NFTs are rapidly becoming more popular as more people understand how to use and leverage them. NFTs are a type of digital asset which is reproducible and can be traded but not copied. At the moment, there are different types of NFTs, from cryptocurrencies such as Bitcoin to in-game items like skins for Fortnite.Â
NFTs have grown in popularity as more people get into this space and understand how they work. Here are five trends that show how NFTs will change the world in 2022.Â
They include:
- State of the Art
- Diving into the Metaverse
- Raise the Fundraising Bar
- Social Communities
- Disrupting Industries
State of the Art
NFTs are continually growing in popularity and will be adopted by many organizations in the future. The ability for people to easily create their cryptocurrency or digital asset allows for a wide variety of applications and use of blockchain technology.
One of the art trends is the tokenization of companies and assets. With the introduction of Ethereum, it became possible to create an ERC20 token out of practically anything.
Diving into the Metaverse
Another trend is for people to start creating and owning digital items within multiple virtual universes. Virtual universes require interaction with other players to progress through the game.
Raise the Fundraising Bar
An increasing upcoming trend is the use of NFTs to raise money through fundraising. More and more companies are starting to understand the benefits of raising funds through an ICO or token sale. Fundraising has become an essential result of NFTs.
NFTs are secured by blockchain technology by offering a transparent and traceable database. This ensures that funds reach selected charity organizations. Solana is one of the blockchains and innovative contract platforms designed to prioritize scalability without compromising security.
Social Communities
The NFTs are used on social networks, such as Facebook, Twitter, and Reddit. In January 2022, Twitter announced that users can now swap their profile pictures as NFTs. This helps solve the issue of ‘right click and save.’ This has led to the rise of exclusive metaverse social communities.
Disrupting Industries
NFTs have positively disrupted several industries. The first industry that NFTs changed is the gaming industry. Gaming items such as skins are currently traded on an open market with many different prices depending on demand, rarity, and community size.Â
The ability to trade digital assets could help reduce in-game item prices since the game developer will no longer control them.
Other industries that NFTs will disrupt are the movie and music industries. Listeners will drop in and respond or release their music on platforms in and across the metaverse. NFTs will reward the audience on the blockchain.
ConclusionÂ
In conclusion, NFTs are rapidly growing since they do not require centralized third-party services to issue tokens. Many companies and projects are currently using NFTs to raise funds through ICOs and token sales and will continue to do so in the future. The ability to create digital assets within multiple virtual universes will also gain interest over time.
