The future of NFTs looks promising, with immense potential to transform the digital space. NFT marketplaces have gained massive popularity across the globe. According to Bloomberg, the NFT market surpassed over $40 billion in 2021. With celebrities and significant brands jumping into the NFT bandwagon, its popularity peaked, minting billions of dollars on the blockchain. It secures its position as one of the hottest trends, with the expected market reaching $82.43 billion by the end of 2026.
The industry is growing exponentially, opening an ocean of opportunities. The latest NFT trends are beyond just NFT collectables and digital art, and the spectrum of earning and monetizing creativity has exploded worldwide for NFT artists. However, NFTs will be much more than just accumulating virtual assets in the coming years. Here are some of the upcoming NFT trends to watch out for:
NFT Loans
The concept of NFT loans stems from the challenges in liquidating NFTs. As the marketplace for NFT is limited and small, it poses problems regarding commoditization. This brings the concept of NFT loans, where the NFTs are used as collateral to get loans for emergency or investment purposes. Decentralized finance (Defi) platforms back the use of NFTs as collateral to get loans using smart contracts. In short, the NFT collateralized loans allow borrowing against NFTs.
NFTs for charities
NFTs are a great tool for collecting money for a purpose. Whether it is for wildlife restoration, women empowerment, fighting for gender equality, or supporting people with a condition or disease, NFT auctions are an excellent way to accumulate money for charity. An example is Beeple’s NFT digital work, which sold for $69m at Christie’s auction house to support climate change by Open Earth Foundation. The NFT auction and the proceeds of a successful bid have backed many foundations and NGOs with charity work.
NFTs in Finance Technology
The blockchain-backed technology makes NFTs an important integration in the FinTech industry. The deployment of Defi makes it a lucrative instrument for FinTech while disrupting the financial intermediaries on the blockchain. The NFT space within FinTech is evolving with innovative projects like blockchain stocks and funds. An NFT index fund is quite nascent, but it has huge potential for crypto and NFT investors. The growing interest in decentralized exchange for NFTs might become a parallel stock exchange market. NFTX, for example, is one of the popular decentralized NFT marketplace offering NFT-backed index funds.
NFTs creating a brand identity
It is no secret that most leading global brands have ventured into the NFT marketplaces, backed by a positive response from the audience. Large brands stay relevant and at par with the cut-throat competition by using NFTs as a promotional and marketing strategy. As clients and customers join a brand’s NFT community, it builds brand value and loyalty. With strategic communication and NFT-based engagement, bigger brands are harping on the buzz of NFTs to create a stronger brand identity.
NFTs in promoting movies
Numerous big-budget movies have launched NFTs as part of the promotional campaign and as a
way of earning extra income. Not only as a promotional campaign but NFTs are quite capable of funding a movie. Movies launching NFTs for the fans is a solid NFT trend to look out for in 2022 and beyond. As a part of a promotional campaign, the NFT collection was launched by Warner Bros and Legendary Pictures for the movie Dune. Another example is the series of exclusive NFTs launched for Deadpool 2 for people who purchased the movie ticket, and this led to blockbuster success for the movie.
NFT Tickets
This is particularly an excellent initiative for all sorts of virtual event. Integrating NFT tickets in event management is a great way to mint the required number of tickets for people registered for an event. Exclusive events are a great way to sell NFT tickets through a bidding system. Many companies and brands have started using virtual mode for an event; hence, NFT tickets would help streamline the process backed by blockchain technology.
NFTs bring huge opportunities for crowdfunding and monetizing film projects. There are a few movies that are all set to be produced based on NFT crowdfunding. GenZeroes is a live-action NFT TV series where one can view the episodes only through NFT purchase. Many film projects like Men of the House are funded through NFTs.
NFTs and Artificial Intelligence
Integrating NFT with AI is expected to bring out advanced and innovative technologies and experiences. AI-generated NFTs in the future are expected to give personalized experiences to the NFT holder. AI-backed NFTs have the potential to learn and understand more about the holder, amplifying the immersive experience. There are endless possibilities for creating intelligent NFTs. Generative art or digital NFT collection with advancement in language, vision, and speech intelligence is a powerful way to expand the potential of NFTs. AI-capabilities in designing the NFT marketplace would transform the NFT infrastructure coupled with deep learning to facilitate better with NFT holders.
Conclusion
NFTs have the potential to create opportunities and innovation backed by blockchain technology. The boom of NFTs in the past years has been huge, allowing brands, businesses, and independent creators to connect with a digital community. However, the role of NFT is not only limited to hoarding, selling, or buying digital collectables. The blog summarizes a few upcoming NFT trends to look out for in the coming years.
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