According to experts, the NFT market will be widespread in 2022. The ability to create unique digital representations of real-world items and assets has been around for a long time. The concept has been around since the early days of Blockchain, over 7 years ago. But we’ve only seen mass adoption of this technology recently. As Kriptokoin.com, we have compiled the ones who are curious about NFTs in one article…
NFT market review…
The explosion in NFT collectibles started in 2017 with CryptoKitties. Since then, some of the biggest names in tech have joined us. Visa recently purchased an NFT for $165,000. Now with Next Earth you can even buy a piece of virtual real estate as NFT, from French Chateaux to the Great Wall of China.
But according to experts, a year from now you’ll see them everywhere; in movies, TV shows, books and more: all represented as an NFT. NFTs are becoming mainstream because they allow people to have something that represents a part of something bigger than themselves—for example, a piece of art or a character.
NFTs and the digital economy
NFTs are part of the digital economy. The digital economy consists of various online marketplaces, including gaming economies, virtual real estate, and even social media platforms like Facebook. The rise of the digital economy has been one of the most important developments in recent years. It is estimated that by 2027, there will be $7 trillion worth of digital goods traded in virtual markets worldwide.
As we’ve seen in other types of commerce, the more consumers interact with these marketplaces, the more valuable they become to creators and consumers alike. In 2022, NFTs are expected to continue to grow within this ecosystem. Especially according to the experts: NFTs will become a standard feature on many platforms. Also, according to experts, Virtual Reality creators will increasingly create experiences using NFTs as an additional monetization tool to supplement their existing revenue streams.
New NFT business models
There are two traditional NFT business models: the Supply Chain model and the Peer-to-Peer model. In the traditional Supply Chain approach, an artist sells a digital work and the revenue is shared between the artist and the intermediary (e.g. app developer, platform owner). In this model, both parties share the risk of selling a digital work that may not fully monetize or generate enough revenue to justify their participation.
In the Peer-to-Peer (P2P) model, also known as the “Dial-in” model, a user can purchase a digital work from someone else, for example, through Next Earth’s NFT marketplace. According to experts, in 2022 we will see the rise of new models such as the affiliate/network model. Instead of dealing with an intermediary, you do business directly with another party who distributes your digital work for you; For example, you can use influencer marketing to distribute your digital artworks through various social media platforms such as YouTube and Instagram.
According to experts, there will be much more entry into these areas in 2022 as it will become easier for artists to publish their works digitally using current technology. As artists realize how easy it is to publish their artworks digitally using current technology, in 2022 more than ever before will start publishing their artworks digitally. Therefore, according to experts, NFTs will generate a large amount of demand as people look for unique ways to express themselves through artworks.
Will the NFT market beat traditional collectibles?
The current interest around NFTs is at unprecedented levels, according to experts. A recent survey shows that a staggering one-fifth of Americans know about the NFT field. This is a very positive sign, according to experts, because it means millennials are starting to understand how much they can buy with their digital footprint and what they can do with it once they have it. Our society has changed rapidly over the past decade, particularly since the economic crisis of 2008-2009 and the more recent pandemic.
The way we live our lives has changed dramatically, from the way we work to how we socialize. The same goes for our consumer habits; People are now spending more time on their mobile devices than ever before and technology has made them more connected than ever before. All these trends are coming together to shape a world where NFTs will beat traditional collectibles, according to experts. Overall, according to experts, 2022 will be a critical year for NFTs.
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