Cryptocurrency is not having a good start in 2022. Prices are continuing to fluctuate and go down as the days pass by. The inconsistency stays along. The current price (as of 1/8 3 PM) of BTC is around $41K and ETH around $3K. We need to see how crypto trends in the coming days. But the craze for NFTs is increasing day by day. And the trend shows that 2022 is going to be huge for NFT.
NFTs (Read my blog What are NFTs?) started to rise in 2021 and we are seeing the same increasing trend across the globe for NFTs. Everyone is targeting digital assets and trying to make money and name.
With metaverse, virtual reality games have taken a hype. Games with virtual worlds, races, and other fantasy worlds are increasing enormously. There is a demand for the digital assets needed to play those games. As of Friday (1/7/2022), Gamestop announced that they plan to launch the NFT marketplace, which is going to be a big marketplace for gamers.
We are going to see a huge number of new NFT games in 2022, Axie Infinity which is like pokemon, Sandbox, Star Atlas which takes us to fantasy worlds, and evergreen racing games like Revv Racing, Nitrox Racing, are a few of the games. But we have many more with different genres. Metaverse which is the future; has opened up many possibilities in gaming development. NFT is going to be asset management in those virtual worlds.
There is a huge attraction to music NFTs too, the tracks, digital cover arts, merchandise from famous bands, make a great digital asset for all the fans. Fans are the biggest consumers, they want to be part of their favorite band. Many independent musicians have been using Spotify or Apple to stream their music. They get paid based on the streaming count, which takes a long time, and also based on how hit is the song. But you can sell your song as NFT and make money immediately. Musicians can also set up royalty, every time their NFT is traded they can make a profit.
Trending in India
Being from India I want to mention about growing NFT trend there. We have seen huge hype on digital assets for a few months now. Especially in the entertainment world. BeyondLife.club started the NFT trend in India with Amitabh Bachchan NFTs, who is a superstar in India. It was a huge success and now the trend is continuing with other entertainment and comic-related NFTs. BeyondLife.club is launching its marketplace from Jan 28th, so you can trade your NFTs.
Many other areas where NFT is going to make a mark this year. Artists are already using NFTs; it may increase this year. Concert and Game tickets. Domain names. Memorabilia from important events. Fashion. And some physical assets like real estate or antiques may start using NFTs.
Blockchain technology itself is going to open a new stream of economy and opportunities to many. But also we need to see what will be the regulations that are going to be imposed as NFT is still an asset and can be taxed and valued as part of income. That is something we need to look out for and make sure to follow the regulations.
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Image Source: axieinfinity.com, sandbox.game, staratlas.com, revvracing.com, beyondlife.club, http://www.voguebusiness.com, airnfts.com, opensea.io/collection/music, http://www.nft.kred/events/tickets