A non-fungible future. Non-Fungible Tokens (NFTs) will continue to penetrate the digital art sector in 2022
The Future of NFTs
While the origin and story of NFTs are fascinating, its future is brimming with possibilities as the new digital space is evolving from basic and experimental to extremely useful and popular. These art tokens may soon be an innovation that is essential to everyday life due to tokenization, ﬂexibility, partnership, royalties, and much more network between creators and collectors.
Just a few years back, innovations like the token-based Metaverses and NFT art were just simple experiments. As worldwide collectives on the web, they now symbolize multibillion-dollar organizations that mix protocol-driven design, commerce, and administration. It’s difficult to foresee the future, but in the case of collecting digital art, it’s reasonable to say we haven’t even scratched the surface of what may emerge in the coming decades.
There are numerous ways for businesses to learn more about blockchain and NFTs. Worlds built on the blockchain are ripe for profit. Now is the moment to put in place the needed requirements to enable NFTs and locate your brand’s next target market on the decentralized web as developers are looking for ways to integrate the NFTs into the everyday life of people.
Recap of the NFTs world in 2021
The digital NFT made a significant splash in both pop culture and the world of art in the year 2021. In March, Christie’s caused quite a stir in New York when it sold the non-fungible token “EveryDays: The First 5000 Days” designed by Beeple, a digital artist, for $69 million (£51 million). The non-fungible art was Christie’s first wholly digital art to be sold with an initial bid of barely $100 (£74) before skyrocketing to become the most costly art piece ever to be sold online.
However in October 2021, a rival auction company “behemoth Sotheby’s” launched its own platform dedicated to NFTs, which achieved over $99 million in sales by the end of the year 2021. As a result of these achievements, as well as the wider use of NFTs by celebs and in pop culture, the abbreviation (NFT) was named the UK’s Collins Dictionary’s word of the year in 2021.
Various artwork market watchers predict that the token NFT art trend will pick up steam in 2022. The auction of “Everydays” specifically set a high-water record which might be difficult to break, but that, combined with the millions of dollars paid for several other NFTs, suggests all guesses are off as to what these digital, blockchain-registered assets may achieve in the coming years.
Major things to look forward to about NFTs in the year 2022
With millions of sales recorded, NFTs dominated the year 2021. Non-fungible tokens (NFTs) are being adopted by industries as diverse as gaming, banking, art, with a robust network supporting the concept. We’ve combed the internet for some of the most recent and forthcoming trends in the Crypto and NFTs marketplace.
Sale of NFT edition of Bansky’s Gorilla graffiti
A piece of graffiti known as ‘Gorilla in a Pink Mask’ which was painted by Bansky, was taken down in Bristol, England, in Sept 2020. Exposed Walls, the company behind the removal, is now planning to sell the graffiti entirely, including the outer part of the wall where it was spray-painted, but instead of giving a single individual the chance to own the whole of the physical sculpture, ‘Gorilla in a Pink Mask’ will be divided into ten thousand parts and each part will be sold as an NFT for roughly $750.
Exposed Walls hopes that if the NFT digital edition of the graffiti, which will be open for sale as from 12th of January 2022 sells out, collectors will be lured even more by the possibility to win another Banksy mural, ‘Refugees,’ which will be sold to one lucky person as soon as the digital edition of the graffiti has sold out. When the gorilla NFTs version is sold out, a winner will be chosen at random from among the collectors that bought NFTs pieces of the ‘Gorilla in a Pink Mask’ and the winner will get a Banksy mural worth up to $1 million.
Are NFTs the threat or saviours of the art industry?
Along with the stunning sales data, the quick rise in the popularity of NFTs has sparked debate about the value of art, the nature of ownership, the desire to acquire unique goods, and the relationship between the physical and virtual worlds.
“The worth of an NFT might potentially be greater than the actual physical art piece, but that is up to the creator,” an Exposed Walls spokesman said, when asked about the comparative worth of Banksy’s real-life “Refugees” artwork is compared to its NFT form. If they want to promote it and offer it as a one-off via auctions on NFTs platforms, it’s worth as a physical entity inside the blockchain network could surpass its worth as a digital asset. However, the worth of these [physical] public artworks appears to be skyrocketing. For now, they are trading at a discount to their normal market worth, but they are gradually garnering high prices. The answer is that it is very hard to say.“
Exposed Walls will begin selling the ‘Gorilla in a Pink Mask’ NFT edition at about the same time that Particle, a startup American NFTs firm, will begin selling 10,000 NFTs obtained from another painting of Banksy. Particle paid nearly $13.6 million for the physical art piece in 2021, and each of the 10,000 NFT parts will be sold for just over $1400.
