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For sure you have heard somewhere the word NFT. Be it on the TV or there is someone you know who is talking a lot about NFTS. It all may sound a little bit confusing but NFT undoubtedly has become a part of our world, the last year being a solid proof of that. NFT by definition is a non-fungible token and to put it bluntly it is a digital item you own. It can be anything digital like music, drawings etc however much interest goes to selling digital art. In 2021 we could see the growing interest for this cryptocurrency and even world-known artists used this opportunity to make more money, Grimes being one of them. She sold $6 million worth of digital art as NFTs. Also, the founder of Twitter put up an autographed tweet as a NFT for sale. It all proves NFT is quite a deal nowadays and it is worth having a closer look at it. The year 2021 has definitely been an important year for this cryptocurrency and you may wonder what 2022 will bring as you might be thinking about getting into this business? If so, keep on reading because ITSharkz as the NFT development company has answers for you.
The first prediction is that NFT will become even bigger with its market cap and total users increasing each year. OpenSea, which is the biggest NFT exchange platform, exploded exponentially in 2021. The number of NFTs sold is going up, the number of traders is going up and so the space is growing extremely quickly. On Ethereum there are more that 1 million users now and it is totally realistic to say there will be even more by the end of this year. It is hard to talk hypothetically about numbers, but one thing is sure: NFT is not going anywhere this year and we need to accept its rising importance. Moreover, when it comes to the global market value of NFT space in 2018 it was 1.3 million dollars and 2021 blew it up and reached about 20 billions. In the light of this, we can safely assume that 2022 will also experience substantial growth.
Another point worth mentioning is that many millionaires, even billionaires, will be made from buying, selling, investing and flipping NFTs. On the other hand, there will also be a considerable number of people who will lose their money because they do not understand what they are doing and they might even get scammed. Unfortunately, with every novel technology that is entering the market, there is a high risk of illegal actions. This is why it is extremely important for new joiners to remain cautious.
Here at our NFT development company we discovered that NFT will begin to revolutionize the music industry, namely the artist will be able to gain back a lot of control over their own music and content. We might see the appearance of new platforms that will allow the artists to monetise their own art. Also, the fan base can potentially get rewarded. The money will go directly to the musician, supporting him instead of going to the label.
What is more in the store for NFT in 2022? It seems that more brands are getting into the scene. Last year the volume of sales reached around 9 billion and well-known brands took direct interest in NFT, one example being Adidas. The brand started the partnership with some NFT companies, such as Punks comic or Coinbase. It is evident that it is just the beginning and soon other brands will follow and will need help from NFT development companies.
Another point worth mentioning is that DAOs are maintaining their position. Interestingly enough, Wyoming as the first US state passed a law that legally recognizes DAO. In the light of this they got the same rights as a limited liability company. This is quite a milestone for the blockchain and crypto, and it is a matter of time when other states or countries will fall into the footsteps of Wyoming.
Also, with NFT growing in its force, gamers will not get bored and will have a chance to earn more money with a play-to-earn game. This is a win-win situation both for the players and the developers: gamers earn money by trading their virtual collections and the other will make money by creating games in question. There is undoubtedly a big potential for earning money in this particular field, and many development houses will have a chance to turn their businesses into this interesting avenue; this is also what we did at ITSharkz and established us as a leading NFT development company in Poland.
Lastly, it is not far-fetched that more NFT utilities will be created. This can be an add up for NFT, as NFTs are very scarce in the market value. Utility-driven NFTs, on the other hand, offer something more than just sole ownership. So what are the benefits such an utility can provide? Let’s take an example of the Bored Ape Yacht Club. If you buy its NFT, you unlock interesting features that are only available for its members, such as a lifetime membership into the Ape community or even entrance to the parties: the above-mentioned BAYC created its first annual Ape Fest that took place in New York City on October 31st. They started it with a bang and had around 700 participants. Also, it proves the line between the virtual world and real life is becoming more and more blurred, and having access to such parties can become a prestigious thing. Evidently, the collections will need to think creatively to attract more buyers and in 2022 we will experience a lot of interesting things going on.
It is hard to pinpoint the exact road NFT will take in its development, however 2021 helped to unlock its potential and it is unlikely it will diminish in importance, quite the contrary, we can expect more hype around it. This is why NFT should not be excluded, it has already become a vital part of our world, and also might offer a lot of new business opportunities, from creating your own collection to even developing NFT-driven games. The possibilities are endless. If you yourself want to dive into the NFT world, for example by designing your own collection, contact us at ITSharkz. We already acknowledged the rising importance of NFTs and want to pursue this avenue as we see a lot of potential there. We are definitely on a new venture, and you can join us. If so, contact us and we will advise you which steps you should take in the NFT realm.
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