Top 10 NFT trends in 2022
NFTs are digital assets that are sustained on the blockchain. These digital assets can range from a photo to a meme to a song. Based on the incredible surge seen in NFTs and blockchain for the past few years, you might be interested in knowing the recent trends in NFTs. We have broken it down into ten aspects.
1. NFT Art
Currently, every designer and creator has the medium of NFTs through which they get paid their deserving dollars. With NFTs evolving and innovating at an incredible pace. Creative people at large have found NFTs to be a boon for monetizing their work across the globe. The most expensive NFT art ever sold was the Pak piece, The Merge. With 30,000 collectors involved in a bidding war for this masterpiece, it was sold at a whopping $91.8 million!
2. NFTs and movies
Take, for example, the movie “83”. The “83” movie revolves around India’s victory in the 1983 Cricket World Cup. The management of the film launched a series of collectibles, including original video scenes, animated digital avatars, unseen posters, and images, plus physical cricket memorabilia.
As we have seen the rise of streaming platforms, imagine what NFTs can do for a project! NFTs are being used as a completely new way to crowdfund movies and series projects! Imagine being a producer of a major film project just by purchasing an NFT!
3. Ethereum 2.0 to Solve the Energy Issue
The massive energy requirement involved in the production of NFTs is majorly due to the Ethereum token. A single transaction on Ethereum consumes enough energy to keep a household running for a day and a half. With the help of renewable resources, this footprint can be reduced. Ethereum is using energy like the full-throttle on a car. With Ethereum 2.0, the problem is resolving steadily.
4. Other blockchains could take over from Ethereum
During the first generation of projects launched in 2017 and 2018, expenses associated with trading NFTs were negligible. This meant interacting with the Ethereum blockchain. Jump to 2021. When the NFT market erupted due to popularity, the identical expenses skyrocketed. The transaction costs added up to hundreds or thousands of dollars.
This posed a significant barrier to entry when it came to ordinary investors.
To resolve this issue, NFT developers began to look for alternative blockchains to showcase their work. The expense associated when transacting with other blockchains is relatively low. So this attracted many NFT collectors who weren’t able to transact on ETH.
Alternative chains now process NFT volumes worth hundreds of millions of dollars.
Metaverse is a 3D simulated digital environment where users can interact with each other in real time. In 2022, taking into account the advantages of cryptocurrencies, blockchain, and NFTs, the metaverse, and NFTs will coexist forever. Every real-life activity will be interlinked with NFTs. Imagine going to a 3D simulated store where you’re going to purchase a sneaker. That store is a 3D simulated version of an online store, and your receipt can be an NFT! Multiple aspects of potential metaverse and NFTs will coexist.
6. Fashion in NFTs
The fashion industry spans clothing, footwear, lifestyle, accessories, makeup, and hairstyling. This industry is now faced with unlimited options of NFTs and can be utilized in a way that revolutionisenize the fashion industry at large.
NFT 3D modeling proposes a cost-effective and relatively easy way for brands. To exhibit their products and fashion shows, NFT 3D modeling provides a procedure altogether. For instance, hiring a real model professional, photography, or video production. These can incur huge costs, and brands can achieve this more with less. With human avatars and 3D visualisation, the way fashion shows are going to be held is captivating.
7. Music NFTs are here to stay.
In 2022 and beyond, music and NFTs are the new ways for artists to make money in the long run. From tickets to merchandise, unreleased tracks and other items can be a part of NFTs. In 2021, NFTs alone generated a staggering $25 billion in total sales!
With artists like the Weeknd releasing his unreleased tracks and artwork as an NFT, more artists are soon to follow this!
8. Big Brands jump on NFTs
Big brands like Nike and Adidas had recently purchased digital land and even held a Metaverse Fashion week! The first Metaverse Fashion Week was held on March 23rd and 27th which marked the start of a new era in the fashion industry!
Recently, in January 2022, Lamborghini launched its space-themed NFT collection! To celebrate International Friendship Day, which happens to be on July 30th, Coca-Cola released a series of NFTs in July 2021. These NFTs were animated, one-of-one digital artworks that unlocked surprise items upon purchase for the owner!
9. Real-world experiences
Recently, Gary Vaynerchuck ( Venture Capitalist, Entrepreneur), held Veecon, a conference around Web 3.0 and culture where the token holders of VeeFriends are exclusively invited and their passes are secured via NFT. This is one of many events to come where real-world experiences are powered by NFTs.
10. NFT personalities
With Metaverse on the rise and Instagram introducing avatars, NFTs will become a personality of your online presence. With people wanting to remain anonymous, avatars and NFTs will become personalities in the new digital era. Many singers or artists who wish to remain anonymous have a new way to express themselves in the digital world!
So let’s wrap this up.
With multiple projects lining up, we sure know that NFTs are here to stay and have unlimited scope in the macro. Social media is first in line too when it comes to embracing NFTs. Twitter will provide a special identification for users with NFTs as profile pictures.
With intellectual property control given to the community, brands can now benefit immensely from NFTs. Blockchains and NFTs provide reselling rights so that a user is paid for the future of their work! This is a win-win situation for everyone!
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