The crypto market has enjoyed remarkable growth over the last year. Also, the crypto market has been home to several innovations, which have all been remarkable. For instance, stablecoins were one of the biggest winners of the crypto boom of 2021. Furthermore, DeFi has emerged with the potential to change how people trade, lend and borrow assets.
However, NFTs are undoubtedly the most significant invention to emerge from the booming crypto space last year. Forkast, a media company founded by former Bloomberg News anchor Angie Lau, wrote extensively on NFTs in its latest report titled, “ State of the NFT Market.”
The “State of the NFT Market” Report
The report highlighted the growth of the NFT market and possible trends to emerge in 2022, as well as other areas. To put the size of the NFT industry into context, cumulative sales of these tokens in the third quarter of 2021 alone were a whopping $10.7 billion.
Source: Forkast NFT Report
These huge figures attracted the attention of NBA superstar Stephen Curry, rapper Jay Z, and Snoop Dogg. Also, NFTs grew increasingly popular in certain parts of the world, especially in the Asian market. Additionally, NFTs mostly do not need middlemen. This makes them attractive. As a result, NFTs allow their owners to maximize their earning potential.
What are Programmable NFTs?
Forkast addressed the concept of programmable NFTs in its report, emphasizing the multiple areas NFTs can change the world. There is no doubt that NFTs have swiftly captured the enthusiasm of investors. However, the large bulk of their present use cases revolves around digital art. But, it is important to note that most NFTs are programmable by nature. This means that they can be designed to evolve with the times depending on different prompts and instructions configured by their owners.
Also, programmable NFTs are highly configurable digital items that can modify their appearance and function over time. This allows for the development of one-of-a-kind collectibles that can adapt in reaction to coming occurrences. For example, a digital collectible published by a team during a season could transform into a VIP playoff ticket if the team qualifies.
Furthermore, programmable NFTs have a wide range of features that shows how unique they would be if widely adopted. For example, an owner can transfer, hold, sell or use these tokens as collateral. Programmable offers other benefits such as programmable time locks, value-based unlocks and vesting schedules.
Are NFTs A Passing Trend?
Despite the uncertainties surrounding the digital world, Forkast believes that NFTs have a lot of promise and a wide range of applications that can add a lot of value. However, for the time being, the market is mostly focused on digital art and collectibles. But the potential of blockchain technology suggests the modification of that any amount of digitally transmittable items. Here are some NFT stats:
Source: Forkast NFT Report
In its report, Forkast interviewed Reeve Collins, co-founder of BLOCKv. Reeve gave his opinion on NFTs being a part of the asset class in 2022. He said, “We have still only scratched the surface of what is possible with these digital objects, and there is still a tremendous number of use cases that have yet to be unlocked.”
Also, Reeves further added, “ The revolutionary and unique nature of NFTs denotes them as a unique form of asset that will continue to grow and expand as they become a more integral part of our daily lives.”
Multiple NFTs Use Cases
The multiple use cases of NFTs guarantee their long-term presence in the digital world. For example, digital art is among the numerous applications of NFTs. However, this changed about a year ago with the emergence of other use cases. Also, NFTs crept into other industries:
- Gaming. (play-to-earn mode): These players all hope to obtain in-game tokens made of various NFTs. Gamers can sell their assets for huge fees in NFT marketplaces.
2. Entertainment: Most music groups and brands utilize it to sell their songs. Furthermore, celebrities have collaborated with artists to create NFTs for their brands. Also, NFTs will be a big part of the digital culture in 2022.
4. Identification and social standing: Most digital groups use NFTs as a password for access. Then, other private communities use a unique NFT to identify their members.
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