The movie Upload gives an insight into what an NFT and Metaverse-based future would look like. Imagine having an alternate version of yourself on the metaverse or using NFT tickets to attend events and sell fragments of your real estate as properties. What if you can get a mortgage on your house using NFTs? These and much more are futuristic NFT trends that we can look for. In this article, let us explore what a world built on NFTs would look like.
NFT market predictions
In 2021, like a widespread fire, the word NFTs spread across the whole internet, making it one of the sought-after technological tools on the blockchain. Before 2021 NFT existence could be dated back to 2012, one can even term 2012- 2016 as the range of first generations of NFTs.
The spike in NFT popularity could also be linked to the sale of Beeple's "The 5,000 days", Meta's announcement, GameFi, e.t.c. all these news at that time fueled the interest of the public in what NFTs meant.
According to marketsandmarkets[dot]com, the market is predicted to increase from USD3.0 billion in 2022 to USD 13.6 billion by 2027 at a Compound Annual Growth Rate of 35.0% from 2022 to 2027. NFTs have proven to be not only a yielding financial investment but also an important tool that is getting diversified into different sectors.
Another report from market decipher says that the market was valued to be $232 million in 2020 and is expected to increase to $70 billion by 2031.
A glimpse into future NFT trends
From uploading pictures to the blockchain to building real-life scenarios around NFTs, it would only get better is what the hope of web3 enthusiasts is holding on to. Gripping their hands in creativity into different system models, NFTs have created a new way of building products and consuming them. Founder of crypto venture firm Web3 Equities Benjamin Cohen said NFTs wouldn't be a flex on social media accounts as a way to flaunt collector's wealth instead, they will be built with use cases into many sectors. So, we will be exploring what the future holds for NFT.
New means of Patronage for artists:
In recent times, technology has changed how artists connect to their audience. Creating digital artistic collectibles would be made readily available for everyone. Instead of limiting the use of certain artworks for brands and companies, a random user would have access to unique art that can only be owned and used by a single person.
Reformed Ownership
Maxim Blagov, the co-founder of Enjin described in his NFT story how ownership would be so connected to everything we own. He described selling his drone in a fantasy land where buying and selling are sorted in the NFT marketplace, and then the original item is then delivered.
So, with the time and speed, the NFT train is travelling, NFTs ownership would be restructured from buying random digital collectibles to noting that there is an NFT for everything. An example is integrating NFT into electronic devices, office, and home tools.
A new form of business model
A lot of partnerships and collaborations between giants of different niches, either in tech or off tech, have been seen in our present times. So, in the days of the Metaverse, predictions already have it that NFTs would become a tool that interconnects different industries. Presently, platforms like Deventraland, Sandbox have built immersive environments that brands and companies can use to widen their reach and grow with the technology.
Modified community, culture, and utility
In the era of the early computers, the audience was limited to researchers and scientists who traveled a great distance to use the technology. The transition from web1 to web2 turned people to products through building products across their actions and behaviors. These products are seen as privacy intruders, but the need for an internet connection has left no choice for humans.
The immersive internet in a few years has been predicted to return data powers to users. This defines the culture of web3. While the community is defined as the loyalist strongly attached to the project. This community is being grown using NFTs already, but when adoption is mainstream, NFT communities will take on a new kind of wave and form.
New Job openings
In Q1 of 2022, freelancing reported that Job listings in the NFT space have gone 37%, and blockchain job listing has gone 109%. At a very young age, NFT has added to the growth of the employment rate and created new job opportunities for the skilled. In years to come, when the government and more brands adopt the new internet, the unemployment rate would be reduced because the technology evolves with new roles for people to play.
Conclusion
Not everyone believed the internet could be a tool the world depended on at this time; there were many stones thrown against the bitcoin system. Presently, some believe NFT is just a money laundering scheme and a way to waste resources successfully. Right before our eyes, we have seen industries dance to the tune of the blockchain and implement it in barely unthinkable sectors such as medicine, sports, events, e.t.c. In a few years to come, when we reminisce about the start of it, we will not be able to fathom how the boom in the NFT world took place.
