The rise of NFTs has wreaked chaos in the digital realm as they impact businesses, including the art world, gaming and real estate, to name but a few. This is a drop in the ocean. We are only beginning a long journey before non-fungible tokens reach their full potential.
Many large corporations are working on NFT projects, and following closely behind them, are investors who are not afraid to spend large amounts of money on NFTs. As a result, new NFT-based firms are popping up every day.
So, what will be the next industry to be disrupted by NFTs?
What NFT developments will characterize the coming years?
We know that different industries and markets such as gaming, banking, and art are using NFTs.
Furthermore, top global companies see the billions in transactions and are dipping into the large blockchain and NFT community.
Community Values and Branding
Communities build up around creators, giving a sense of one for all and all for one. A community brings values of fairness to the actual creators of digital art.
Let us look at this from the perspective of an artist. In the past, once an artist sold their artwork, they got the payment, and that was that.
However, with NFTs, they can continue to get royalties from future sales by adding a sell-on percentage in the NFT smart contract.
The add-ons to smart contracts allow artists to benefit from future sales.
One example of this is the amazing and multi-talented digital artist David Bianchi, who has been so innovative in bringing social activism to the NFT sphere. With his releases of spoken word poetry NFTs related to social injustice in the USA, he is showing how NFTs can be a source for change.
Music NFTs are at the start of a trend that could see the whole industry turned on its head.
Music NFTs, which provide transforming experiences, are growing in popularity in 2022. We see this with the likes of Snoop Dogg buying Death Row records to publish songs as NFTs. Smaller independent bands and singers can engage their fan base by attaching rarer items, such as behind the photos or acoustic renditions of their songs.
Additionally, musicians can address intellectual property concerns by using NFTs. Since recording deals became a thing, many talented artists have had to relinquish their rights to corporations or audio streaming providers.
Although there has been a lack of enthusiasm from game developers relating to NFTs and P2E games, we can only see more adoption ahead. Gaming tokenization is one of the major NFT market dynamics of 2022. Gamers may use NFTs to purchase assets such as imaginary lands, avatars, access to exclusive communities, and weaponry for avatars in the new digital world powered by blockchain. We anticipate an increase in the number of gaming initiatives using NFTs to market their brands, attract new users, and boost user engagement this year.
NFTs and Social Media
There have been a lot of rumors around the cryptocurrency community relating to the adoption of NFTs by social media. For instance, TikTok, Facebook, and Twitter are creating partnerships in the NFT realm in their unique ways. Social media enthusiasts are at last seeing these upgrades appear.
You can now use your favorite NFT avatar as your profile image on Twitter.
Avatars That Change
NFT avatars will gain dynamism, customization, and mobility. Imagine yourself taking a selfie and having an AI that will create a one-of-a-kind, personalized 3D avatar that resembles your ideal self. You may change the character’s attitudes, stances, dress, and accessories.
Now, consider how much simpler it must be to generate interesting Twitter postings that produce positive outcomes about yourself.
NFTs: What’s Next?
We are very much in the early stages of understanding the true potential of NFTs. With more use cases emerging, such as the Metaverse, we can expect to see the continuing adoption of NFTs, not only in the current niches but in society at large and in ways that we haven’t even thought of yet.