The NFT market is now gradually reviving from a long-time low as the trading volumes and user activity on most of the marketplaces are increasing. This revival can be attributed to the unbounded interest that has been elicited by gaming and metaverse projects within the NFT market. Currently, major decentralized derivative marketplace OpenSea recorded a 30% growth in monthly trading volume while the relatively smaller-staged ones are experiencing a boost in their market share, such as Blur.

The sector that has taken the lead in the usage of the NFT is the gaming sector because gamers are gradually appreciating blockchain games, which are rolling out their doors to millions of players. There are definitely some projects that have registered a massive adoption and in-game item sales, such as Axie Infinity, The Sandbox, and Illuvium. Players are given the right to own and sell objects available in these games as NFT, which opens new economic prospects and changes the existing business in the video game industry.

Another factor that has helped in NFT trading is Metaverse projects, which have helped in reviving the stagnant NFT market. Virtual real estate sales continue to increase, and people are buying deeds in Decentral lands and the sandbox for commercial purposes such as in shops, showbiz, fashion shows, and marketing events. This new-found focus on metaverse experiences has brought up a highly creative new round of Arts & Interactive entertainment with an NFT-styled functionality that integrates virtual reality and real- life.

The art scene keeps on adopting the NFTs mainly through expansion by conventional auction houses and art galleries. Both Christie’s and Sotheby’s revealed that sales of the NFT artworks receive increasing interest amongst traditional collectors and new entrants alike. The growing popularity of NFTs has expanded new scenarios by incorporating virtual art in the conventional artwork market and has benefitted artists in terms of reaching out to the new world of art patrons as well as experimenting with new domains of creativity.

With the advancement of the NFT market, there was a shift of far more focus on the usage of projects. Combining our results for NFT and their application we find that NFTs are being used for purposes different from just art collectibles including; ticketing, membership, and ID. This trend has elicited interest from different sectors, such as sports, entertainment, and fashion since giant brands opt for NFT-based loyalty programs and products’ launch.

The interest in NFTs has also grown, as has the technology used to support it. Hurdles for NFT standards have been addressed leading to the development of more effective and diverse forms of NFTs that include the ERC-1155 multi-token standard. Secondly, Layer 2 scaling seems to have provided even some of the scalability and cost problems related to NFTs, making the technology more open to the public.

Sustainability problems, in conjunction with the NFTs, created a trend of greener blockchains. Currently, most NFT projects and platforms are looking for or already experimenting with environmentally friendly solutions like proof of stake networks and carbon neutrality programs. This focus on sustainability has made it respond to some criticisms directed at the NFT industry and has ensured that consumers under environmental conservationism embrace it.

It is expected that, similar to all other emerging markets, there will be continuous improvements and penetration into other sectors in the NFT market. The integration of NFTs with the next technologies such has augmented reality (AR) and artificial intelligence (AI) is believed to present new forms and application. At the same time, the NFT function in creating decentralized autonomous organizations (DAOs) and digital governance, which might increase people’s interest in communities and decentralized decision-making processes, is another perspective for further development.