Looking into the NFT crystal ball of 2022

In 2022, the public is familiar with blockchain and NFTs. The shift to digital assets has been drastic, as evidenced by a rise of physical games in popular culture and industries like finance.

The “NFT in 2022” is a prediction that the NFT market will grow by 2023. The future of the market is looking bright. Read more in detail here: nft in 2022.

NFTs used to be all about cartoonish penguins and mutant apes, but those days are long gone. As the year 2022 approaches, the debate about non-fungible tokens has progressed well beyond the first perplexing issues (What are NFTs, anyway?) Long readings that stoke the flames (Are NFTs Just a Fad?).

Anyone paying attention can see that the NFT sector is here to stay, based on the billions of money earned, institutional acceptance, and demonstrable social movements it has spawned.

What does the future hold for NFTs as we enter the new year? As someone who has been in this arena before the zeitgeist, here are my expectations.

Beyond JPEGs, NFTs Have a Wide Range of Applications.

Platforms are springing up in a variety of industries, from real estate to play-to-earn to publishing, to bring NFT technology into new areas of society and culture. With in-game NFTs reflecting progress in their virtual worlds—and actual kinds of cash for players—games like Axie Infinity have consistently increased the ante.

While inquisitive passers-by may only identify NFTs with high-end digital art purchases, we’ve seen what’s possible when platforms blur the borders between art and community to reflect not just ownership but exclusive membership (see: Bored Ape Yacht Club). Look for further innovation in music (3LAU’s Royal) and even vaccination certificates in the coming months, which might assist enhance data collecting throughout the health business.

Hello there, kid. Find a job! No, thank you; instead, I’ll take an NFT.

If there’s one thing Web3 and NFTs have going for them, it’s how blockchain technology can help democratize virtually everything. They’ve done so by assisting in the removal of degrees of gatekeeping that have governed people’s access to work and riches for millennia.

Young investors who are more analogous to the upcoming GameStop movie and Dogecoin frenzy than Oliver Stone’s Wall Street have become day traders as a result of crypto and DeFi. NFTs are allowing artists of all types to develop riches without the need for conventional art dealers, press, education, or prestige, which has been a part of the art world for generations.

From Beeple to Pplplsr to PAK, formerly unknown musicians have become famous, with some becoming billionaires overnight. It’s fair to assume that more will emerge from the blockchain in the days and months ahead, giving the Great Resignation a whole new dimension.

Sandbox and Decentraland, two blockchain gaming platforms, have converted players into virtual land barons, real-estate brokers, and quasi-“animal” breeders. While “working” in these worlds is more typically comparable to a side hustle than a true, rent-paying job, players may easily earn enough to cover some living expenses by staking, farming, and fighting in-game goods. We may expect more gamers to start earning money from time spent on screens and in virtual worlds as virtual worlds (and their currencies) flourish and attract more investment.

NFTs for the greater good (and Change)

NFTs are doing a lot of good for anything from the environment to social issues, healthcare, and fundraising. It’s not just about money and sticking it to the man. Digital Art 4 Climate, a cooperation between UN-Habitat, IAAI Glocha, and Polkadot NFT chain Unique Network, addressed certain negative connotations around blockchain mining and the environment for an NFT design competition focused on sustainability. In July 2021, the Principality of San Marino implemented NFT vaccination passports, marking a major step forward in the usage of NFTs to increase access to healthcare data and documentation. Furthermore, celebrities ranging from Pele to Ellen DeGeneres have utilized NFT sales to raise money for vital causes, according to a Yahoo story that also highlighted the fundraising and contribution potential made available by NFTs. Through the selling of NFTs, a DAO was even founded to collect money and publicity for the release of jailed Silk Road developer Ross Ulbricht. As more organizations and governments join the blockchain revolution, we can anticipate to see an increase in the number of individuals and platforms using NFTs to pay it forward.

Enterprise Branding’s Ascension

Many of the world’s most famous and successful companies have quickly made their imprint on the NFT market, including Budweiser, Adidas, Nike, and Taco Bell. But it will be even more intriguing to observe how brands outside of culture, clothes, and economic transactions join the mix in the next year. The decentralized solution to the dangers of Web 2.0 and Big Tech has long been blockchain.

But now, industry behemoths like Microsoft and IBM, whose bottom lines have historically depended on data and proprietary software, are dipping their toes into NFT technology as a means to broaden their reach. Will practically every major technological platform be involved in NFTs in a year’s time?

Taking Ethereum to New Heights

The Ethereum blockchain has gotten the most attention for being responsible for NFTs’ exponential rise when the first Cryptokitty pureed its way into life. While Ethereum has dominated the discourse in conjunction with the NFT frenzy of 2021, it has also been plagued by network congestion, expensive gas prices, and limited use cases. Enter the NFT-potential of next-generation blockchain alternatives.

Alternative chains like Kusama, which recently completed its first round of parachain auctions, and Solana, which is the new home of Michal Jordan’s new NFT app, are exhibiting their scalability, consumer, and investor interest in the second half of 2021. Something tells us that in a year’s time, these relative newbies will give Ethereum a run for its money in terms of hashrate.

Alexander Mitrovich of Unique Network contributes a guest piece.

By education, experience, and nature, Alexander Mitrovich is a tech leader who believes in the importance of passionate decentralized ecosystems and their power to create innovative solutions. He has managed teams at innovative organizations such as Luxoft and others over the last 20 years. Alexander launched Usetech’s Blockchain Lab in 2017 and has been using it to research blockchain use cases that may drive mainstream adoption via project development across many blockchains.

Find out more.

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Looking into the NFT crystal ball of 2022

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The “free nft games 2021” is a prediction of what the future of cryptocurrency will be. The crystal ball is not always clear, but it can be interesting to look into.

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