NFTs – will the new hype come in 2023?

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Last year, NFTs experienced an unprecedented hype. The market capitalization of the sector shot up and was at one point worth tens of billions. NFTs were also a big topic outside of the crypto space at that time. Prominent personalities released their own collections and well-known brands used NFTs to help new collections to have a better launch.

The most popular NFT collections, such as the nurse database Cryptopunks or the Bored Ape Yacht Club, sometimes reached a value of half a million dollars and wealthy individuals boasted about owning such NFTs. The incredible popularity of the image collections led to a veritable flood of new collections that flooded the market and were largely only interested in the capital of risk-taking investors.

In the meantime, this exuberant interest in non-fungible tokens has flattened out and only a few investors want to buy NFTs anymore. Due to the bear market and the general economic situation, investors are less likely to hold onto their money and prefer to invest capital in more crisis-proof asset classes. But could a new boom for NFTs be on the horizon this year? What are the pros and cons, and how could you benefit from a renewed hype?