When the topic is tech predictions the scene turns blurry, and there´s no crystal ball that helps to clear the vision because the forecasts are made using information about past and present behaviors, which means that an unexpected future change, could drastically change the outlook. However, most tech experts have shared their 2022 predictions and talked a lot about NFTs, but, Will they shine this year? Or its time is over?
Before talking about its future, it´s necessary to remember nifties origins. The first non-fungible token was created in 2014, but just become popular when Ethereum arose, and finally, the last year achieved popularity, fame, and the formidable figure of 23.000 million dollars. This was possible thanks to brand-supported projects, irreverent artists, and famous people like Eminem, Paris Hilton, Messi, and others.
Every revolution has its detractors, and this isn´t the exception, some people say that NFTs are just a bubble, which has been growing to explode, and 2022 could be the year to witness the explosion. But, despite the huge hype that certainly exists, and the existence of scams and crimes linked to nifties, the fact is that big brands and investors are investing significant amounts of money on non-fungible tokens, so probably this is just the early stage of NFT adoption, and we are barely knowing its potential.
Last year we witnessed how some projects raised large sums of money with basic projects -like Bored Ape-. However, the NFT technology offers several possibilities in fields like fintech, logistics, music, and more. So, beyond bored monkeys, this 2022 points to be a year where more mature projects focus on the growth of these new applications for this type of tokens.
For example, the NFTs could substitute the ICO, OIE, and OST, to become the new fundraising method in cryptocurrency-based projects, which allow startups to create nifties like an option to lower their initial costs. That´s the GamesPad case, this company launched an INO — Initial NFT Offer- to obtain extra earnings, so we just need to be patient to see if other companies and startups use this method to obtain a new source of financing.
Also, the utility NFT -those that include a tangible benefit or advantage- will become more popular, because it can be used to perceive benefits in the physical world. Specialists like Maya Noeth, Accel business partner, believe that this NFT type has many benefits on the music industry because beyond getting an image, the utility NFT allows possibilities such as backstage access, meet and grid events to know the artist or became in the proud owner of valuable physical items — like the Katy Perry NFT collection-. So, surely in 2022, we are going to hear a lot about famous musicians launching their own non-fungible tokens.
Another popular opinion amongst experts is about accessibility, it is quite likely that the process of creation and acquisition of NFTs suffer a slight upgrade, which seems very realistic because every day more people are interested in this technology, so there are new platforms betting on educating about how to create and buy nifities. For example, Binance recently included the opportunity to create NFTs and the internet is getting full of courses designed specifically for independent artists who want to create their own collections. Of course, that means a high probability of market growth.
Being so, NFT-Games will still be important, for example, the cofounder and Arkadium CEO, Jessica Rovelio, forecasted a 2022 full of videogames accepting introducing NFTs to upgrade the possibilities of online gaming. So, we will see new and attractive play-to-earn games.
Perhaps 2022 could be the year to move from hype to more stable emotions around the nifties, but even if the headlines about it decrease, this year will be crucial to consolidate this technology and its applications. Besides videogames and collectibles, we are going to see more -and better- NFT based projects, offering a unique opportunity to create value and minimize the gap between real and virtual economies.