According to a recent report from Cointelegraph Research, the volume of non-fungible tokens (NFTs) sold this year could eclipse $ 18 billion. From illustrations, music and in-game characters to videos and photographs, these certificates of ownership for digital assets on blockchains are highly sought after by collectors, investors and philanthropists. They can also be freely traded on decentralized NFT platforms such as OpenSea. Without further ado, let’s take a look at the biggest trends developing in the NFT space.
1. Celebrities and contemporary NFTs
Of course, in first place this year, as there was no shortage of NFT collaborations and collaborations in the entertainment industry. Highlights include the drops in Mila Kunis’ NFT Stone Cats, which sold out in about 35 minutes and spiked gas prices on the Ethereum blockchain to process transactions.
In November, rapper and songwriter Snoop Dogg auctioned off a 3D collage of 10 different portraits of himself at different stages of his professional career, with the winning bid amounting to 188 ETH (around $ 700,000). In mid-December, NBA star Kevin Durant announced a partnership between his company Thirty Five Ventures and Coinbase to collaborate on NFT drops.
Next, director Quentin Tarantino announced the auction of seven uncut scenes from Pulp Fiction. as NFTs built on the secret network focused on confidentiality. However, Tarantino may have been too eager to join the hype, as production company Miramax filed a lawsuit against Tarantino for alleged copyright infringement resulting from its NFT sale.
However, as crypto enthusiasts directly note, the most popular NFTs are those that feature “pixelated punks” created by artist Crypto Punks. The group currently holds the largest sales volume on OpenSea.io with 750,300 Ether (ETH) digital art (around $ 3 billion at current price) traded since its inception in 2017. Their success has also attracted partnerships and deals with the best Hollywood agents.
Two contract killers. An iconic director. An Oscar-winning screenplay. You.
– Tarantino NFT (@TarantinoNFTs) December 1, 2021
2. Play to win NFT games
NFTs are not just meant to be displayed. A blockchain game, Axie Infinity, involves players fighting each other or non-playable characters and completing daily quests with in-game creatures called Axies. Each Axie is a unique NFT that can be bought and sold on the Ethereum blockchain. Axie NFT’s strike is known as in-game reproduction, with rarer Axies having better stats and subsequently costing significantly more. According to its official marketplace, the total volume of Axies bought and sold in the last 30 days is over 125,000 ETH, or roughly $ 500 million.
Additionally, players can purchase virtual land-based NFTs in-game. Such digital real estate represents places where monsters and bosses spawn, in addition to hosting an abundance of resources. Most Expensive Axie Infinity Terrain Ever Sold took place last month for 550 ETH ($ 2.3 million at the time).
✨A Genesis land just sold for 550 ETH!
That’s over 2.3 M USD!
Our player-owned digital nation continues to shock the world pic.twitter.com/SVvAtFNYUF
– Axie Infinity (@AxieInfinity) November 24, 2021
Another popular choice is the NFT Sorare fantasy football game. Thanks to Sorare, players can manage their own football teams via digital reader NFT cards. According to its CEO, Nicholas Julia, more than half a million players have joined the platform organically without any marketing efforts.
3. Metaverse NFT
Developments in the Metaverse, a digital realm featuring 3D augmented reality, have been gaining traction since Facebook rebranded itself as Meta in October. NFTs play a central role in the metaverse to ensure the uniqueness of virtual assets such as player avatars. Meta’s Metaverse product manager, Vishal Shah, said in an announcement that the new platform “will make it easier for people to sell limited education digital items like NFTs, display them in their digital spaces, and even display them in their digital spaces. safely resell them to the next person ”.
Right now, there is a massive 21-level skyscraper being built in the Metaverse by Bloktopia to pay homage to the maximum of 21 million Bitcoin (BTC) that can be created. Notable consumer brands like Adidas and Nike are also entering the metaverse, teaming up with contributors to develop NFT artwork for their namesake brands. Above all, the developers of the virtual metaverse game Sandbox want to defend the kingdom against the threat of big tech monopoly.
4. NFT sponsorship
The number of charities accepting crypto donations increased dramatically in 2021. A platform facilitating such transactions, the Giving Block, has seen donations reach over $ 100 million this year, compared to $ 4 million for the year. All of 2020. The company is partnering with NFT Platforms so that a portion of the auction proceeds can go directly to nonprofit crypto-associations, with NFT direct donations being a possible future development path. In the United States, investors can deduct their charitable donations directly from their regular income, usually over a few years, resulting in a win-win situation for all.
But, philanthropic endeavors in the NFT arena go far beyond this. So far, the NFT auctions have raised enough funds to build a school in Uganda and support frontline health workers. In 2022, a promising NFT auction will help raise awareness among contemporary artists with intellectual disabilities. Meanwhile, another’s proceeds will go to a charity of choice for the former Italian royal family.
5. Art from the NFT world
Along with traditional art, artists have to travel the world to participate in exhibitions and auctions in order to publicize their work – a privilege reserved only for those with sufficient capital. But, with the rise of NFT’s decentralized markets, anyone in the world can strike, showcase, and sell their art with little start-up capital, thus connecting cultures around the world.
The Melanated NFT Gallery and the Mongolian NFTs are two notable mentions. Melanated NFT Gallery features contemporary African and Latin artwork such as landscapes, photographs of jazz icon Miles Davis, music from DJs, audio for guitar, collectible cards and more. musics. Meanwhile, the Mongolian NFTs platform contains NFT images of the nomadic pastoral steppes of the country of the same name and its history, traditions and customs as told by Mongolian artists. It has exceeded 100,000 registered users and sales of 1.5 billion Mongolian Tugrik ($ 550,000).