NFTs have been around since 2014, but it wasn’t until last year that they really became popular. For the first time, cryptocurrency exploded into the realm of art, games, music, and more.
The NFT market has really exploded in 2021. So what’s next in 2022?
1. Blockchain game will emerge as a killer case for NFT
This year, the transaction volume of many blockchain game projects has surpassed 1 billion USD. Follow report of Forte.io, in 2021 alone, millions of people are involved in blockchain-based games. This sector is now seen as a major driver of blockchain adoption for many years to come, and NFTs will play a key role in the market.
The advent of the play-to-earn phenomenon has shown us that the line between the “virtual” and “real” economy is thinner than ever. And soon, this boundary may not exist at all. Projects like Axie Infinity, Yield Guild Games, Zed Run… have shown us that players can earn money in the metaverse. In some cases, this amount can be large enough to change their entire life.
As the opportunity to play games for money continues to expand, more people will start spending more time in the online gaming environment. And as this trend continues, the NFT will play an important role in aligning the virtual economy with the real world. This is because NFTs create and retain unique value in the digital space. Without NFT, we would not be able to create or own things with our own distinct colors in cyberspace.
So, no matter what game environment a user is in, if there’s a need to build and maintain value, there’s room for NFT to grow. Currently, this value is mainly associated with virtual objects and avatars, such as weapons, spacecraft, and character costumes. But in the future, NFT games will also play an important role in helping to create the unique character of this industry, the reputation of the chain and more.
2. NFT will play an important role in new types of investment
Since the birth of Bitcoin, people have used blockchain technology to make great strides in creating new financial systems, based on decentralized technology. This is truly a new revolution where people everywhere can access investment opportunities and earn more profits. At the same time, many people can access financial services without going to a bank.
However, despite this progress, investment barriers still exist in the blockchain world. Cryptocurrency-based fundraising methods like ICOs, IEOs, and STOs have high starting costs. This has prevented many projects from accessing the capital they need. Due to the legal and logistical challenges involved in raising funds from tokens, many projects have chosen the venture capital route. However, with this method, many people will not be able to access the opportunity to “increase profits” quickly.
NFTs can give more people access to better investment opportunities and give startups a new way to raise capital. New types of fundraising methods, such as GamesPad’s Initial NFT Offering (INO), have proven effective in raising capital at a low cost, without having to adhere to traditional investment models and barriers. method of raising capital from tokens.
3. Retail will play an important role in the future of NFT
The NFT market will continue to grow as the technology expands into mainstream over the next year. Many leading retail companies are entering this field, including Prada, LVMH, Adidas, PUMA…
As more and more retail companies enter the Web3 space, NFT will allow for the formation of new partnerships between major brands. This partnership will include both virtual and physical products. For example, clothing brands can offer their customers both regular merchandise and virtual apparel in Metaverse.
Ultimately, these partnerships will help advance the development of blockchain games and other Metaverse experiences. With the growing popularity of platforms like The Sandbox and Decentraland, people will have a wealth of experiences in the ever-evolving virtual space. Metaverse is expanding beyond blockchain gaming, into blockchain environments across social media, work, and content creation.
In short, this year’s NFT exponential growth curve is just the beginning of the market. And as the use cases of NFT technology continue to grow, even the most cynical of NFTs will likely be on the road to owning a few tokens by the end of the year.
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According to Beincrypto