NFT Trends That Could Change The World in 2022


NFT Trends That Could Change The World in 2022

The massive growth in NFTs (non-fungible tokens) and cryptocurrencies has changed a lot of things in our life including web experiences, buying and selling of art digitally and so on. As compared to previous decades, the year 2022 will be remembered for the shift towards virtual real estate (Metaverse), virtual markets and the way people interact. NFTs are the flagbearers of this change and are proving to be a boon to businesses and consumers alike. While 2020 saw global NFT market trading volumes to be $250 million, 2021 saw a significant rise to over $23 billion! For the uninitiated, an NFT can be any kind of digital asset with a tangible proof of ownership and history. NFTs are fast emerging as the advocate for changeover to unique digital ownership of assets and items that can be bought or sold by anyone on this open market. Here’s a look at some important NFT trends in 2022:

NFTs and Their Impact on Social Media Communities

Profile images such as giraffe, monkey or other funky animal representations have been gaining popularity on social media because of adoption by NFTs. Social media business platforms of Twitter, Instagram and Meta are developing a label to distinguish between these NFTs and regular photos. As a result, NFT communities and Metaverse social clubs have evolved, with the common factor being that they own NFTs from the same artist. Social activities in the future are expected to be powered by these NFTs.

NFTs Disrupting the Art World

With the dramatic rise of NFTs in the art world, many artists have been reaping financial benefits by holding global auctions. This massive digital industry is attracting more and more investors and art lovers, and changing the way art is valued, owned or traded. And to maintain clarity, blockchain technology is being used by NFTs to validate ownership and origin of this digital data.

Impact of NFTs on the Music and Movie Industry

NFTs have opened up a whole new route when it comes to trading, financing and promoting television and movie ventures. They are expected to exert significant influence on the traditional music and entertainment industries, with substantial disruption by blockchain-based NFT’s feature of tokenization of tangible assets. This also means that NFT fans will be able to post their songs on platforms both within and outside of the Metaverse.

NFTs Influencing the Gaming Industry

In 2021, when most people were staying home, gaming became the world’s second most-important NFT application. NFTs achieved this through blockchain-based, play-to-win gaming, where the players could own their hard-won assets and even trade them in for a profit. Billions of dollars’ worth of trading is going on annually on various NFT gaming platforms across the world.

NFTs Boosting Fundraising

Whenever there are large sums of money involved, valuable assets or major investments at stake, there is always room for some charity as well. With the world embracing the benefits of tokenization, fundraising has emerged as a predictable outcome of NFTs. With each transaction made using an NFT, smart algorithms ensure a portion of this money is donated. Since blockchain technology is applied, all transactions are transparent. Furthermore, these cryptocurrency-based charitable donations attract lower transaction fees, with near-instant reimbursements too. NFTs have transformed the way the gaming and entertainment industry works, and their future looks bright in other industries as well in the coming days.

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