The crypto trading company predicts that while Web3 apps with “real world utility” gain popularity, NFTs will become more closely linked to brand IP.
Despite an eventful year of cryptocurrency crashes and price declines, Steven Golden, senior research analyst at cryptocurrency exchange Cumberland, believes that 2023 will see several “cryptocurrencies break the surface.” Green Shoot” pointed out.
In his 14-page “Year in Review” report, published Dec. 24, Goulden said 2023 will have his four “new narratives” and cryptocurrency growth over the next 6-24 months. He said it would lead to “substantial progress.”
These include non-fungible tokens (NFTs), which are becoming “the go-to method” for tokenizing a brand’s intellectual property (IP), his Web3 apps, and games, which are becoming “extremely popular”. It is included. Bitcoin BTC and Ether ETH, on the other hand, are likely to be used more. Often as a reserve investment for the country.
Goulden argued that even as NFTs have till this point, “in large part been limited to the artwork space,” he believes the following step for NFTs will lie withinside the marrying of NFTs and a brand’s highbrow property.
The analyst stated that many non-Web3 agencies are already making “tremendous progress” to monetize IP and enhance consumer engagement through the use of NFTs.
Among the ones encompass a Starbucks partnership with Polygon to generate NFTs for Starbucks clients, and Nike’s release of Swoosh, which permits customers to layout custom-designed sneaker NFTs.
“Listening to those agencies speak approximately Web3 initiatives, it is clear they see virtual engagement with clients and fanatics as a brand new thing of the retail experience,” stated Goulden.
He additionally stated that “promoting NFTs to retail customers can generate material, high-margin revenue.” Nike is a textbook instance of that, having generated $2 hundred million from virtual footwear alone. The analyst expects Polygon MATIC, LooksRare (LOOK), and 0xmon (XMON) to guide the manner on this front.
NFTs will emerge as the “go-to means of tokenizing IP,” according to the Cumberland analyst, who also shared that there is currently about $80 trillion worth of intangible assets listed on corporate balance sheets.
