Last year clubhouse spaces were booming, artists were learning about NFTs and no one knew what was going to happen next.
The space has grown exponentially in the past year, far beyond anyone’s expectations. For example, NFTs have evolved tremendously from 1/1 auctions on Foundation to the PFP collecting craze to more sophisticated NFTs that benefit collectors.
NFTs and the IT industry
NFTs have taken over the IT industry so much that The Collins Dictionary named them term of the year. The stigma and distrust of many has attracted established brands and companies who are investing to learn more about how space works and how they can get involved.
Corporate experimentation has become increasingly persuasive, proving that NFTs are not just a bubble. Celebrities such as Jimmy Fallon, DJ Khaled, Steph Curry, Post Malone and Paris Hilton to name a few have invested in NFT initiatives.
There is still some controversy, drama and fear mongering, but significant indicators of possibility and optimism work to build the space every day. But what about next year – what’s in the cards for digital investing?
Utilities of NFTs
NFT collections sold out last year just because they had 10,000 profile pictures. But as the months went by and we learned more, many found it untenable to dig into any collecting endeavor. Hype can only get so far in a collection, and it’s useful right now. For a project to endure, it must be defined, distinctive, and value the collector beyond the art or the name.
Tokens, airdrops, metaverse access, and commercial rights are ways collections try to attract collectors and sell out.
More brands will enter NFT.
With 2021 sales of $9 billion, the possibilities are endless. Nike bought pioneering RTFKT studios while Adidas partnered with NFT startups including Punks Comic, BAYC and Coinbase. Brands will continue to expand their presence in the NFT space and Metaverse throughout 2022, and we may expect more eyes on the scene.
DAOs will increase.
DAOs are public, transparent, and decentralized, using tokens instead of shares. They are more reliable and allow real-time wealth distribution. A DAO allows collectors to actively participate in the governance of the project.
From votes to money to community expansion, DAOs will continue to thrive in 2022. Despite regulatory and legal ambiguities, Wyoming has identified promising prospects by passing legislation officially recognizing DAOs. Its decentralized nature is gaining traction, and we can expect more changes over the next year.
The ENS domain airdrop and the more recent $SOS token airdrop rewarded early adopters and backers with tokens. Similarly, BAYC plans to release a token that rewards holders, while GM intends to release a $gm token that rewards Twitter engagement with GM culture. These tokens emphasize the need to interact in the area. More token airdrops are expected in 2022, and from what we’ve seen, you should participate in any way you can.
Blockchain technology has opened up new ways for players to be rewarded for their time. After Crypto Kitties broke ground in 2017, several NFT projects added play-to-earn games to their roadmaps in late 2021.
The BAYC, which has partnered with Animoca Brands and will premiere in 2022. The Forgotten Rune Wizards also announced their intentions for a play-to-earn game, and their reserve price has more than quadrupled in less than 24 hours.
Well-known NFT character
Loopify’s own NFT game, Treeverse, is an example of the promise of blockchain gaming. NFT projects will continue to look for gamification in 2022. We will see.
The most notable event was a week-long takeover in NYC coinciding with Ape Fest 2021 at BAYC. Thousands of NFT fans flocked to town to put a face to their online character, which many hadn’t done since joining the space.
It was an opportunity to merge digital and reality, and it was trendy. BAYC also sponsored a Warehouse Party featuring The Strokes, Lil Baby, Beck, Chris Rock, Aziz Ansari and Questlove. Also, they invited monkeys to a real boat party with live music and dancing.
Due to the popularity of the events, other NFT collections have started incorporating IRL events into their roadmaps, so expect more in 2022.
NFTs will be innovative
Since the beginning of the year, billions have entered the NFT space. Interestingly, PFPs, 1/1s and generative art were leading the way in 2021. Due to the sheer number of similarities on the market, more original art and concepts are required.
Recently, a collection called JPGpeople was launched, which allows collectors to contribute to the creation of art in a word. It encouraged thinking, creativity and above all it was novel. In 2022, expect to see more innovative NFTs that don’t just require you to click mint.
things will change
It’s obvious, but it’s also hidden. A lot has happened in the last year, from trends in the NFT market to the price of Ethereum to companies getting into NFTs. No one could have predicted where NFTs would be last year, and it’s doubtful we’ll see the depth of them over the next year.
Given what has happened and what is predicted for the future, we can confidently say that NFTs will have an interesting year in 2022. And the boom-and-bust gold rush fever will make some investors wealthy.
Of course – others will lose their shirts. So don’t count your banksies before they hatch.
Credit: Cottonbro; Pixel; Thanks!