As the underlying blockchain technology in the crypto realm continues to evolve, several incredible crypto and NFT use cases are emerging. Here are five NFT and crypto trends in the NFT space to keep an eye on, ranging from pop culture to shared ownership:
Take pride in your work.
Small-time crypto investors have been feeling left out of the art NFT scene as the cost of NFTs continues to rise to new highs. After all, how many of us can afford a lakhs-of-rupees Bored Ape NFT?
Fractionalized NFTs, in which ownership is split among numerous owners to bring the price of artwork down to an affordable level, is one trend that has caught on to combat this. Banksy’s Gorilla in a Street Mask NFT, which will be auctioned as a collection of 10,000 fractionalized NFTs for $750 each, is a popular example.
Gaming is being NFT-fied in the NFT space
It’s no surprise that GameFi (gaming and finance) is quickly gaining popularity among consumers and developers, with in-game NFT assets being built by some of the industry’s biggest brands. Axie Infinity, which is inspired by Pokemon and features collected pets called “Axies,” is one of the most well-known names in this field. It is said to have amassed over a billion dollars in in-game assets via its tokens, which can be utilized throughout the game’s ecosystem. Gaming and NFTs appear to be a match made in heaven, and we’re only scratching the surface of what’s possible. Look for NFTs from titles like Thunder Lands and Metawars, among others, this year.
Films get in the act
Wait till the movie If you think streaming has matured in the last several years, NFTs have become ubiquitous. The momentum has obviously changed for NFTs when it comes to the viewing experience, from web series like Ajay Devgn’s “Rudra” launching metaverse characters to using NFTs to fund the whole pilot episode of the TV series “Men of the House”. Further, the producers of the $50 million film “Antara” announced the first NFT that allows a buyer to digitally part-own rights to a Hollywood picture and profit from the box office and streaming earnings. You may use NFTs to interact with movies in a variety of ways, and you can be as active or as passive as you like with your involvement and investment.
NFTs are becoming more fashionable
The fashion and blockchain worlds were immediately opened up to the potential surrounding fashion labels when Gucci announced the debut of their $12 digital sneakers. However, fashion houses have long been a part of the NFT universe. Burberry has already teamed up with Mythical Games to release an NFT collection based on the latter’s flagship game, Blankos Block Party. Dolce & Gabbana has also produced its own NFT collection called Collezione Genesi, and a Baby Birkin NFT was recently auctioned for $23,500. Luxury goods are clearly in vogue when it comes to NFTs these days.
The NFT Bug Is Caught by Music
According to many analysts, NFTs will profoundly change the music industry. Songs, albums, music, and lyrics can all be converted into NFTs in the NFT space. Kings of Leon have already made history by becoming the first band to release an album exclusively as an NFT. Lostboy NFT is popular music and art collective that focuses on mental wellness. Mike Shinoda of Linkin Park raised roughly $11,000 for his first NFT. For the first time, musicians think they are being appropriately compensated without record companies collecting the majority of their earnings, signaling a significant shift in the way the business will expand in the months ahead.
With pop culture extending into the metaverse and fashion brands dabbling in NFTs, cryptos and NFTs have a brighter future than ever. Some applications are still being developed, but it is clear that as more people get interested in NFTs, some of these industries, particularly music and gaming, will face significant changes. And, thanks to fractionalized NFTs, owning a work of art by a well-known artist is now more accessible than ever. NFTs shine brightly and distribute light far and wide.