It might be related to a connection with some powerful entity in the Wave arc. For example, if there's a secret shinobi from the past whose power is tied to the Rinnegan and Naruto somehow forms a bond with that power source, it could lead to the awakening. Also, the intense emotions and challenges he faces in the Wave arc might be a catalyst, pushing his chakra to a new level and awakening the Rinnegan.
One possible plot twist could be that Naruto's Sharingan has unique abilities not seen in the regular Uchiha Sharingan. Maybe it can combine with his Sage Mode in unexpected ways, like seeing chakra flows more clearly even in Sage Mode, enhancing his combat skills.
In this fanfiction, perhaps the awakening of the Sharingan gives Naruto an edge in battles that makes the female ninjas admire him even more. The plot might involve Naruto being initially confused by all the attention from the girls, but then gradually coming to terms with it. For example, Sakura could see him in a new light and Hinata might be even more smitten. And this new dynamic could lead to various adventures and challenges as Naruto tries to balance his relationships with his duties as a ninja.
Well, in the 'Naruto awakens the Rinne Sharingan fanfiction', it's possible that Naruto's character arc takes a whole new turn. With the Rinne Sharingan, he might be able to see the chakra flow in a much more detailed and different way. Maybe he could even communicate with the tailed beasts on a deeper level, using the unique abilities of the Rinne Sharingan. This could lead to new forms of cooperation between them and Naruto, which would be really exciting for the story.
It could be a water - based kekkei genkai. Since the Wave arc has a lot to do with water, it would make sense for Naruto to awaken a kekkei genkai related to water. This could give him an edge in battles, especially in the Wave region where water is abundant.
In some fanfictions, it could be due to a powerful emotional shock. Maybe seeing a friend in great danger at Wave, like Sasuke almost dying, could trigger an unexpected connection to the Sharingan. Since Naruto has a strong bond with Sasuke, this extreme situation might force his latent Uchiha - like powers (in the context of the fanfic) to surface, awakening the Sharingan.
One implication is that he becomes much more powerful. The Rinnegan gives him access to powerful abilities like the Six Paths techniques, which would change the power dynamics in battles in the fanfiction. He could now face stronger enemies more easily.
His relationship with Sasuke would become more complex. Sasuke, as an Uchiha, might feel threatened or intrigued by Naruto having the Sharingan. They could have a new level of rivalry or a new form of cooperation.
It could be a rogue ninja from a forgotten clan who has a vendetta against the Hidden Leaf. This ninja might be seeking to obtain the power of the Mangekyou Sharingan for himself, and sees Naruto as a threat. So, he tries to stop Naruto from fully awakening it and uses all kinds of dark jutsu to attack Naruto and his friends.
Perhaps in the fanfiction, Naruto discovers a hidden connection between his Uzumaki heritage and the Sharingan. This newfound knowledge, combined with a great battle against a powerful villain, causes the Mangekyou Sharingan to awaken. It could also involve some sort of ancient prophecy or power that was long forgotten, and Naruto is the key to unlocking it which leads to the awakening of his Mangekyou Sharingan.