events, like as a championship victory or a goal that will go down in history, allow fans to possess a piece of the history of their beloved team. Fans can purchase, sell, and exchange legally sanctioned NBA collectible highlights as NFTs on “NBA Top Shot,” which has emerged as a notable example of digital sports memorabilia. These moments allow fans to own a piece of the history of their favorite team in the NBA by capturing memorable plays and moments in time.

Tokens for fans: By granting supporters the ability to vote on small-scale team choices, these tokens foster a feeling of community and involvement. FC Barcelona introduced its fan tokens in collaboration with Socios.com, giving supporters a say in choices about the club, such as selecting a corner flag design or a motivational statement for the locker room.

Special benefits and access: NFTs can strengthen a fan’s bond with the team by giving them exclusive access to events, goods, or unique experiences. The Golden State Warriors, an NBA club, unveiled an NFT collection that featured tokenized ticket stubs and championship rings. A few of these NFTs gave their holders access to special events, such as a virtual meet-and-greet with team legends or the opportunity to take part in Warrior-for-a-Day.

Other Sectors Gaining from NFTs

NFTs offer advantages outside of the realms of gaming, sports, and music. Other industries that profit from NFTs include the following:

  • Property: Tokenizing real estate transactions, both virtual and actual, can streamline procedures and open up new functionalities.
  • Style: Premium businesses are blurring the boundaries between physical and digital fashion by producing digital apparel and accessories as NFTs.
  • Learning: Academic credentials are easily verified and transferable with the use of NFTs.
  • Marketing and advertising: Brands can interact with consumers in new and creative ways with NFTs, for as through tokenized coupons, loyalty schemes, or access to unique digital content.

Future developments and innovations

According to research released by Statista, the NFT market is predicted to almost double from $1.6 billion in 2023 to $3.2 billion by 2027, despite recent declines.

This growth is supported by several important trends. First off, the integration of NFTs with real-world assets (RWA) broadens the application of NFTs beyond digital spaces and connects blockchain technology with traditional finance by converting tangible, illiquid assets into highly liquid on-chain tokens.

NFTs will probably undergo a shift from their original concept, which prioritized a small number of high-value assets, to one in which tokens are produced in greater quantities and valued at reasonable rates, thereby benefiting a wider range of users.

As time goes on, there will be a noticeable movement towards value-based NFTs, putting less emphasis on speculative buzz and more on actual utility and sustainability. As part of this change, NFTs will be used to fight counterfeiting across a range of industries while also guaranteeing simplicity, accessibility, and transparency.

In addition to these developments, the market’s expansion necessitates regulatory clarity to safeguard investors and consumers and promote a more developed and stable NFT ecosystem. In the upcoming years, we should anticipate higher adoption along with more robust regulatory frameworks.

The development of NFTs is also being accelerated by several technical developments. The following up-and-coming initiatives and technologies are influencing the market’s future:

Polkadot’s dedication to compatibility

The interoperability capabilities of this blockchain platform are well-known since they let several blockchains connect and communicate with one another, making it easy for NFTs to migrate between these linked networks. Thanks to this method, NFTs created on one blockchain can be utilized and transferred to another, expanding their value and reach.

Matera Protocol-based 3D content tokenization and verification

In the NFT area, Matera is starting to change things, particularly for consumers and artists. It provides a distinctive method for safeguarding intellectual property and making money off of content. By tokenizing their 3D assets into NFTs, Matera allows creators and businesses to directly monetize their work. This procedure increases the control that creators have over their work and opens up additional revenue streams. By using a blockchain-enabled verification method, it also guarantees the originality and authenticity of digital information, safeguarding the artists’ intellectual property rights. Matera gives people the ability to own a portion of the internet by tokenizing material into NFTs. This ownership has actual value and can include exclusive access, privileges, or perks related to the digital object; it is not merely symbolic.

NFT generators with artificial intelligence (AI), such as Bicasso

Artificial intelligence (AI) algorithms that can analyze and assimilate large data sets are used to create digital artwork known as AI-generated NFTs. Bicasso, an NFT picture generator that uses AI to enable users to create unique digital art based on preset inputs, is an illustration of this technology. To improve creativity, users can contribute reference photos to Bicasso. Moreover, Bicasso has an NFT minting feature that lets users mint their photos on the BNB Smart Chain and then have them automatically saved in their wallets.


To sum up, NFTs have shown to be more than just a fad. They have withstood changes in the market and are developing to provide more useful and inventive applications. NFTs are expected to have a big impact on how we interact with technology going forward, providing new avenues for creativity, ownership, and participation in the rapidly developing digital world.

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