* This is affiliated with Bloomberg Quint Brand Studio
Two months after 2022, the magnitude collapsed on the world stage. I hope peace will spread soon, but there is one thing for sure. The complete transition to digital is being realized on a large scale not only in virtual real estate but also in digital marketplaces. alias Metaverse. In addition to the constant excellence of cryptography and the growth of non-fungible tokens (NFTs), the 2022 landscape of virtual markets, digital assets, and how to interact with others is radically different from the past.
NFTs are rapidly becoming the most visible flag bearers of this change. In 2021, the global NFT market saw more than $ 23 billion in trading volume, but by 2020, that number was only $ 250 million worth of trading. The growth was tremendous. When WazirX launched the NFT Marketplace, 15,000 artists and creators applied for participation in the platform even before it was launched. To date, superstar Amitabh Bachchan has become the first Indian public figure to develop his own NFT collection.
As NFTs become more and more powerful, the key NFT trends to note in 2022 are:
The surge in NFTs in the art world has inevitably sparked a debate about what makes art valuable, the nature of ownership, and perhaps most importantly, what to expect after 2022. rice field.
The appeal of digital art resurfaced when digital artist Beeple’s Everyday: The First 5000 Days was sold as an NFT for a record $ 69 million. This is because, for the first time in history, NFTs allow the source and ownership of digital data to be validated and tracked using blockchain technology.
Buying and selling fragmented NFTs of real-world artwork by prominent painters seems to be a trend in 2022, with fragmented NFTs allowing you to invest in high-value crypto assets at a fraction of the cost. Will be.
Indian artists are also attracting attention in the NFT art scene. In February 2022, artist Gobardhan Ash held the first NFT auction in Japan. More and more art fans and investors are beginning to look carefully at the $ 50 billion industry / opportunity this year.
2. Jump into the Metaverse
In 2021, games were considered the second most important area of NFT development. NFT is a blockchain-based Play-to-Earn game that rewards players with in-game assets, as gamers are the first to actually own the assets and have the potential to sell them. Opened up a new era of. NFT Marketplace for Profit.
Leveraging both NFTs and cryptocurrencies, Axie Infinity was one of the most popular games in 2021. Axie’s NFT market volume has exceeded $ 1 billion and the number of active players per day has exceeded 1 million. Axie also tokenized the character, requiring players to purchase at least three Axie NFTs before starting play.
With a gaming population of over 300 million and one of the largest crypto markets in the world, it’s only a matter of time before you witness the NFT gaming revolution in India.
3. Raise the funding bar
Wherever there are mind-boggling amounts, large investors, and valuable items to get, there is always room for charity. Financing has emerged as a necessary outcome of NFTs as the world agrees on the benefits of tokenization.
Designing NFTs using smart contracts and automatically donating to legitimate purposes on a transaction-by-transaction basis opens up even more charitable opportunities. Blockchain technology protects NFTs and smart contract algorithms by providing a transparent, publicly traceable database that ensures that funds reach selected charities. In addition, crypto-based charitable payments have low transaction fees and there are almost immediate refunds.
4. Social community
Have you seen a surge in Instagram and Twitter profile pictures lately as a variation of funky expressions for monkeys, giraffes, or animals? You can also choke one of them on the mainstream NFT.
In January 2022, Twitter announced that users could now exchange their profile pictures as NFTs, but Meta got into the tide almost immediately. To overcome the “right-click and save” problem, social media companies have devised some badge to distinguish between uploaded photos and validated NFTs in the user’s crypto wallet.
It also created an exclusive Metaverse social club and community where owning an NFT of the same artist is a common denominator. Shiboshis Social Club, a private club exclusively for Shiboshi NFT owners, is a metaverse social club with over 10,000 NFTs. Other NFT collections, such as the Bored Ape Yacht Club (BAYC), bring social benefits to members. NFTs drive future social events.
5. Confuse the industry
Due to the key NFT capabilities of tangible asset tokenization, there are many traditional industries that will face major blockchain turmoil in the near future.
Music and film are two of the largest industries advertised in makeovers from the influence of NFTs. Listeners will be able to stop by, respond to, and release their music within the Metaverse and across the Metaverse platform. NFTs on the blockchain reward viewers with benefits such as initial releases and bonus tracks.
Streaming, on the other hand, has dramatically transformed content delivery in both show business and music. NFTs have opened a whole new channel in markets, commodities, crowdfunding film and television projects.