NFT investors became a bit worried about their investments after seeing a sharp decline in the sales of NFT in the first half of 2021. But NFTs again gained momentum when some high-profile celebrities and companies like Coca-Cola, Visa, and Budweiser started buying existing NFTs rather than creating their own.
The participation of bigger brands has once again proved that NFTs are here to stay. The recent development of metaverses has also strengthened the NFT marketplace significantly. Fractionalized collectibles, generative artwork, and gaming objects are some of the leading NFT trends these days.
Club Membership is one of the leading NFT trends that have ignited the second wave of NFTs. Bored Apes Yacht Club is the leading participant in this category. It’s a collection of 10,000 unique digital collectible ape avatars that have now become a status symbol. The owners of these NFTs use these avatars on their Twitter profiles to show that they’re now part of the community.
They also get access to a Discord group where they can communicate to the other owners of bored apes NFTs. Unlike other NFT owners, Bored Apes Yacht Club members don’t feel lonely as they get to share their experiences with other members of the community. And they also get to interact with the celebrities that have purchased one of these avatars.
Moreover, they can also get access to owner-only merchandise drops. So, these digital collectibles are offering a lot more as compared to cyberpunks.
The gaming industry has played a vital role in boosting the use of cryptos and NFTs. Gaming NFTs are leading the recent NFT trends with some incredible developments. The Ethereum-based Axie Infinity is one of the leading games that has generated the highest transaction volume compared to any other NFT collection so far.
The main characters of this game are NFTs that players need to purchase before they can start playing the game. The players can earn rewards in the form of crypto tokens after beating their competitors. In some countries, these rewards can be good enough for living a comfortable life.
Although the users have to pay several hundred dollars before they can start playing the game, the user-base of this gaming project has significantly increased and more than one million users now participate in this game every day.
Supdrive is another popular video game NFT project that is introducing a unique concept in the NFT marketplace, mainly focused on converting all the available NFTs into playable video games.
NFTs in Metaverses
Metaverses have significantly increased the value of NFTs over the past few months and have proved that NFTs are going to play a vital role in the future of the digital world. Some metaverses are selling virtual pieces of land by converting them into NFTs.
In most metaverses, owning land is mandatory for accessing different features of that particular metaverse. Similarly, the avatars, clothing items, shoes, hair, and several other objects are available in the form of NFTs the users can purchase in these metaverses.
Many big companies are going to run their business operations in these metaverses and some popular institutes are also acquiring virtual lands in these metaverses to establish their campuses. Metaverses are the future of the internet and will attract a huge number of users over time which will automatically increase the demand for NFTs.
As the name suggests, fractionalized NFTs are the pieces of an NFT that are being sold in the NFT marketplace. The standard NFTs have now become so expensive that an average user can’t afford to buy them. So, a few companies came up with the idea of selling small pieces of an NFT after buying it from the marketplace.
The idea sounds like owning the shares of a company, but the experts say that the fractionalized NFTs are somehow close to unregistered securities. However, it’s not preventing the investors from participating in this trend. In fact, this trend is rapidly growing because it’s supposed to be a great alternative to an expensive option.
Fractionalized NFTs are giving everyone the opportunity to buy an NFT even if they can’t pay the full price of the NFT.
Big Brands are Stepping in
In the first wave of NFTs, the bigger brands tried taking advantage of the rising trend by minting toilet papers and tacos into NFTs. But in the current wave, bigger brands like Visa and Coca-Cola are purchasing the existing NFTs instead of creating their own.
Visa recently added a CryptoPunk NFT into its “historic commerce artifacts” collection. The NFT cost around 50 ETH (i.e $165,000).
Budweiser also purchased a beer rocket NFT worth $26,000 from the NFT market and they’re now using it as their Twitter profile picture.
Coca-Cola also launched its first-ever NFT on the OpenSea marketplace in July 2021. And the company is going to list four more NFTs over the coming months.
Generative artwork is a great combination of art and technology as the blockchain creates a block or a set of blocks when an NFT is generated. These blocks are the perfect pieces of art that can be traded on the NFT marketplace.
Ethereum took the initiative of listing these artworks on the NFT marketplace and it worked very well. The community welcomed this step by investing around $583 million in the generative art blocks within a short span of time. It has now become one of the leading trends in the NFT marketplace.
After a sharp decline in the first half of 2021, the NFT marketplace has reversed with more strength. The NFT marketplace is now showing some unique trends that are defining the true value of this market. The gaming industry, metaverses, and generative artwork are some of the amazing NFT trends that have changed the dynamics of this industry. In this article, we’ve discussed the hottest NFT trends you need to be aware of.
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