As the year 2023 is fully underway, it is time to keep an eye on NFT art trends that could affect artworks that are created and ultimately successful. Although valuations have not recovered from the “crypto winter” that has affected the NFT art market and Web3 in general, there have been gains since the start of the year. SOL has appreciated 75% in valuation, while ETH and Bitcoin have gained over 30%. Also, while this bear market was in full motion, many artists could focus their attention on their art, allowing collectors to buy the things they like without overhyping or speculation. There’s plenty to be an optimist about. And that’s without counting the new products and features likely to enter the NFT space.
Some NFT art trends promise to enhance (or at least change) the art scene and the kind of artwork produced. Others can change the economics of the NFT art market and how we think we can own an asset.
These are some of the NFT art trends that you should look out for this year:
- More positive outlook of crypto markets
- A better understanding of NFTs
- Music NFTs
- Fractional NFTs
- More mainstream use of AI
More positive outlook of crypto markets
Those previously mentioned cryptocurrency gains are one of the NFT art trends. If they surge in valuation, they can affect confidence in NFTs and increase demand for Web3 art. So, we have to count them as an NFT art trend, even though this will affect the art itself.
Such a change in confidence in the space can make more NFT artists join the space, meaning there would be a shift in the supply of art. This, in turn, could enhance the possibilities of new and innovative artistic outputs.
A better understanding of NFTs
One of the good things that “crypto winter” brought is that speculation was removed from the NFT art market. Many artists were happy at the prospect of not having to sell and hype their NFT art through the promise of a utility that would make valuations soar. And collectors can buy based only on their aesthetic taste.
A better understanding of the space is a positive NFT art trend, as now people might start behaving like regular NFT art collectors in this space. You could also have a bigger role assigned to NFT art galleries, as their ability to curate art and exhibitions could be more appreciated by audiences.
Can you imagine the visual arts enhanced by music? This NFT art trend has been tipped to become a mainstay in NFTs, and that is perfectly understandable. Musicians tend to see very little compensation for the streams that their music gets on audio platforms. And so, just like visual artists have done, musicians might be enticed by NFTs.
Adding audio to NFTs opens up avenues for collaborations between musicians and visual artists in ways that perhaps never would have made sense.
This NFT art trend might impact the type of artwork produced, so let’s not lose sight of it.
An interesting concept expected to become more common this 2023 is that of fractional NFTs. These are non-fungible tokens that assign the holder part ownership of an asset. What is so compelling about this NFT art trend is that it could impact old-fashioned art collecting. Imagine that you and a couple of friends buy a physical painting as a group, and the proof of the part-ownership would be an NFT.
Fractional NFTs could push mass adoption for NFT art collecting. The NFT art market stands to benefit from the introduction of this type of ownership. Many players in the sector, including NFT art galleries, collectors, and the artists themselves, should keep an eye on this type of NFT.
AI goes mainstream
ChatGPT made quite a splash since its introduction late last year. This conversational software has had many people thinking of what kind of applications it can possibly have. For starters, Google has been reported as being fearful for its survival, as it will have to compete against an AI that will provide answers to its users.
AI has already made some inroads into art, and this NFT art trend will grow continuously as the technology finds more applications and use cases. There has already been a case of a painting contest won by the AI image generation service MidJourney. Generative art is another avenue in which AI is inserting itself in the NFT art market.
One can approach this year 2023 with some degree of optimism. There have been some encouraging signs from cryptocurrencies as they regain some of their lost value. One would also hope that this trajectory is also helped by NFT enthusiasts knowing what they can and cannot expect from an NFT artwork. If you want to jump into the NFT art market this year, why not reach out to an NFT art gallery? SOPRG is one such gallery and it will help you navigate the NFT space. With top-tier scanning technology, they can transform physical paintings into NFTs. They can help you acquire the artwork, and you can check out their metaverse gallery in Somnium Space.
All of these NFT art trends should allow one to have a positive outlook for the NFT space this 2023.
Painting by Mrs. Cappelli – you can buy the NFTs via our shop.