Given the recent selloff in crypto markets, NFTs have not been spared as well. Increasingly, NFTs are regarded as an asset class by themselves and this bear market has brought a revaluation of NFTs. What would be the NFT outlook over the next 6 months?
In the past, NFT’s success is driven by hype and dreams. We are led to believe that projects with influencers’ support and an attractive roadmap will do well. In reality, this is far from the truth. Therefore, in this article, you will discover the NFT Outlook in the next 6 months.
What Will the NFT Sector Look Like in the Next 6 Months?
We have seen many pump and dump collections that overpromise and underdeliver. While these collections have succeeded in the past, it will now require them to bring more to the table before investors like us choose to deploy our capital.
As we probably already heard about it, Goblin Town has taken the NFT space by storm. Goblin Town is an NFT collection that was launched during a bear market as a free mint before skyrocketing in value. If the dizzying rise of Goblin Town has taught us anything, that would be to prioritize value delivery.
Therefore, in the next 6 months, we would see a greater emphasis on consumer utility, weeding out projects that only sell us dreams. Meme culture has also been a rather popular trend. However, only those with wide outreach and a strong narrative that captures a significant moment will continue to thrive.
Three NFT Use Cases that Cant Boost Usage
These will be the key trends that would be shaping the outlook of NFT through 2022 and onwards.
- Intellectual Property Licensing (IP). Many collections do not offer us IP rights except for a few such as Bored Ape, BBRC-IVY BOYS, Goblintown, etc. Having IP rights empower us with full commercial control over our NFTs, essentially providing an alternative source of income if used right.
Bored Ape is a classic example of how holders have benefitted financially from having their apes featured. Snoop Dogg has also recently opened a Bored Ape NFT-themed dessert restaurant. Well, these are just some of the many ways we can utilize our IP rights. Here is another example:
Intellectual Property. Owning a Wen Moon? NFT gives you, as the owner, full ownership of IP rights. Nothing more to say here.
Not long until the next new moon 🌝 👀🚀
— Wen Moon? (@wenmoonnft_xyz) June 20, 2022
2. Community Management: The community has always and will always play a crucial role in the success of an NFT project. Having a strong community guarantees liquidity and also the formation of a strong brand. A strong core team with a focus on delivering value to holders will grow, which will lead to a virtuous value cycle.
Previously, projects that easily raise capital through the hype and big dreams are now finding it increasingly difficult to survive. It is now more important for us to support teams that deliver true value in addition to having a strong community.
3. NFT Ticketing: This will probably be one of the most popular use cases for NFTs. In this case, NFT tickers are digital credentials that have another use case: Offer additional benefits at the event they attend. Also, this solution will greatly reduce ticker costs. On the other hand, NFT tickers can help artists to build customer loyalty, the value will definitely be perceived very easily by users.
What problems does NFT ticketing solve?
🔸 Prevents forgery
🔸 Reduces cost
🔸 Faster production
🔸 Lowers chances of loss or damage
And it doesn't stop there. Read more ⤵️https://t.co/3ApkqEcxmp
— Binance (@binance) June 19, 2022
As we move into what is expected to be a prolonged bear market, there will be a revaluation of NFTs. While these could mean certain projects will fail, they could also bring to light true winners in the space. These are some of the key factors that I believe will shape the NFT Outlook for the next 6 months. What are your thoughts? Share it down in the comments below!
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