What to Expect From NFTs in 2022
Ah yes, 2022. So close, yet so far.
As we're expected to see Ethereum's transition to a proof-of-stake blockchain reduce carbon emissions by 99%, adoption by previous skeptics will continue to explore. With an increase in accessibility, more people will be susceptible to see the use cases of what's being built on top of NFTs, which creates new value - both on and offline.
We are certain that trade among NFTs would introduce processes that are more user-friendly for all parties.
A fair prediction would be the ability to move tokens around and across different blockchains, in particular, easing the user experience for both creators and collectors alike.
Zooming into a creator's view, the disconnection is prevalent - prominent in terms of its technical and financial obstacles of minting and gas fees (the cost to put something on the blockchain). However, improvements are being made on this front too. These encompass improvements that enable people to set up NFT stores as easily as like you would in an e-commerce platform in the current works. That's one big step forward for making it accessible for creators to sell their work.
There is also a strong chance of the roadblocks of buying and selling NFTs being relieved in 2022, where one may never have to "purchase" again.
Instead, you could earn NFTs easily - as easy as just by playing a video game.
We'd say this possibility is a probable one. We're all aware of how gaming has become a mainstream focus as to what is coming next, based on the latest trends with the involvement of digital clothes, avatars, and the physical and virtual worlds merging together. A prime example would be Axie Infinity's case. In the wake of aiding people in the Philippines with staying afloat during the pandemic, the Play-To-Earn game gradually became a global phenomenon as its first NFT project surpassed $1 billion in sales - opening up a potential avenue for NFT acquisition moving forward.
"You're going to have games that facilitate marketplaces for fashion designers and digital fashion designers to create and sell things. The market in that space is going to be absolutely astronomical".
The leap from Fortnite skins to digital fashion isn't a far one either. With brands like Balenciaga, Louis Vuitton and Burberry already entering the metaverse space, we could agree that what we wear in the metaverse might just be as significant to our identity as IRL.
In terms of virtual fashion, some claim that there are two different approaches to digital identities: those who want to represent themselves realistically in the metaverse, and those who want to represent themselves, literally, as an avatar. For the latter, these identities are the "level 99 versions" of the ideal self - cosplay on steroids, if you will.
With global powerhouse Nike acquiring virtual sneaker and collectible studio RTFKT,
It is clear the traditional fashion world sees the long-term value of NFTs,
alongside brands from different industries like beer brand Budweiser and Chinese consumer electronics brand OPPO.
Of course, we cannot predict the future. As the year wraps up, one may ask, "What's our take on all that's to come in 2022?". Ball's in the court for the booming NFT space for sure - we are betting all in on the ease of trade, gaming, and virtual fashion within the NFT space.
What's your take for 2022?