6 NFT trends dominating the market in 2022
There are 2 factors promoting the growth rate of NFTs, which are belief in the blockchain and social capital. For many investors, blockchain technology offers long-term value and opportunities for the future. A decentralized ledger can store and validate any digital asset. Similarly, in the crypto realm, owning an NFT confers a high social position.
Nigel Green, chief executive of the deVere Group, said: “ NFTs are taking the art, fashion, music and sports worlds by storm — and these industries are growing in their economic, social and cultural importance around the world”.
As such, NFT’s reach will continue to expand and invade industries from small to large. Here are 6 areas where NFTs are likely to shape the future in 2022:
NFTs have exploded the global art industry. Since the pandemic hit, artists have been thinking of new ways to sell their work, and they’ve realized that NFT gives them the potential to make money in unprecedented ways. NFTs allow artists to securely and permanently track provenance, exhibition history, and authenticity of ownership in digital art. So, this space is worth a shot in 2022 and beyond.
2. Music Industry
The music industry is also not out of the game when seeing some famous names enter this market such as Snoop Dog, Grimes, and Lionel Richie. They are already raking in millions by releasing their music on NFT platforms. NFTs are also being investigated by musicians as a new means of publishing records. Kings of Leon were the first band to release an album as an NFT, which included exclusive bonuses and features.
In the music industry, NFT will add a new authenticity verification mechanism to verify ownership. Second, NFT generates scarcity by restricting the number of people who may possess a piece of music. All of these characteristics help new-generation artists combat copyright infringement and maximize the financial worth of their creative work.
Thanks to NFTs, anyone may now own a digital collectable as a supplement to the physical form. Digital assets may be used to prove ownership and give a unique way to collect and display objects. This may be used to prevent fraud and counterfeiting as well as assuring collectors have exclusive access to unique items.
4. Property market
One of the most recent objectives of NFTs is property. In the real estate business, NFTs are slowly gaining traction. Blockchain technology is likely to dominate this market because real estate properties are unique and require transparent, edit-proof record-keeping, which are perfectly suitable with the features of NFT and blockchain.
Decentraland, for example, is a blockchain-based society where NFTs may be used to buy and sell online land ownership. A decentraland that sold for approximately $900,000 was recently recorded by Reuters, making it the most expensive NFT land transaction to date.
5. Sports Memorabilia Sector
The sports memorabilia industry is likewise at the forefront of the NFT trend. It was quickly used by sports clubs such as the NBA. NBA Top Shot, a blockchain-based platform that allows fans to buy, sell, and trade NBA highlights as digital tokens, was revealed by Dapper Labs, a Vancouver-based blockchain business. On the site, a video of a LeBron James dunk recently sold for $210,000.
Michael Jordan and other sports superstars have invested in the company, which has garnered more than $305 million in investment from former and present NBA players.
The years 2022 and beyond are an exciting moment to consider this platform as a means of improving fan experiences and interactions.
6. Book Publishing
Similar to art and music, the book publishing industry will also see huge leaps in NFT and blockchain adoption. Each book will be published as an NFT, guaranteeing ownership to the user and copyright to the author. This form will also reduce the problems of piracy and protect the rights of authors against the tyranny of publishers. NFTBOOKS is an industry-leading platform that promises to deliver unparalleled reading, publishing and investing experiences to users.
The applications of NFTs are sure to be unlimited as the world becomes more acquainted with NFTs, blockchain, and the introduction of Web 3.0. Make sure you keep one step ahead of the game to get the most out of this pivotal historical moment.