Non-fungible tokens, or NFTs, are virtual assets that represent real-world items such as art, music, game, and video items. The year 2021 marks the tremendous growth of the cryptocurrency and NFT markets. Yet, the full potential of NFT development is unclear. Large organizations are constantly pouring money to invest in platform projects that already have their user base. If you are looking to get involved with the world of NFTs, you might want to develop your own NFT marketplace.
The growth of the NFT market is undeniable and continues to grow. In 2022, the phrase “NFT” will become as recognizable as the word “website” or “social media.”
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Here are 4 predictions for NFT growth in 2022
1. The development of NFT is officially recognized and opens up many ownership opportunities
With the long-term investment of big brands, many places see the development of NFT as a potential mainstream business. This proves that the market is gradually accepting this new business type.
As NFT popularity grows, NFT developers have been busy creating markets for these files. Some current markets are general trading spaces for any category of NFT. Other marketplaces cater to the high-end art world or deal with files related to specific online games or niche topics.
The potential of NFT goes far beyond eccentric “virtual” works of art. NFTs are used to purchase digital land in a virtual world or to grant ownership. In addition, it can help people access special or limited edition merchandise, even use NFT as concert tickets, etc.
Alex Atallah said that gamers are used to virtual assets, so the potential for NFT is huge: from a few million NFT users to nearly 3 billion gamers today. “We’re seeing exciting developments when it comes to the intersection of NFT, NFT gaming, and the metaverse.”
2. The development of NFT leads to more and more large corporations and brands joining
The thing to remember is that, although the NFTs have had a great 2021, they are still very young. In other words, 2022 will see them further develop as a sub-sector in crypto. Virtually every other figure working in the NFT sub-sector estimates that it is just getting started, with 2022 likely to cement its new position as the most promising sector of crypto.
One of the biggest NFT trends for 2022 will be the growing involvement of large corporations and brands, as reflected in the favorable statements made in recent weeks by Electronic Arts and other personalities. Former member of Activision and Lucasfilm. And as Mintable Co-Founder and CEO, Zach Burks, told Cryptonews.com, the rise of NFT will help drive more people to crypto and blockchain in general.
3. The development of NFT with Metaverse, games, luxury goods, music
In 2021, the NFT has become the media focus as rare collectibles continue to sell at sky-high prices.
- The project with the largest volume is the Cryptopunks collection with 2.98 billion USD and 3,286 owners.
- Bored Ape Yacht Club (BAYC) holds 2nd place with $1.04 billion and 5,961 owners.
- Decentraland holds 3rd place recording $930.98 million and 6,051 owners.
- Mutant Ape Yacht Club (MACY) holds 4th place with $513.23 million in sales and 10,711 MAYC owners.
- Sandbox is in 5th place with 450.7 million USD in number and 17,315 owners
Facebook changed its name to Meta, Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’. Surely these giants have realized the limitless potential of the NFT. Likewise, Josh Katz also estimates that NFT will help drive marketing by 2022, with the YellowHeart founder suggesting that the luxury goods sector will start using NFT for authentication by doing physical-digital pairs. And since YellowHeart primarily works with music, it’s understandable to hear him predict that NFT in the music industry will also be a trend this year.
Jake Udell, CEO Metalink Labs, the agency for NFT artist activities. “Nothing is stopping this technology. More applications are born from blockchain than we can imagine.”
4. NFT may have to respond to regulation in 2022
According to Burks, the NFT should ideally be treated as a digital certificate of ownership and nothing else, implying that purchasing a non-fungible token would not involve vetting your client (KYC) or anti-money laundering (AML).
However, will the upcoming regulations avoid the imposition of KYC and AML checks on NFTs? Especially as regulators around the world seem more or less unified in requiring cryptocurrencies – including NFTs – to be subject to stricter KYC/AML processes.
And even if regulations emerge in 2022, companies in the sub-sector still support the regulation fundamentals and estimate that it will be positive overall for NFT growth.
NFTs have opened a new world for digital artists. The ease with which a user can copy an image online makes selling digital art a challenge. However, the NFT process gives artists a way to receive credit for and sell their artwork.