NFTs have surely seen a cycle of trends in the year of 2021. There were times when it was sort-of assured that it will continue to grow and this is the future. But also, there were times when a downward trend seemed more plausible.
At the end of the year however, many of us are still unsure of what exactly is the future and if there is any long-term hope in this asset class.
What we all can agree on, irrespective of our stance on NFTs, Crypto, and even on the blockchain is that the year has been full of uncertainties.
For starters, the overall crypto market reached a record market cap of $3 trillion, but it also saw a rapid decline, as many long positioners liquidated their Bitcoin reserves, and brought its value crashing down from a record of $69,000 to now trading around $51,000.
Some of the most famous NFT sales have been in the millions such as Beeple’s art collage piece, multiple music NFTs, Crypto Punks, Bored Ape Yacht Club, among others.
Some of these were sold in order to join an exclusive club which promises future returns, while others are more of a social currency.
The underlying technology of NFT’s primarily in the form of Ethereum smart contracts are what is going to the primary driver of NFT purchases in the near future.
Aside from motivation of profit, growing confidence in the community itself is also making investors less shaky. Resources such as new marketplaces, blogs, tutorials, Youtube guides, continue to help others enter the market for the first time.
NFT games are leading this path and are benefitting handsomely by doing so. They currently lead the market in terms of volume and gross sales. Top NFT games currently on the market include:
Recently, Sandbox reported a sale of virtual real estate for more than $4.3 million. Could meta-real estate be the new hedge against inflation in 2022?
The enthusiasm in the industry isn’t going to be diminishing in terms of social reference thanks to influencers like Logan Paul, Faze Banks, Elon, Gary Vee, as well as tech/media giants being bullish on this new asset class.
Most of the analysts predict that 2021 was step 1 of NFT culture as many industries are yet to realize the potential of NFTs or have yet to discover them at all.