Digital creators were some of the biggest winners from the blockchain boom of 2021. The rise of non-fungible tokens (NFTs) has opened fresh layers of opportunities for blockchain enthusiasts.
Forkast, a Hong Kong-based digital media organization, released its initial NFT report for 2022. The material focused on possible NFT trends in 2022. Before delving into the NFT trends for 2022, based on Forkast’s report, let’s refresh on the basics. What are NFTs? Although the term “NFT” has found its way to mainstream adoption, it would be an oversight to assume everyone truly understands the concepts of NFTs and the hype surrounding them.
What Are NFTs?
Almost everyone was surprised when Grimes bagged over a million dollars for a piece of digital art. Jack Dorsey, Twitter’s founder, took things a notch higher when he put up his first-ever tweet as an NFT. These days, people pay thousands of dollars for a digital rock or cat. Sometimes, these items are outright absurd, but people still make money from them.
NFTs can literally be anything ranging from music, a still video, drawings, etc. So, non-fungible means the piece of digital art is unique and cannot be replaced or traded for something like we trade crypto tokens. For example, a person can trade one Bitcoin for another because Bitcoin is fungible. But, each NFT is unique.
Several celebrities trooped into the blockchain space to cash out from the NFT craze. Furthermore, some global organizations came up with the brilliant idea of making NFTs of their products and making money from the growing hype. Also, traditional artists were the biggest gainers of the NFT trend. NFTs were game-changers for artists, allowing many of them to make a living from their craft through increased revenue.
Why You Should Care
Most people were skeptical about the blockchain space during its early years. As a result, some shrugged off the idea of buying some of the present-day giant tokens for ridiculously cheap amounts. With Bitcoin currently priced at $46k, latecomers who had the chance to dive in earlier would certainly have some regrets.
From all indications, NFTs will double its progress this year. Also, NFTs might change how we use the web, buy and sell art, experience music, and our overall digital experience. So learning more about the NFT trends of 2022 might just save you from future “had I known” and help you position yourself or your brand for the coming revolution.
What Are the NFT Trends of 2022?
Blockchain-focused media organization Forkast believes the NFT space will witness a surge in 2022 and, as a result, outlined the following as possible trends:
Mass Adoption of NFTs
According to Forkast, there are approximately a million unique wallets used for NFT transactions globally. But, the media platform anticipates that this number will surge far from what it is today. NFTs will climb the ladder of greater fame as more companies and developers use NFTs as a means to engage their fans. Like in 2021, many art lovers will troop into the NFT market, hoping to be a part of the trend. Furthermore, Forkast anticipates that many will continue buying or creating NFT avatars for use as profile pictures. Owning NFTs sounds trendy and smart, and so, people would most likely dive in for the social feeling it brings. So, NFTs will see mass adoption in 2022, quenching doubts about its longevity.
So far, crypto-native developers and creators are running the blockchain gaming space. But, all that would see a change in 2022. Many traditional free-to-play developers will dive into the blockchain gaming space, embracing NFTs and the play-to-earn gaming mode. These gaming projects will entice their players by using NFTs as in-game rewards. So, the influx of developers to the gaming space would increase the influence of NFTs by the end of the year.
Revolutionize Traditional Sectors
NFTs will spill into traditional markets such as ticketing, entertainment, and music. Already, most sports brands have NFT deals in place with different projects, and NFT use in different industries will increase in 2022. By the end of the year, several NFT models will emerge to chain the current mode of operation in some industries. In addition, Forkast believes a specie of NFTs that permits revenue participation through smart contracts might emerge in 2022. This will create rewards for everyone in the value chain.
Integration of NFTs Into Real-World Events
NFTs had a relatively simple beginning as static images, but, over time, the space began to witness shifts and changes. By the end of 2021, NFTs transitioned to include many real-life features. Additionally, Forkast believes that this relationship between NFTs and real-world information will increase in 2022. As a result, the world would see NFTs integrated with stock data, weather, etc. The nature of NFTs makes it possible for such integration to take place.
Finally, the world today is a product of change. This means that 2022 will be full of evolution in several industries, and NFTs will play a key role. Also, bracing up for these trends could be a good plan for the remaining part of the year. Check out this article for more info about NFTs and their use cases.
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