This market for crypto art and non-fungible tokens or NFTs is expected to maintain the same growth curve despite the slight drop in popularity in recent weeks. According to a report by blockchain analytics firm Chainalysis, NFTs moved $26.9 billion in cryptocurrency transactions in 2021.
The popularity of these digital assets skyrocketed making it a global trend. In fact, NFTs have had a boom in the press due to these large purchases that we have mentioned before, since there have been a lot of them that apparently may seem useless to us. NFT Development services In this sense, it is likely that such large purchases will stop because in the end it is a technology that is being born.
However, it represents a great opportunity for digital artists to have control over the ownership of assets and then have a greater right to royalties. It is a system that greatly benefits artists and digital content creators.
Aside from what happens with NFTs, blockchain technology and decentralized finance are here to stay. A fairly large growth in the market is expected and it will create a huge disruption in terms of the accessibility and availability of basic financial products.
That said, let ‘s look at some NFT trends heading into 2022 :
The Consolidation of the Metaverse
One of the NFT trends for this year has to do with the Metaverse boom. Apart from learning the many benefits of an even more connected world, it is possible that in the coming months we will start to see certain metaverse projects in the world of NFTs.
In what we could conceive of as a saturated market, everything indicates that we will see investors, creators and users in general begin to gravitate towards the Metaverse with greater traction.
The advantages of blockchain, cryptocurrencies, and NFTs will be offered directly within the Metaverse, removing barriers to entry. Experts in the field say that it will be Apple that takes the lead by offering a high-end device, the only thing that could take steps back would be the price. It is rumored that this technology could cost the user around 3,000 euros, which could let Meta (Facebook) and Oculus take the lead.
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Asset tokenization could disrupt traditional industries
Beyond creating NFTs in the metaverse, they can also be leveraged to tokenize both tangible and intangible assets.
For example, the film industry has also been affected by this potential. None other than Quentin Tarantino became one of the first great directors to auction off seven uncut scenes from the famous Pulp Fiction movie as NFT . The NFTs will include the film’s first uncut handwritten scripts, as well as exclusive commentary from Tarantino. This content, as expected, can only be seen by the owner.
Another case would be that of the publishing industry. One of the oldest newspapers in Hong Kong, The South China Morning Post has already started to enter this world. In July, the newspaper announced the launch of Artifact, a standardized metadata structure for recording historical assets such as NFTs . By tokenizing accounts of major historical events, the newspaper hopes to create more transparency in the publishing industry, as each tokenized news story is publicly traceable and resistant to censorship.
New opportunities for charity
As the world understands the benefits of tokenization, NGOs are starting to see the potential as well. NFTs can help develop charitable initiatives in a decentralized and online way with less overhead compared to classic auctions.
The application of smart contracts to NFTs creates even more charitable places. This is because these algorithms can program NFTs to automatically transfer funds to a good cause with every transaction. NFTs and smart contract algorithms are protected by blockchain technology. This offers a transparent and traceable database that ensures funds reach charities.
Additionally, donations made with cryptocurrencies offer lower transaction fees and near-instant payouts.
Without a doubt, the application of NFT to charitable initiatives could introduce new sources of income for organizations. For example, an awareness video can be tokenized and programmed to automatically send payments every time the video is played or shared.
New subscription models
The benefits of NFTs are multiple and all sectors are looking for ways to exploit this world. Another of the newer applications is to use them as alternative subscription models.
For example, the American magazine Time is leading the way among traditional publishers in experimenting with NFTs as alternative digital subscription models . Their new initiative, TIME Pieces, offers NFTs from 40 different artists and also makes the owner a member of the community. TIME Pieces works as an alternative to Time’s digital subscription, unlocking all content for NFT holders and giving them access to exclusive digital experiences and events.
Another example would be the Loud Market. NFT Development company music marketplace aims to cut out the middlemen from the music industry. In this sense, it allows musicians to coin their songs as NFTs and sell them directly to their fans. This is a great example of how NFTs can cut out profit-seeking middlemen and make transactions easier.
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