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The new year is finally here, with optimistic sentiments all around the Web3 industry fueled by several pivotal events and anticipated recognition from multiple major governments. As the year unfolds, we cannot wait to present the NFT development trends that will find their ultimate position in the annals of widespread Web3 space and how our NFT development services can let you maximize the positive phase. This comprehensive guide sheds light on the major trends in NFT development for 2024 that will redefine how we perceive these digital assets and the crypto world in general. Tag along as we explore various anticipated NFT trends expected to take flight this year!

Here is what Mark Cuban, the famous entrepreneur and owner of multiple Web3 businesses, tells about the possible ways NFTs will impact the creative industry.

“I think the collectible side of it is completely going to turn the (art), music, and movie industry upside down.”

What 2023’s NFT Market Showed Us

According to a report from Grand View Research, the NFT market was valued at US$26.9 billion in 2023. Such a figure is a big number, given that some mainstream media articles suggested that “NFTs have become worthless” around September 2023, when most NFT collections lost most of their value.

Despite such frantic incidents, the NFT market has not faded away from the public eye, with the occasional brand making its debut in Web3 using these tokens. The report we quoted also talks about the NFT market growing at a CAGR of 34.5% between 2024-2030, an encouraging sign supplemented by the current optimism surrounding the crypto space.

What Market Experts Expect in 2024 for NFTs

With the general crypto market experiencing a surge fueled by several factors, most experts predict the NFT market to perform well in 2024. Pivotal events such as Bitcoin halving and Bitcoin ETF approval could impact how the NFT space functions, as they tend to bring in a lot of new crypto users eager to get involved deeply.

Some experts also expect substantial impact from alternative layer-1 networks such as Solana, Avalanche, and Cardano in 2024. Don’t get confused; they have not discounted the possible contributions from Ethereum layer-2 blockchains like Polygon, Arbitrum, Optimism, and zkSync Era. There are also high expectations surrounding the real-world adoption of NFTs representing digital and physical assets.

Top NFT Development Trends to Take Flight in 2024

Now, it is time to witness the top NFT development trends that the world expects to become prime in 2024. While some of these trends might not be completely new, experts predict a resurgence or breakthrough phase for them, elevating their prominence in the global Web3 space.

Here, we have presented 15 trends that are expected to take center stage this year, with some being new and others being old. With a bull run expected to occur later in the year, keeping an eye on these trends will be a no-brainer. Come on! Let’s delve deeper into analyzing the top NFT topics in 2024!

Profile Picture (PFP) NFTs

NFTs based on Profile Pictures (PFP) have been a classic topic in the Web3 realm, with several collections becoming top seeds in the industry over the years. Experts predict 2024 will be another booming year for PFP NFT projects that expand their presence beyond the digital space.

Projects like Pudgy Penguins have gained huge fanfare owing to their cute-looking Penguin plushies that have become massively popular worldwide. Other projects, too, are in the process of building projects with backstories tracing to their NFT collections, fostering optimal business environments that ensure a long-term presence in the competitive market.

NFT Gaming

Analysis shows that the value of the NFT gaming market was $410.92 billion in 2023, with an expected CAGR of 14.84% till 2028. Market researchers project 2024 to be a crucial year for the industry as several ventures look to unleash refined gaming projects that offer better experiences to players.

Applications like MotoDEX, 5TARS, Gamifly, Farmers World, and Solitaire Blitz (of course, the NFT version) have become famous in the build-up to the new year. These are expected to feature among the top NFT gaming platforms this year, as they aim to offer enhanced gaming experiences that keep people coming back for more.

X-to-Earn (X2E) NFTs

The X-to-Earn (X2E) movement has become popular in recent times as various models using the tagline emerged. Move-to-Earn (M2E), Learn-to-Earn (L2E), Use-to-Earn (U2E), and Watch-to-Earn (W2E) have gained fame alongside the more established Play-to-Earn (P2E) model. Notably, Sweat Economy, an M2E application, has become favored among people in recent times, as shown by the sheer number of unique active wallets involved.

Other models are earning attention, too, with the rise of decentralized social networks and content-creation portals. 2024 is set to be the breakthrough time for these models, as they aim to make the NFT space funny, engaging, and useful in the long run.

