I asked ChatGPT about the future of NFTs and the answer was quite unusual

by · April 16, 2023

The phrase “anything is possible” often takes an interesting and unexpected turn every now and then, and NFT mania is a perfect example.

I never imagined that pet rocks and cartoon monkey pictures would be among the most valuable things on the internet, but hey, we live in a world of possibilities.

NFTs certainly turned up the heat at the height of the 2021 bull run, but that hype has since died down. But despite this, there are those who believe that the NFT market has a robust future that is still in its infancy.

If you’re like most people, you’re probably wondering how it will be realized, or if it will in the first place. Especially because they are not necessarily backed by robust utility, but have largely been driven by speculation.

Many investors in the NFT segment are now shifting their investments in favor of long-term growth. Consequently, the NFT segment achieved some growth during the bear market.

So, where exactly is the money flowing in the segment and will this pave the way for robust growth in the future? These are questions whose answers are a bit of a hit or miss since the future is not set in stone.

But certain trends can provide some insight into what to expect based on key segments that have been continuously evolving.

Next NFT market growth phase

I embarked on a mission to find out everything I could about the future of the NFT market and decided to enlist a new ally, ChatGPT.

Given that the overall crypto market is building towards value, one can expect the NFT market to follow a similar path. ChatGPT AI shares similar sentiments. Here’s what it had to say when I asked about the type of NFT applications that will lead to mass adoption.

Source: ChatGPT

Unpacking what these can help to give a clearer picture of how the NFT landscape is shaping up. Perhaps you will discover that there can be more to the most popular NFT projects.

Gaming

The gaming segment is already a multi-billion dollar industry. There is no doubt that it will be one of the segments that will experience radical changes.

One particular use case that comes to mind is in-game purchases. Blockchain technology makes it possible to own characters and game items and much more.

The likes of Axie Infinity dominated the gaming segment in 2021, demonstrating the level of growth possible in the segment.

Even Bored Apes Yacht Club (BAYC) creator Yuga Labs is looking to get a piece of the juicy pie. It’s especially one to watch this year because of the upcoming game with the title The other side.

Initial reports have compared the game to Fortnite and revealed that the game will allow players to own assets in NFT form.

Yuga Labs aims to benchmark with Fortnite, including the style of the game. If successful, it will potentially be adopted by millions of people.

Yuga Labs are not the only ones driving growth in the games industry. Several other projects are in active development, including Axie Infinity, Gods Unchained, The Sandbox, and Neon District.

I wanted to know what kind of advice the AI ​​would give me if I wanted a strategy that would maximize my potential returns when investing in NFT games.

Source: ChatGPT

While giving a detailed answer, ChatPGT AI also gave a disclaimer that NFT investing is risky and advised to do proper research. That’s nice!

Art and collectibles

Wealthy people love to invest in art, especially the more expensive kind. If you study traditional art investing, you’ll find that art tends to appreciate in price.

This is the same principle behind NFT art, basically art in digital form. Obviously this would not have been possible in the pre-blockchain era due to the double spend problem.

Blockchain technology makes it easier to index and exchange digital art forms. This means that people can check ownership of an original artwork on the blockchain, simplify ownership transfer and keep track of historical data such as the original artist and previous owners.

I personally have no experience with NFT art, so I may not have the best insight. So I decided to see if ChatGPT would offer anything useful. Here are the answers it gave:

Source: ChatGPT

Music and entertainment

Imagine if you could buy tickets to an event and have them verified on your phone. Or imagine this. You are an event planner and want a system that can facilitate ticket sales with ease, minimal loss and maximum efficiency.

NFT technology can make this possible. In fact, Ticketmaster is already exploring NFT-based ticketing.

The music and entertainment industry may be the industry that benefits the most from NFT technology. This is because the industry has several facets that can be upgraded or transformed by technology. Song owners will soon be able to use NFT technology to roll out music sales, as well as issue copyrights.

Property

On the other hand, NFTs and real estate are an unlikely combination, but it could be one of the most potent collaborations. This is because it will facilitate fractional ownership.

Alternative methods of property ownership will be sought after, as property ownership becomes more expensive.

Fractured NFTs will make it easier for smaller investors to access more opportunities in the real estate industry.

The lucrative nature of the real estate industry makes it appealing to the masses, and the fractional ownership approach could be the key to offering more access with low friction.

Conclusion

ChatGPT’s answer regarding the direction of the NFT market seems rooted in observations already taking place in the industry.

Note that these are not necessarily the only approaches to NFTs. More NFT applications are likely to emerge as the industry matures, and as the world leans towards more mass adoption.

Tags:

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *