A few years ago, most people hadn’t even heard of NFTs or how they really work. In 2022, we see an increasing number of people showing interest in creating or buying NFTs. With NFTs or non-fungible tokens taking the world by storm, the internet is rapidly changing the world. The world has just started exploring the true potential of NFTs and how businesses can use them to create innovative customer experiences.
While the artwork and gaming industries are leading the chart, other industries such as real estate and insurance have started wrapping their heads around this new form of digital currency. In this post, we’re going to mention the top NFT trends that are reshaping the digital world.
Top 3 NFT Trends
Considering the mind-blowing growth in the NFT market, you must be curious to learn how NFT trends will impact your life. To give you an overview of how non-fungible tokens can impact billions of lives on this planet, we’re going to highlight some of the key NFT trends:
1. Businesses Jumping on the NFT Bandwagon
While consumers are taking more interest in NFTs than ever before, today’s leading companies are actively exploring how they can take advantage of this emerging concept. For example, Pepsi launched their first ever brand NFT called ‘Pepsi Mic Drop’ in 2021.
Tech giants like YouTube have also shown an interest in the world of non-fungible tokens. The objective of these top brands is to evaluate the potential for blockchain technology and how it could revolutionize their business landscape.
YouTube CEO, Susan Wojcicki said in her speech that their goal is to identify how blockchain, Web3, and NFTs can create a rewarding and exciting environment for content creators and their followers. Tech companies are not the only ones exploring NFTs, fashion brands are also moving fast and jumping on the trend.
As a comprehensive way of verifying the authenticity of digital assets, NFTs are created in a way that ensures an unalterable, permanent chain of custody. In the past, there was hardly any way to verify the authenticity of collectibles. In other words, NFTs resolve the human error and fraud-related challenges.
This could be one of the applications of NFT to the real-world collectible. Need an example? The National Football League (NFL) is planning to give free NFTs to Super Bowl attendees. If we talk about the real estate industry, Propy initiated the first-ever sale of an NFT-backed property. If this practice becomes mainstream, people would be able to buy or sell real estate via a virtual exchange, the way we trade stocks.
Today, you see only big corporations testing NFTs’ potential. However, small businesses would also be able to revolutionize their business models through NFTs no matter their industry.
2. NFTs and the Metaverse
A lot of people are talking about the metaverse as the technology of the future. If you don’t know about the metaverse, it’s a digital ecosystem created with the combination of physical and virtual reality (VR). The metaverse enables us to socialize, play, work, or travel within that digital environment.
While the metaverse is a trillion-dollar opportunity, it’s important to learn how NFTs are set to play a role in the virtual world. As we mentioned earlier, NFTs are unique digital items. From gamers to artists, people love to show their collectibles and rare items.
The metaverse or the virtual world is making it easier for people to create or own unique things. For example, they can go ahead and buy awesome artwork to showcase in their virtual art gallery. If we talk about businesses, Nike recently sold hundreds of pairs of shoes as NFTs, generating over $3 million in revenue.
Today, the idea of owning a virtual pair of shoes or an NFT picture of shoes seems foolish to so many people. However, those virtual shoes will demonstrate their real value in the future as our lives are becoming increasingly digital. If you own a particular pair of virtual shoes, only you would be able to wear it in virtual environments and that NFT picture that own is completely unique.
Related: Metaverses Worth Visiting in 2022
3. The Internet of Things and NFTs
So far, we have talked about the metaverse and the rising interest of brands in NFTs. Let’s see how the internet of things and NFTs are going to change our lives down the road.
Studies suggest that there could be more than 125 billion devices connected to the internet of things (IoT) worldwide by 2030. This is going to be a massive network of appliances, computers, wearables, vehicles, and industrial equipment, isn’t it? Experts are of the opinion that NFTs will play a critical role in the implementation of IoT.
Wondering how NFTs could impact IoT? As we know, IoT is about how machines communicate with each other. We also called it machine-to-machine communication (M2M). For example, smartphones, smart refrigerators, and light bulbs are capable of communicating with each other.
In smart industrial settings, we see similar kinds of environments where so many machines exchange data and automate the production process. NFTs come into play when it comes to authenticating the data that is being transferred among machines. In other words, NFTs can help smart warehouses and factories authenticate data.
We don’t have so many examples of NFTs streamlining industrial operations. However, WISeKey, a leading cybersecurity company, utilizes semiconductors that mint NFTs to verify whether or not the device is trustworthy.
If you want to learn more about NFTs and IoT, read our blog that talks about What is the Role of Crypto and Blockchain in the Internet of Things.
We’ve highlighted some of the top NFT trends to demonstrate that the application of non-fungible tokens is not only limited to NFT pictures or unique images. Since we’re witnessing more and more trends and developments in the NFT landscape as we move through 2022, the coming years are going to define the true potential of non-fungible tokens. The virtual and physical worlds are mixing up in a pretty exciting and profitable way. As a business or consumer, you can gain a lot from NFTs and the emerging digital world.