NFT Memberships

One domain that gained incredible adoption even during the peak NFT bear market is memberships that linked real-world perks with digital non-fungible tokens. Several well-known global brands like Starbucks and Lufthansa opted for NFT-based memberships last year, which was seen as a welcome move for Web3.

New NFT membership programs are expected this year, with more projects scheduled for public launch. The perks can both contain virtual and physical benefits that can offer better experiences to loyal customers of a brand. The most beneficial industries that can utilize membership NFTs better include travel and hospitality, fashion, sports, and consumer electronics.

Artificial Intelligence (AI) NFTs

A chartbuster topic in the latter half of 2023, NFTs based on artificial intelligence (AI) continue to remain in the top ranks of the market even as the year changes. These NFTs are fundamentally created using generative AI models that respond to prompts from users.

While AI NFTs come with unclear nuances on how the generative models are trained, the sophisticated nature of prompts gives fine images that make the prompter the creator. Platforms like the BNB Chain-based NFPrompt have attained traction in recent days, setting the relatively infant domain for success.

Layer-2 NFTs

2023 was a year where several layer-2 networks rose to prominence, citing their performance capabilities and near-infinity scalability. As we enter 2024, these networks continue to gain popularity, and use cases like NFTs have emerged successfully. Blockchains like Polygon, Optimism, Arbitrum, Immutable X, and zkSync Era have garnered increasing attention from established brands and debut Web3 entrepreneurs alike.

The NFT space is well poised to tap into layer-2 blockchains as a way for projects to access the wider community while remaining efficient to operate for business. This year could be instrumental for both networks and businesses as tech stacks improve and blockchain adoption grows across the world.

Fractional NFTs

Fractional NFTs have been an ever-present concept since they entered the Web3 space. With their powerful use case focusing on easing liquidity and widening access to previously inaccessible assets, fractionalization continues to be a strong trend to look forward to in 2024.

Over the years, many valued NFTs, including artworks, PFP images, and even real estate properties, have been fractionalized and sold as non-fungible tokens bestowed with utilities. With all the promise surrounding the NFT world in 2024, experts expect a blockbuster year for fractional NFTs as more creators adopt Web3 technology for better and justified monetary benefits.

Real-world Asset NFTs

As a type of NFT that hasn’t gained quite the respect it deserved over the years, real-world asset NFTs are expected to have their golden era in 2024. Experts predict NFTs representing real-world items can be instrumental in bridging the gap between Web3 technology and the mainstream world.

From collectibles to financial instruments, NFTs representing real-world assets can be extremely useful by elevating transparency and transaction processes in niche markets. With more projects expected to take up the route this year, the global real-world asset tokenization industry might see an influx of NFTs in some form or the other.

Launch an NFT Project based on Advanced Technologies to Gain Supremacy as a Business!

Soulbound Tokens (SBTs)

Since their conceptualization in 2022 in a research article from Vitalik Buterin, Soulbound tokens (SBTs) have earned widespread popularity primarily due to their unique and real-world-like concept. Unlike NFTs, these tokens cannot be transferred to others once minted, which makes them ideal for valuable documents and certifications.

Despite not being in widespread use so far, 2024 is expected to bring glory to SBTs as Web3 technology finds its way into awards, certificates, and even diplomas. Experts project that soulbound tokens will make rapid strides into the mainstream world this year, easing how decentralized identities (DIDs) are represented in metaverse worlds.

Real Estate NFTs

Real estate has been one of the prime industries poised for peak NFT adoption in 2024. With several regulatory bodies planning to allow platforms to use NFTs representing real estate properties, the niche market is expected to grow in terms of technological adoption.

These NFTs are expected to be involved in the form of documentation, initial offerings, and property-backed equities, which open up the real estate industry to be accessed by all. Using blockchain technology also makes the notoriously intermediary-ladden industry become efficient and economical. All in all, real estate NFTs mark a milestone in linking blockchain technology to an everyday use case.

Rental NFTs

A concept that impacted some facets of the NFT space, rental NFTs are poised for better times in 2024, with more people exploring blockchain-backed digital assets for the first time. Domains such as metaverse technology, gaming, and X-to-Earn (X2E) have immense potential to benefit from rental contract-based NFTs.

