Top 10 NFT trends

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1 year ago
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NFTs may look like digital art, but they are much more than that. Recent NFT trends include the involvement of major brands in well-established communities, diverse artwork, and precious collections. These are the most popular NFT trends that are influencing conversations surrounding the newest crypto subculture.

1. Taking Out Loans Using NFTs

THE WHAT?

  • NFT loans are a novel use case, with investors using their NFTs and NFT collections as collateral to obtain loans for new potential investments and emergencies

  • Many DeFi (decentralized finance) platforms were built in 2021 to allow the usage of NFTs as collateral for loans

  • NFT is yet another marketplace in which users can utilize NFT assets as collateral for loans or lend to other users

  • Any ERC-721 token can be used as collateral in exchange for an ETH loan

  • When the loan is repaid, the NFT is returned to the borrower, the asset is returned to the lender if the loan is not repaid

2. Big Brands Jumping on The NFT Wagon

THE WHAT?

  • Different businesses from various industries are showing interest in NFT, with each proposing new tactics to capture a cut of the action

  • Food companies like Taco Bell, McDonald’s, and Campbell’s

  • As well as luxury brands like Louis Vuitton, Nike, and Gucci, are releasing limited-edition NFT collectibles as a way to raise money for charity, generate new revenue streams, increase social media engagement, and build brand loyalty

3. NFTs take on Hollywood

THE WHAT?

  • NFTs open a whole new universe of opportunities for crowdfunding, merchandising, and monetizing television and film ventures

  • Some big industry personalities, such as GenZeroes and Stoner Cats, have already begun to release NFT TV programs

  • Compared to the overall image, the NFT TV broadcasts are really a small component

  • There are other TV shows that aren’t NFTs but are based on NFT characters, like the Robotos TV series from Time Studios, the film and TV production arm of Time Magazine

4. A Home Away from Home

THE WHAT?

  • Soon, you’ll be able to wander the metaverse and own the ground you step on as the real estate market changes

  • Even if it’s currently challenging, NFTs are a great way to share ownership of a property

  • The NFT functions in a manner that is comparable to a digital deed that is entered into a digital ledger

  • The next step will be to create the technology needed for people who are new to the metaverse to be able to buy and sell homes and “acres” of land wherever they go online

5. Fashionable NFTs are now in style

THE WHAT?

  • In order to better position themselves for success, fashion and retail businesses can create a target market that can relate to and feel at ease engaging with their future offers by taking NFTs to the next level

  • The SuperGucci NFT was introduced as a consequence of a ground-breaking collaboration between Gucci and Superplastic

  • This relationship provides the unstoppable digital force to runway enthusiasts and trend-setters

  • The SuperGucci NFT was unveiled by Gucci, a well-known fashion giant and equally upscale fashion architect, in collaboration with Superplastic

  • It is anticipated to be available on an Instagram-ready device soon

6. Intellectual Property Rears its Head

THE WHAT?

  • NFT markets are currently being created to make it easier to trade intellectual property in the technological and scientific domains, which will help laboratories in raising funds

  • The campaign is being led by the California-based data and artificial intelligence (AI) platform RMDS

  • In order to engage in NFT sales, they hope to link scientists and investors as well as science and technology IP with related science enthusiasts, investors, and collectors

  • By creating the first NFT marketplace for science and technology IP, they also intend to offer new fundraising avenues by March 2022, which will accelerate the transfer of technology

7. Social Media Gets a Piece of the NFT Action

THE WHAT?

  • Many rumours regarding Twitter, YouTube, and TikTok potentially blending with the NFT world have circulated on the blockchain, and this is a well-received and eagerly awaited development for followers of social media

  • It has been established that Twitter permits the usage of NFTs as profile images

  • You can set up an NFT as your profile picture after making a temporary connection to your cryptocurrency wallet

  • Your digital asset is configured to appear in a unique hexagonal shape that serves to identify you as the NFT’s owner

  • This should put an end to the identity theft and NFT theft issues that have been making quite a stir on the website

8. Crypto Exchanges Begin to Sell NFTs

THE WHAT?

  • The demand for NFTs has skyrocketed over the last 18 months

  • Until recently, this development mostly benefited auction websites that focus on NFT sales

  • But since NFTs are bought using cryptocurrency, most users first have to buy tokens on a centralized market (and then transfer them to a virtual wallet)

  • Buying and selling NFTs won’t be an issue for experienced cryptocurrency users, but it will be frightening for newcomers

9. VC Money Flows into NFTs

THE WHAT?

  • The presence of venture investors hoping to cash in on the NFT rush was expected

  • The trend started out modestly with a $23 million Series A investment from market leader Andreessen Horowitz in OpenSea

  • Since then, there has been significant growth in both the volume of VC investments and the cash amounts spent in the NFT sector

  • The goal of the project is to employ Pixel Vault’s current intellectual property, particularly its superhero NFTs, to produce a comic book-style series that details significant Web3 industry events (and drama)

10. Alternative Chains Taking Over from Ethereum

THE WHAT?

  • When the initial generation of projects debuted in 2017, the costs involved with purchasing and selling NFTs, which required interacting on the Ethereum blockchain, were insignificant

  • When the NFT rush broke out in the summer of 2021, the costs for the same products had risen to the hundreds of dollars, if not thousands

  • For crypto billionaires and ardent flippers (some of whom make hundreds of thousands of dollars), the fees were a small irritation, but they posed a considerable barrier to entry for regular investors

REFERENCES:

  1. https://justcreative.com/nft-trends/

DISCLOSURE:

None of these articles constitute financial advice. Articles are highly summarised to make it easy for the reader and save your time, so please DYOR further before putting your hard-earned money into any product mentioned.

Please note that the tech industry evolves rapidly and the info in this article is correct at the time of publishing. As Heraclitus said, “Change is the only constant,” so if anything sounds old or off, please holler on the socials or comment here so everyone stays peeled.

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