The NFT space has experienced a parabolic growth that left many in awe in 2021. From PFP collection fever to 1/1 auctions on Foundation. Today, there are more sophisticated NFTs that works on collectors’ utility with significant development across all board.
It is no longer news that NFTs are the new deal in the world of technology. NFT has come with a complimentary from The Collins Dictionary that crowned it word of the year. Despite some taunts and skepticism expressed towards it, by many, NFT was able to further tickle the interest of investors (mainstream businesses and brands) to further understand how it works.
For further illustration, celebrities are not left behind in joining the bandwagon of NFT investment. The likes of Steph Curry, DJ Khaled, Jimmy Fallon, Post Malone, etc are already investing in different NFT projects.
So, what is in store for NFT in 2022? In this article, we will be having a look at some ideas and thoughts about NFT in 2022.
1. More Brands Will Enter The NFT Space
From the second half of 2021, many brands began to take a keen interest in NFTs, the highlight of which accrued the volume of sales at about $9 billion in 2021. Before the end of 2021, we saw the emergence of big companies like Adidas and Nike throwing their interest at NFT.
Interestingly, this is just the beginning as it is believed that many brands will continue the present expansion in the NFT space.
2. More NFT/Blockchain Games
Games have perfectly played an active role under NFTs with the use of blockchain technology. This has enabled gamers to be compensated for their time while having unlimited exposure to new opportunities.
With the initiative of Crypto Kitties that started the foundations of play, the second half of 2021 saw the addition of play-to-earn games by many NFT projects to their roadmap.
However, the NFT collection, The Forgotten Rune Wizards has announced to add a play-to-earn game, with their floor price doubling in less than 24 hours of its announcement. Similarly, the BAYC announced a partnership with Animoca Brands that is expected to be launched in 2022.
3. NFTs Will Add More Utility
NFT collections had a sold-out in 2021 because of the availability of 10,000 profile picture collections. But as time goes by, we come to terms with the unsustainability of every collectible project.
Hype can work to temporally take a collection to an extent, but its true value and longevity in utility. For NFT projects to become successful, they must be uniquely defined to stand and serve a purpose of value to the collector.
Regardless they are through airdrops, tokens, or commercial rights, collections must be uniquely carved with a defined purpose to attract collectors and accelerate sales. Therefore, we should look forward to seeing more utility.
4. DAOs Will Continue To Grow
The fundamentals of DAOs have been able to challenge traditional business start-ups with their transparent, public, and decentralized features in which tokens would take the place of equity. This is because tokens are credible with the even distribution of wealth.
There has been remarkable progress in the importance attributed to DAOs as many collections are adding DAO establishment to their roadmap, hence enabling collectors to be part of the decision-makers of the project.
At the cusp of uncertainty concerning regulations and legal standards, DAOs are expected to expand in 2022. This will be from votes to fundraising and community development. This is evident in Wyoming, where the law that legally recognizes DAOs has been passed.
5. NFTs Will Be More Innovative
The value of the NFT space has had a surge in volume with billions of dollars being injected into it. For now, there has not been a large degree of diversity with 1/1s, generative art, and PFPs all front running in 2021.
It is becoming increasingly difficult for many collections to attract attention because of the sheer volume of similarity that characterizes the market, so more innovative ideas and art are needed.
It is fairly true that so much has changed in the last 12 months and nobody would have been able to predict how NFTs would be faring in the next 12 months. As it stands now, we can have a retrospect into what changed and the expectations ahead. Nonetheless, it will be safe to say NFTs will have an exciting 2022.