The hype around NFT is simply hard to avoid: startups, Fortune 500 companies, market leaders, vendors, to Gen Z people who seek more interactive experiences, everyone is constantly discussing and embracing this thriving trend. Unlike Bitcoins where it doesn’t matter which bitcoin is held by a user, NFTs are unique i.e. there is only one NFT for an artwork.
An NFT or non-fungible token is a digital asset that gets recorded and created, with complete ownership on the blockchain. This unique record derives its value and its ownership is traded further. NFT development services have attracted a great deal of attention in the past years across diverse industry verticals and have caught the imagination of growing artists and entrepreneurs across the globe.
But, this is just the tip of the iceberg!
Let’s take a glance at some surprising stats about NFT growth and adoption worldwide.
As per Statista report, revenue in the NFT segment is expected to show an annual growth rate (CAGR 2023-2027) of 22.82% resulting in a projected total amount of US$8,068.00m by 2027. Not only this, the number of users is expected to amount to 64.45m users by 2027.
Empowering unique customer-centered experiences, NFTs are already a part of the business models of global unicorns that include- Nike, Adidas, Tiffany, Gucci, Time Magazine, Budweiser, McLaren, and a lot more. With the concept of NFT development spreading like wildfire, there are numerous trends that we can expect this year.
Let’s dive deeper into each of them and speculate on the future of the NFT development space.
With the advent of technology, the music industry has transformed completely today. From compact cassettes, records, tapes, and to compact discs used in the 20th century, music space has gone digital today. However, musicians and artists don’t profit much from music with major revenue from merch sales, partnerships, and tours. This indicates an immediate upgrade so that each artist and party connected with the music system benefits from it.
Here comes the music NFT marketplace!
NFT for music portrays the work of an artist in the form of an NFT over a blockchain network and provides a unique representation of ownership of music videos and other stuff. With artists facing a lack of opportunities, music NFTs hold the potential of providing viable solutions in the form of NFT songs, and NFT music streaming for upgrading the traditional revenue and ownership models in the music space.
There are numerous ways NFT musicians can benefit from NFT marketplace music development:
Learn how to make money with Music NFTs in this blog.
Artificial intelligence (AI) has witnessed massive leaps forward in the past few years and eventually became the most prominent part of our lives. Out of all, AI-generated NFTs are now the most promising trends of NFT development services.
AI NFT is a type of NFT equipped with a Generative Pre-trained Transformer 3 (GPT-3) language model prompt as a segment of the smart contract. Besides being intelligent, AI NFTs have numerous other functionalities such as interactivity, animation, and numerous other generative abilities. This integration will open doors to more innovative and personalized experiences like never before.
Businesses can reap numerous other benefits from AI NFTs:
NFT gaming platform development has gained wide traction in recent times as it has opened doors to more innovative opportunities and benefits for modern gamers. Users receive coins or rewards on completing levels in a game but these rewards remain within the game. NFT gaming platform allows players to transfer their earnings to another game or even exchange it with other gamers.
NFTs ensure authenticity where NFTs are owned by a single user and are registered as unique. Additionally, there are NFT play-to-earn games that enable players to get income via playing where players collect NFTs and tokens to succeed. Common examples of NFT games play-to-earn include Axie Infinity, CityStates Medieval, and Splinterlands.
There are numerous benefits of investing in NFT gaming platform development services:
Learn how to make money with NFT gaming here.
NFTs need no introduction in today’s world as it is the driving force behind the digital wave.
Non-fungible tokens (NFTs) have now become the linchpin for the metaverse space while proving their potential to the fullest. The concept of NFTs in the metaverse allows the authentication of possessions, identity, and property. Every NFT is secured by a cryptographic key that can’t be copied or destroyed. It ensures decentralized verification of every digital asset and virtual identity which is the key to the success of the metaverse world and further interaction with other metaverse communities.
NFT metaverse marketplace has numerous real-time applications that are already in practice. When we talk about property development- individuals chatting by fountains, joggers on seaside promenades, all these hyper-realistic experiences coupled with the property transactions driving the metaverse space are a result of the metaverse NFT.
Popular Metaverse NFT projects include:
NFT has already taken the world by storm while influencing the way brands to interact with consumers in food, gaming, and retail space. And now, it is all set to take shape on TV screens and take the viewer’s experience to whole new heights.
NFT TV is another popular trend that is driving the entertainment industry crazy and is being discussed across every NFT development company. NFT TV holds the ability to skyrocket revenue and build wider and more potential audiences. We can expect diversified funding models and innovative opportunities for TV shows, movies, plays, and albums. Moreover, filmmakers can now distribute movie ownership through NFTs which will ease the filmmaking process.
NFT-owning stakeholders can get the opportunity to select which direction the plot of a particular TV series could move. Besides that, NFT holds the potential to uplift the fan-driven economy where fans feel closer to their favorite stars. NFT purchasers can attend virtual red-carpet events irrespective of their demographics.
Soulbound tokens (SBT) are a buzzword in the NFT development space which emerged in May 2022. They are simply non-transferable NFTs that depict an individual’s identity and his achievements in Web3 space.
Accounts referred to as ‘souls’ issue and hold SBTs which will further represent credentials, affiliations and commitments. SBTs are ‘self-certified’ and non-transferable which can’t be purchased or sold,and can only be issued by people or entities for portraying an accomplishment.
Common use cases of Soulbound tokens include:
NFTs are not confined to buying, selling, and holding, rather it has a wider scope and can be a part of more lucrative financial arrangements. NFT lending is here to combat a lot of issues existing in the existing system. NFT lending overcomes the low liquidity in NFTs and opens doors for more individuals to invest in NFT space by reducing entry costs.
The NFT lending system is structured around certain models that include peer-to-peer NFT lending, peer-to-protocol NFT lending, non-fungible debt positions, and NFT rentals.
List of popular NFT loan platforms include:
Avail robust NFT loan services at Antier and reap maximum benefits.
It is anticipated that, in the years to come, NFT will become a fundamental part of every business irrespective of the industry and prove its potential in endless ways to the world. The key is to keep tapping into this thriving space and discover how NFT development can become a part of your unique business.
Ready to start your NFT journey? Our firm stays abreast with the latest NFT trends and holds experience in assisting global businesses with their NFT needs. Connect with the certified and experienced NFT developers at Antier to discuss your ideas and let’s implement them together!
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