In 2017, the popularity of a new video game (CryptoKitties) that allows players to acquire, breed, and trade tokens NFTs kittens exploded. The CryptoKitties were so famous that the trading volume surpassed the Ethereum network’s limits, resulting in the slowing down of crypto transactions.
In 2022, hundreds of games based exclusively on NFTs technology will be available, while already existing ones are now being updated to include NFTs. The NFTs have the potential to change the way in-game marketplaces work. As we enter 2022, the full potential of NFT Gaming will be revealed.
The video game industry is booming with a lot of potential with the adoption of blockchain technology and NFTs. Games like Axie Infinity are making marks with the play-to-earn (P2E) platforms that allow players to earn NFT real-world assets and money. They’ve gained a lot of traction in the last year, especially in underdeveloped nations, because who does not want to earn money while playing games?
Axie Infinity inspired by the pokemon game is possibly the most well-known P2E game. The game is built around purchasing, breeding, and developing Axies to deploy into a fight. The Axie themselves are NFT crypto tokens, and by playing, players can earn Smooth Love Potion, a digital currency that can be traded for real money on the second-hand market. The game has become one of the most amazing and valuable NFT ventures in the world, with over $1 billion in trading logged on the Axie platform.
Some NFTs are extremely expensive, as we all know. Currently, the lowest CryptoPunk token for sale is about $254,000. However, fragmentation is the latest trend that now makes high NFTs less expensive and affordable to investors.
NFT fragmentation is the process of breaking down a large piece of NFT digital art into smaller parts so that individuals can buy little bits of the more expensive NFT digital art tokens. It’s easier to think of NFT fragmentation in terms of corporate shares. When you buy a share, you are acquiring a little part of the corporation, making you a co-owner.
Likewise, an NFT can be fragmented into millions of small pieces or fragments, and customers can buy their portion of the NFT at a lesser price. Non-fungible token shards, on the other hand, are exchangeable, meaning they may be exchanged or swapped for an identical token.
Back to the stock market analogy, although there isn’t an exact match for Amazon in which you can swap the company with, your shares in the company’s stock are the same as Jeff Bezos’—though you almost definitely have fewer. Companies’ shares and the non-fungible token fractions are fungible, whereas companies and NFTs are not. Even Picasso’s work has been fragmented as an NFT, allowing 4,000 lucky buyers to acquire a piece of the painting.
Usage of NFTs in the health sector.
We are all aware that in the digital world, data is the most precious asset. However, the majority of people have few options for monetizing their personal data. This is something that Aimedis is attempting to change. They have been able to create the first medical and scientific NFT market in the world. This platform allows health records to be purchased and traded as non-fungible tokens.
There are numerous options for NFTs in the world of medicine. Medical records are currently one of the best non-fungible tokens on the market. Individuals might use Aimedis to convert their health data into Non Fungible Tokens, which could then be sold to pharmacological firms. Patients will be able to own and sell their own medical records, opening up more earning opportunities for those who are willing to participate. A start-up firm (Engin) based in Singapore has created the “Health Hero NFT project” with the simple goal of bringing wellness and joy to over 1 billion people.
How will the creators achieve this?
The well-being NFTs are also called W-NFTs. You will get well-being NFTs when you join the Health Hero platform, which you can link to monitoring technologies and applications like Apple Health, Google Fit.
You can build and expand your well-being NFTs through exercises, work-outs, meditations, and eating well. These activities will give your medical record unique new traits and make it increasingly rare and at the same time more valuable, therefore the more you exercise and maintain good health, the more the worth of your W-NFT gets.
According to predictions, blockchain technology is expected to revolutionize the healthcare industry by “putting the patients at the heart of the healthcare system and boosting the safety, confidentiality, and interoperability of patient health information,” With questions about the security of centralized storage system of important health records and challenges around fake vaccination certificates, non-fungible tokens, and the blockchain could well be incorporated further and further into health and science in the years to come.