Top NFT Trends in 2022

The Top NFT Trends in 2022

Let’s get down to business and explore the top NFT trends that are driving the growth of the market in 2022.

Nothing in life is guaranteed and certainly, investors have faced challenges when it comes to crypto and NFT in the first half of 2022 but this hasn’t stopped big brands, well-known artists and the general public get excited about the possibilities of NFTs.

Big brands

One way to legitimise emerging markets and new technologies is to get established big brands to show an interest. It is common for early adopters to prove the concept works and eventually the big players will take the leap and this is what has happened with NFTs.

Certainly, the fashion and food industries are leading the way, releasing limited collections of NFTs and this is helping not only connect their brand with a new audience but ensure consistency across different platforms 

Music and NFTs

Mirroring the actions of big brands and sports stars, artists and organisations within the music industry have started to show an interest in NFT.

There are two key reasons for musicians and industry leaders to get involved with NFTs: income and engagement.

NFTs allow the musician to build specific terms and rules into the smart contracts they are based on. It could include access to particular events, music launches and more. This not only builds that connection with fans but also helps control how income is generated.

Moving through 2022 and beyond, the concept of NFTs will remain popular with musicians given the ability to retain ownership of the rights to their music. This means being able to potentially earn more royalties thanks to not having to pay middlemen.

NFT and gaming

The relationship between gaming and NFT can be a complex one to understand, even for those who would traditionally call themselves gamers.

In the past, games followed a traditional pattern where you purchased the game, played it and the assets owned in-game would have no real-world value. Subsequently, play-to-earn games and in-game purchases were developed and this changed everything.

People could purchase assets like skins for characters, weapons or special players using real-world money. Still, they could only be used in-game but thanks to the blockchain this has gone one step further.

The concept of blockchain games that enable people who play them to earn financial incentives like NFTs. Gaming is one of the largest markets in the world and continues to develop, making it an NFT trend to explore in 2022.

NFT Art – Fractionalization

The most famous examples of NFTs that have bridged the gap between the blockchain world and mainstream media have been digital artwork.

In 2022, we’re seeing art continue to dominate but with a particular focus on the idea of fractionalization. This involves taking a particular asset such as a piece of art and turning it into a collection of fractionalized NFTs.

It opens up the market to an entirely new audience. Not many people around the world will be willing or able to spend millions on a piece of digital art, but many will be interested in paying $1000 for a fractionalized NFT of the artwork. 

NFTs and the Metaverse

When it comes to trends in 2022, you’re going to struggle to match the growing interest in the idea of the Metaverse. A digital world that utilises virtual reality, it has become the focus for some of the largest tech companies including Meta and Google.

Given the potential that the Metaverse offers and the growing interest, it makes sense that NFTs are going to play a huge role in the Metaverse.

A digital world opens up more options and greater utility for NFTs and as a result, brands from all industries are already looking to build a presence in both sectors

The rise of the Solana network

The Ethereum block chain has hosted the vast majority of projects that focus on NFTs. This is because it is an established, influential and widely accepted platform. Recent reports have suggested that 95% of NFT marketplaces have chosen to operate on the Ethereum blockchain.

However, recently we have seen a rise in NFT projects choosing to be hosted on a different network. One of the leading networks to take advantage of this is the Solana network. They are particularly popular for NFT and DeFi projects. 

Conclusion

The digital world and physical world continue to collide in a range of exciting and potentially lucrative ways.