The NFT market continued its rapid growth despite the decline in the prices of cryptocurrencies in November, December, and January. In this period, collections such as Hive Punks, Hive Folks, Beez, Pob Punks, as well as various game NFTs were published on Hive.
In 2021, DEFI, smart contract platforms, and NFT-based projects came to the fore in the crypto market, respectively. The developments in these areas are also paving the way for NFT-based innovations in the crypto market.
Over the past year, we've seen some NFT genres come to the fore in the mainstream media, such as digital art collections and metaverse plots. The assets of play-to-earn games led by Axie Infinity have reached very high values. So, what developments may occur in the NFT market in the upcoming period? In line with my research, I would like to answer this question based on NFT types.
Photo by Dimitar Belchev on Unsplash
Gaming NTFs
A wide variety of NFTs is still used in hundreds of Play-to-Earn games on the path opened by the Axie Infinity game. Before NFTs, items such as collectible cards, armors, swords, firearms that increase the power of the character were the subject of in-game purchases. Almost every element in games, including the plot, is now available as NFT. Thus, players who buy them in the early period have a serious advantage when the game becomes popular. In Splinterlands, a unique economy has emerged, which consists of a wide variety of items such as cards, totems, vouchers, plots, and these are supported by airdrops.
Land NTFs
There has been a FOMO in the past months about buying land on the metaverse. People bought land on hundreds of metaverse projects, large and small. The amount of time people spend in front of the screen is increasing over the years. Therefore, it may make sense to buy land from platforms that will be visited by a large number of people with high purchasing power.
It is not easy to distinguish between Play-to-Earn games and metaverses. Land NFTs are also sold in games. On the other hand, there are examples where the shares of real lands are being sold in NFT format. Thus, it becomes possible for small investors to invest in real land.
Art NTFs
Investing in art requires expertise in itself. That's why ordinary investors like me prefer to buy pieces of generative art collections. Because buying and selling collectibles is relatively easy. Last year, two-dimensional NFTs that can be used as profile photos were popular. This year, 3D NFTs that can be used in games and metaverses are more preferred. Crypto collections such as the Bored Ape Yacht Club provides the buyer with the feeling of being a member of a privileged club.
Samples from Hive NFT collections: Pob Punks, Beez, Hive Punks, and Hive Folks
Domain Names
In addition to moving from proof-of-work to proof-of-stake, the Ethereum community is also working on coupling accounts with easy-to-read names. The Ethereum Name Service project has become very popular recently in this direction. Projects related to Explore Domain Names are listed on Opensea. It looks like the Ethereum community will get Hive-like low transaction fees and names matching accounts after a while :)
Fashionable NFTs
In the past months, Adidas sold 30,000 NFTs in a few hours with its project called Into The Metaverse and earned $22 million in revenue. On the other hand, Nike acquired a company called RTFKT Studios to sell digital shoes. Luxury clothing brand Gucci is also one of the companies that are not indifferent to the NFT trend. Gucci recently announced the NFT project called Supergucci in collaboration with Superplastic. Superplastic is a global entertainment brand famous for creating and managing animated celebrities. NFT DAOs that are candidates for signing deals with major clothing companies can be ideal for investment.
Music NFTs
When it comes to music, the Audius project comes to mind first. What Hive does for blogging, Audius does for music. Musicians earn more shares from the music over the Audios infrastructure, compared to centralized structures such as Spotify or Google Play Music.
Photo by Nainoa Shizuru on Unsplash
Conclusion
It is possible to add non-artistic collections to NFT genres and NFTs of sports moments such as NBA Top Shots.
Twitter's ability to use NFTs on the Ethereum network as profile photos, Coinbase's preparations to sell in dollars in the NFT market in cooperation with Mastercard, and the investments made by large companies in this area show that the NFT business will rapidly take place in the mainstream economy. NFTs have had an overflowing effect outside of the crypto world.
What kind of NFT projects might be attractive in the coming period?
- NFT projects that can generate yields within the framework of creative DEFI setups, including airdrops.
- Three-dimensional NFTs that can be used in 3D games or the metaverses
- Projects that can benefit from the financial power of large companies by collaborating with them
- Projects with well-known creators who are influential in a wide social network
- Projects presented to users by fair launch principles and run through a DAO.
Thank you for reading.
Hi @muratkbesiroglu
Thank you for this great summary of this NFT phenomenon.
I am a believer in NFTs as a revolutionary development empowering content creators with so much more control and value from their content then ever previously available.
The clear delineation of individual propertty rights and the ability to tailor make these NFTs to track ownership, pay the artist in resales, allow the artist to catalogue all their fans and create better pictures of where their markets are and benefit from this data based knowlege is tremendously valuable.
While it is easy for me to see how middlement will undoubtedly pop up to help content creators sell their content in this new economy. It is also a field that content crteators could learn to operate themselves if they so choose.
The rush into this space by very large and economicaly substantial compnaies is evidence that many people see the huge potential of this space.
Your post summarizes the wide breadth of the types of content which can be sold throught NFTs and the other Hive like naming projects illustrate the flexibility of the NFT technology for various applications.
This is an incredibly exciting time to get involved in this space.
The future of cryptocurrency and the blockchain is extremly exciting.
@shortsegments
Thank you for this extensive review.
My pleasure.
This is a very informative post on NFTs. It's an understatement saying that there's a good future for NFTs. In my opinion, the future of NFTs is really bright indeed. And it's a good time for everybody to get involved. Thanks for sharing this amazing content!
I agree 👍👍