For NFT collectors and creators, 2021 was about hype, while 2022 was about revisiting why builders came to Web3 in the first place, camlearnscrypto writes. Crypto2023.
Alex Taub, the co-founder of Truth Labs, the Web3 creator collective behind Goblintown, told CoinDesk that a large contributor to the collection’s success was the sense of community it fostered with its artwork and narrative.
’ because they were losing money.” He called the artwork “ugly but well done,” which resonated with a community of collectors. “You can do anything right if you have great compelling characters and story,” Taub said. He predicted that NFT collections that stand a chance at success in 2023 will be those that “cultivate community” by focusing on smaller collections and narrative storytelling. “You'll still have winners here and there,” Taub said, referencing one-off collections that soared during the hype period of 2022. “But for the most part, it's high-quality effort [to build community] that will be rewarded.”, which means real-world use cases and value beyond just being digital collectibles. Utility for NFT holders can come in the form of land deeds and home ownership titles, or be linked to exclusive experiences like concerts, restaurant bookings, parties and more. Matt Medved, CEO of digital asset publication NFTNow, told CoinDesk that in this past year we’ve started to see new use cases for non-fungible tokens that will likely continue to in 2023. “Utility-based projects can take a lot of different forms, but they are going to really tap into human behavior, human psychology, human desires and different communities,” Medved said. “They are going to be innovating at the forefront of what [blockchain] technology can really offer.”
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