October 31, 2022
By Murtuza Merchant
Despite having a similar appearance to digital art, NFTs are considerably more.
The engagement of large businesses in well-established communities, a variety of artwork, and priceless collections are recent developments in NFT.
These are the NFT tendencies that are most frequently discussed in debates about the newest crypto subculture.
1. Obtaining Loans Through NFTs
Investors utilize their NFTs and NFT collections as collateral to get loans for new potential ventures and crises, which is a fresh use case for NFTs.
Many decentralized finance (DeFi) systems were created in 2021 to support the use of NFTs as loan collateral.
NFT is yet another market where users may lend to other users or use NFT assets as security for loans.
Any ERC-721 token may be pledged as security for an ETH loan.
The asset is given back to the lender if the loan is not paid back, and the NFT is given back to the borrower when it is.
2. Major Companies Joining the NFT Bandwagon
Numerous companies from diverse sectors are exhibiting interest in NFT, and each is putting out fresh strategies to get a piece of the action.
Taco Bell, McDonald’s, and Campbell’s are examples of food corporations.
Limited-edition NFT collectibles are being made available by luxury labels like Louis Vuitton, Nike, and Gucci as well as other companies to support charities, create new revenue streams, boost social media engagement, and foster brand loyalty.
3. NFTs go up against Hollywood
NFTs provide a whole new range of possibilities for crowdfunding, merchandise, and generating revenue from television and film projects.
GenZeroes and Stoner Cats, two prominent figures in the business, have already started to release NFT TV shows.
The NFT TV broadcasts are essentially only a minor part of the entire picture.
Other TV programs, such as the Robotos TV series from Time Studios, the film, and the TV production division of Time Magazine, aren’t NFTs but are based on NFT characters.
4. A home away from home
As the real estate market shifts, you’ll soon be able to roam the metaverse and own the land you stand on.
Despite the difficulties, NFTs are an excellent method to share property ownership.
The way the NFT works is similar to how a digital deed that is recorded in a digital ledger works.
The following phase will be to develop the necessary technology so that those who are unfamiliar with the metaverse may purchase and sell houses and “acres” of land wherever they go online.
5. Attractive NFTs are currently in style
By elevating NFTs, fashion and retail companies may better position themselves for success by developing a target demographic that can relate to and feel comfortable interacting with their future offers.
Due to an innovative partnership between Gucci and Superplastic, the SuperGucci NFT was released.
The irresistible digital power is made available through this partnership to runway aficionados and trend-setters.
Gucci, a well-known fashion juggernaut and equally expensive fashion architect, launched the SuperGucci NFT in association with Superplastic.
It should soon be accessible on a device that is Instagram-ready.
6. The Rise of Intellectual Property
To facilitate the transfer of intellectual property in the technological and scientific fields, NFT marketplaces are now being developed, which will assist laboratories in generating cash.
The California-based data and artificial intelligence (AI) platform RMDS is in charge of the campaign.
They seek to connect scientists, investors, and scientific and technology IP with associated science fans, investors, and collectors in order to engage in NFT sales.
By developing the first NFT marketplace for science and technology IP by March 2022, they also plan to provide fresh funding options, which will quicken the transfer of technology.
7. Social Media Participates in NFT Activity
The possibility of Twitter, YouTube, and TikTok integrating with the NFT world has been the subject of several blockchain rumors, and this is a welcomed and much-anticipated development for social media users.
It is known that Twitter allows the use of NFTs as profile pictures.
Once you have established a temporary link to your bitcoin wallet, you may set up an NFT as your profile image.
Your digital asset is set up to have a distinctive hexagonal form that acts as a means of identifying you as the NFT’s owner.
The identity theft and NFT theft concerns that have been causing quite a fuss on the website should now be resolved.
8. Cryptocurrency Exchanges Start Offering NFTs
Over the past 18 months, the demand for NFTs has surged.
This development has lately mostly benefited auction sites that specialize in NFT sales.
However, because NFTs must be purchased using cryptocurrency, most users must first purchase tokens on a controlled market (and then transfer them to a virtual wallet)
For seasoned cryptocurrency users, buying and trading NFTs won’t be a problem, but it will be terrifying for novices.
9. VC Capital Enters NFTs
It was anticipated that venture capitalists would show up in order to profit from the NFT craze.
The trend began subtly with a $23 million Series A investment in OpenSea by industry pioneer Andreessen Horowitz.
Since then, the quantity of VC investments and cash invested in the NFT sector have both increased significantly.
The project’s objective is to use Pixel Vault’s existing intellectual property, especially its superhero NFTs, to create a comic book-style series that chronicles key Web3 industry events (and drama)
10. Ethereum Is Being Replaced by Other Chains
The expenses associated with buying and selling NFTs, which required interacting on the Ethereum blockchain, were negligible when the first generation of projects launched in 2017.
The prices for the identical things had increased to hundreds of dollars, if not thousands, by the time the NFT rush started in the summer of 2021.
About the author
Murtuza Merchant is an avid follower of blockchain, cryptos and NFTs.