The popularity of the non-fungible token (NFT), is growing year after year. Representing unique intangible items (images, memes, GIFs, 3D models, songs, videos, etc. NFTs offer digital content creators excellent opportunities to make money while protecting intellectual property. The number of NFT creators is growing rapidly, as are their customers.
Numerous world-famous brands have begun to design their own NFTs in an effort to gain an edge. Adidas, for example, introduced a range of 30,000 NFTs in December 2022. Nike, Ubisoft and AxieInfinity are all well-known companies.
NFTs are becoming more popular, which means that there is more investment in NFT-related startups and initiatives. Arateg received many requests last year for building NFT markets and continues to receive them. Our software experts have identified the top NFT trends to help you generate revenue from non-fungible token platforms.
This article will help you learn the latest NFT trends, and give you ideas to earn income.
The recent NFT market statistics
The $41 Billion NFT token market was according To Chainalysis, a Blockchain Data Company. Statista reports that NFT transaction market capitalization experienced a tenfold rise between 2018 and 2020. It grew from $40.96m to just over $338m during this period. The market capitalization was $141.56 million in 2019.
According to Yahoo Finance, December 2021 saw a rise in non-fungible token sales beyond the $4B mark. 28421.
Notably, there were only 100 weekly sales prior to the second half of 2017. The number of active electronic wallets where NFTs could be purchased or sold surpassed 1.976 million last year.
OpenSea is a leading online NFT marketplace platform.
Top NFT trends for 2022 and beyond
1. Tokenization in gaming
Tokenization of gaming is one of the key NFT market trends in 2022. Gamers can use NFTs to purchase assets such as characters, virtual land, rare communities, clothing, weapons, and avatars. We expect to see more gaming projects this year that use NFTs to market their services, attract users, and increase user engagement.
Let’s take a look at Axie Infinity by Sky Mavis, an online game that is metaverse-inspired. It’s a real-life story. Axie Infinity allows players to train, raise, combat, and collect digital Axies. These Axies are tokenized as NFTs, and stored on the Ethereum Blockchain. Customers must purchase three Axie NFTs via the in-house marketplace app to begin playing.
Axie Infinity lets NFT owners earn in-game currency, which they can turn into real money by selling Axies or winning battles. Axie Infinity’s popularity grew significantly during the COVID-19 economic crisis.
CNBC reports that the game was the main source of revenue for some Filipinos during the coronavirus lockdowns of June 2021. Axie Infinity boasts 2.8 million active users, while $3.6 billion in sales are generated through the NFT marketplace. Axie Infinity currently has a capital of $9 million over 4 rounds.
2. The evolution of music
Music influenced by non-fungible tokens will be one of the most important NFT trends in this and future years. Music NFTs can deliver transformative experiences and are expected to see a boom in 2022. It is now possible to create NFTs from songs, soundbites, and lyrics using the new technology. NFT creators have the ability to combine digital art with music in various formats (GIF/PDF, JPG, etc.). You can create unique artworks with music embedded.
NFT marketplaces deal with intellectual property issues. Content creators often need to waive rights to audio streaming platforms or companies. It is also difficult to track artworks’ sequential distribution.
NFTs can be used to protect musicians’ intellectual property rights by storing a record of ownership in the metadata. If a customer purchases an NFT, and then decides that they want to resell it later, the original creator may receive royalties for secondary and subsequent purchases. Artists may receive fair compensation through NFTs.
Celebrities are likely to follow the trend and use NFT music platforms that are based on blockchain in order to gain a competitive edge. Kings of Leon, for instance, was the first to release an album using a non-fungible token in 2021.
A few notable projects have been published and received recognition. Audius, a decentralized music streaming and sharing service that also includes social media features, was established in 2018. Audius is a cryptocurrency token called AUDIO that represents an analog to Spotify and SoundCloud.
The community of fans, artists, and software engineers runs the system. Audius now has 6 million monthly active users. This is an increase of 2.9 million users who used the system in January 2021. Audius has now attracted $13.6 Million over 3 rounds.
3. Web 3.0 will gather pace
Web 3.0, also known as the next phase in the World Wide Web is built on blockchain technology. Web 3.0 is a term used by enthusiasts to refer to the third and improved version of the Internet. It includes concepts such as tokenized economics, decentralization, and decentralization.
Web 3.0 includes a variety of components, including NFTs and cryptocurrencies, decentralized autonomous organisations (DAOs), virtual and augmented realities, and more. People will be able to have greater control over their data as well as intellectual property, with all Internet content stored on the blockchain distributed ledger.
Web 2.0 is all about content reading and viewing. Web 3.0 involves asset ownership, monetizing assets and receiving rewards. Blockchain is a platform that allows non-fungible tokens to be used in the new decentralized future.
4. Metaverse
The top NFT trend for 2022 is Metaverse with non-fungible tokens at its heart. Blockchain, cryptocurrencies and NFTs are expected to make it easier for people to enter the metaverse, which is an interconnected universe of virtual worlds.
The NFTs allow people to create or buy persistent items (characters and weapons, clothing, etc.). You can use them in multiple worlds. A player can use an avatar that looks like an NFT in various games.
4. Personality NFTS
People became more engaged with the internet and the opportunity to connect and entertain themselves online after the pandemic lockdowns. Celebrities, as well as other people, can create their own avatars in the metaverse.
NFTs offer musicians and artists new ways to reach their audience, gain popularity, and deliver game-changing user experiences. Teflon Sega is a musician who exists only in the digital world as a digital persona. We expect to see celebrities and others creating their own NFT personalities in 2022 to perform anonymously on the virtual world.
5. The rise and development of decentralized autonomous organizations
Non-fungible tokens are supported by digital content creators as well as enthusiasts. They have a high potential for investment. This year, investment DAOs (Decentralized Asset Operators) will be more popular as NFT assets and startups attract large capital. A DAO is actually a group that invests in the same entity. This allows DAOs to invest and accommodate more resources than individual investors and other firms.
DAOs also allow people with limited funds to invest in NFTs of high-end quality, allowing them to access exclusive artworks. DAOs can promote democratization and draw more attention to non-fungible tokens by encouraging democratization. This is why the rise of autonomous decentralized organizations will be one of the most important NFT trends in 2022.
Final words about NFT trends
Representing a new kind of digital art and entertainment, NFTs are witnessing rapid growth with sales that amount to billions of dollars. In 2022 and beyond, the popularity of non-fungible tokens will continue to increase.
This year, we will see a wave of NFT marketplace platforms allowing artists and enthusiasts to trade tokens, enjoy a transformative user experience, and generate profit. As the NFT network will mature and digital content will be more appreciated in value, new brands and content creators will join the trend to promote their products and services.
