Earlier this year, non-fungible tokens (NFTs) managed to take the art world by storm. Since then, NFTs are burning a permanent mark in the crypto industry. According to the latest NFT news and reports, the NFT market grew by about 299% in 2020.
Luckily, this exponential success follows the investors even through 2021. With many people recognizing the role of NFT in different industries, there is an emergence of major NFT trends in the crypto market.
So what is NFT, and what are the latest trends that you should know about?
What Is An NFT?
NFT is a form of non-fungible token which is cryptographically generated using blockchain technology. They represent various assets like digital artwork, virtual collectables, real estate, virtual assets, etc.
NFT is usually bought and sold on different marketplaces like MakersPlace, Nifty Gateway, and OpenSea, to name a few.
According to the latest NFT news, in the first quarter of 2021 alone, around $2 billion was spent on NFTs. If you include NBA TopShots on Flow, it will add up to another $50 million in weekly quantity.
The increased interest in NFTs and their entrance into mainstream interests is due to many factors, including the pile-up of previous successful NFT projects.
However, in 2021, COVID-19 and the global lockdowns resulting from it have contributed much to the increase in popularity of NFT. So if you intend to venture into NFT, make sure to follow the latest NFT trends and understand the progress before deciding.
Given here are some of the top NFT trends that you should look out for.
Crypto Gaming
A significant area of growth for the defi nfts resides in the gaming space through crypto gaming. Crypto gaming allows the players to virtually collect as well as trade assets from anywhere across the world.
And NFTs are playing a significant role in contributing to expanding such games.
One of the best examples of this new form of the game is AnRKey X. The Decentralized Finance Gaming Platform Exchange that the team has built combines the world of Decentralized Finance (Defi) yield farming, competitive esports, and NFTs.
All in all, this landscape has caught the limelight by providing a compelling use case for NFTs within games.
Portfolio Management
There are also high hopes of witnessing emerging and traditional art turn into emerging and conventional financial systems. Now, many financial platforms are striving hard to on-ramp customers into different forms of crypto-assets and bitcoins.
Similarly, financial systems also need to integrate and package NFT-based assets into portfolio management systems and asset allocations.
NFT In eCommerce
NFTs offer a range of opportunities within the eCommerce sector due to their nature. In traditional eCommerce, transactions are usually centralized by many top intermediaries. And in this system, there is a lack of transparency in product and pricing data.
However, NFTs can give the power back to the customers, individual creators, and brands with the decentralized system in place.
In an era where all products are turning digital, introducing transparency between buyers, sellers, and resellers will create more opportunities in the industry.
NFTs in Decentralized Autonomous Organization
Even the myriads of communal facets of the economy have started to turn digital, thanks to Decentralized Autonomous Organizations (DAO). This trend has been recurring in the NFT market as a software-defined investment collective helping bid hundreds of dollars to purchase sought-after creative expressions.
One of the fine examples for NFT is the video created by Pplpleasr. What was initially made for promoting a decentralized finance protocol called Uniswap was then sold for the #StandWithAsians movement, which originated in the light of the Atlanta shootings.
Given the young history of cryptocurrency, NFT has already garnered a reliable reputation among investors. So, why wait longer when you can be a part of the NFT rush picking up the pace right now?