These NFTs’ main aim is to make Web3 accessible to all, and renting NFTs usually costs less than buying one. They also enhance the utility of NFTs in case a person isn’t interested in using their purchase but is not willing to let it sit idle in the wallet.

NFTs in the Bitcoin Ecosystem

While 2023 might not seem to be a blockbuster year for NFTs, we cannot discount the impact NFT-like digital assets entering the Bitcoin ecosystem caused in the market. Since their inception in early 2023, Bitcoin Ordinals have pushed the blockchain to the top ranks in the NFT market, usually dominated by networks like Ethereum and Polygon.

Bitcoin’s so-called NFT market has grossed over $2 billion within a year, making it a strong contender to go big during the next bull run. With Bitcoin being the epicenter of the Web3 space and 2024 being a busy year for the blockchain, Ordinals could have their peak season.

dApps in NFTs (xNFT)

As the latest development in the NFT space, xNFTs could not have debuted in a more perfect time. These Solana-based NFTs support dApps like crypto exchanges, games, and DeFi applications. Their novel proposition revolves around eliminating the need for people to link their crypto wallets to external websites, enhancing the safety of their holdings.

While this concept is still nascent, it could gain widespread adoption in 2024, given that Solana is becoming a hotspot right now. Even Ethereum’s ERC-6551 standard works similarly, albeit it only allows NFTs to become wallets, which is one type of dApp.

Creative NFTs

The role of creative NFTs representing artworks (digital/physical), music, photography, video clips, and more in driving the NFT space forward cannot be understated. In fact, the first NFT bull run was orchestrated by the premise of creators getting benefits directly from fans.

This year, too, will witness an uprise in the creative NFT space as creators continue unleashing aesthetic creations appealing to fans and collectors worldwide. As NFTs experience a bull run, more high-profile artists and creative corporations will enter the space, accelerating NFT adoption levels among the public.

NFTs in the Metaverse

Although metaverse technology has been lagging behind quite a bit after the initial outburst, the industry isn’t as dead as people thought. NFTs in the metaverse can represent most things in those applications, including plots of land, avatars, equipment, apparel, vehicles, and rewards.

2024 is expected to bring attention to existing metaverse platforms, and new projects can capitalize by filling the gaps left by existing virtual worlds. The emergence of alternative blockchains also opens up chances for aspiring metaverse projects to utilize their infrastructure to take shape. The year is also projected to present niche metaverses for gaming, socializing, and professional engagement.

Should You Launch NFT Collection Projects in 2024?

With everything we have seen so far if the question of whether you should launch NFT collection projects in 2024 pops up, our answer is an “Absolute Yes.” As the crypto market surges due to several optimistic events, the NFT space is expected to gain some benefits, lifting its stature in the world.

From a business perspective, you can absolutely launch any kind of NFT business, ranging from collections and marketplaces to games and launchpads. Opting for expert aid is recommended, as these applications involve a lot of complicated code and infrastructural needs.

Will Legal Implications Associated with NFTs Improve?

Despite having a thriving market and a huge community to support, NFTs are often a subject of legal scrutiny. Experts expect conditions to improve in 2024, with more regulators gaining clarity on what NFTs are and how they could be classified. Also, as some governments begin to utilize NFTs for official purposes, legalizing NFTs could be the only solution to ensure the seamless execution of their plans.

The Best Providers of NFT Development Services in 2024

If you are searching for the best providers of NFT development services in 2024, we have given a small list that you can use for your project:

1. Blockchain App Factory
2. ScienceSoft
3. Antier Solutions
4. SemiDot Infotech
5. PixelPlex
6. Shamla Technologies
7. Tokenminds
8. Maticz Technologies
9. Bitdeal
10. Alwin Technologies

Each of the NFT development companies mentioned above excels in one or multiple aspects involved in developing NFTs and associated applications. We recommend you look into individual companies in detail to find the ideal solution for your new NFT venture in these exciting times.

Conclusion

Henceforth, we believe this comprehensive guide on how NFT development is a viable business option in 2024 offered you valuable insights. If you are planning to enter the Web3 space as an NFT-based business, now is the right time to start, as the market is witnessing a resurgence in NFT sales and adoption. A point you should be aware of is to take expert assistance to ensure your novel business idea gets shaped up perfectly to become an instant chartbuster in the competitive market.

We wish you a prosperous and splendid season for your business in the NFT space!

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