NFTs have become one of the most talked-about topics besides blockchain technology and cryptocurrencies such as Bitcoin. NFTs are set to revolutionize how people experience the internet, brand products, create and experience music, and, more importantly, how to buy and sell art. Below, you will look at some of the emerging trends set to change how people view NFTs.
Community Owned Branding
As you know, NFTs run on a blockchain similar to those used by cryptocurrencies. For it to be fully adopted, a community needs to band together to form a network. In 2022, you should expect IP control to be in the hands of the community, allowing them to navigate it through various directions for more profitability. NFTs will provide content creators such as musicians and artists with primary and secondary resell rights – this way, they can receive payment for future use of their work.
NFT Avatar Casting
NFTs have made it easy for people to brand, own their content and even get full royalties whenever their products are used. The main advantage behind owning an NFT over traditional IPs is that you can own a piece of a wider brand and earn from it. Bored Ape Yacht club and StereoheadZ are among the top NFTS that allow users to mint their content for the group. This way, members can access a creative pool of artists, animators, and musicians. People should expect more NFTs to continue Avatar Casting as the year progresses.
Ethereum 2.0 will solve its Energy Problem
One of the main challenges faced by NFT communities is the energy cost used to create one. As stated before, NFTs use blockchain technology to facilitate transactions. Community members rely on the Ethereum blockchain to conduct transactions that consume as much power as a conventional household for a day and a half for every transaction. However, users can now breathe a sigh of relief with the launch of Ethereum 2.0, which will make a difference in terms of energy consumption. Ethereum 2.0 will also lower its fees to provide high output and boost the value of NFTs created on its blockchain.
Tokenization and Gaming
NFTs were primarily designed to promote art and music; however, this year will see it focus on utility with applications in gaming and rare communities. These applications can already be seen in video games with AA publishers that give players access to blockchain networks where they can buy and unlock items with real value. A Solana-based Metaverse game Wizardia allows its players to obtain wizards and upgrade them by winning games. They can then sell them at the Wizardia marketplace. Some of the popular gaming companies that have adopted this technology include Ubisoft and Axie Infinity, which currently allow players to earn $15 an hour in NFT rewards. Users should expect a lot of tokenization which will allow users to get more value from their NFTs.
Web 3.0 will take off
NFTs were designed to meet the emerging trends in internet use. Previous web versions were meant for reading and writing, while the new version, Web 3.0, focuses on ownership and getting rewards in virtual worlds and games such as Fortnite and Decentraland. There is a close relationship between the evolution of the internet and NFTs, something people should expect by the end of 2022.
