NFTs are a hot trending topic nowadays and the center of attention for previous years. NFTs sales crossed more than $27 billion in the previous years. Do you know where the **NFT market **trend is going? If not, you will get complete knowledge of the NFT trends and the reason for NFT popularity in this article.
Top 4 NFT Trends and Reasons Behind its Popularity
Here are 4 NFT trends that will continue to prevail in upcoming years:
Digital Art NFTs
NFTs allow the artist to sell their art in the best NFT marketplace with the P2P method. Buyer will get the ownership rights that are firm. The process of minting NFTs is secured through smart contracts. These contracts enable the artists to gain lifetime royalties for their artwork whenever it is re-sold.
Gamefi P2E NFTs
The trend of online gaming is increased after the step-in of NFTs. In blockchain-based games, players have ownership rights for their digital assets, known as NFTs. It can be rented out, Re-sold in the NFT marketplaces for profits.
Many P2E games are promoting the NFTs such as The Sandbox, MIR4, and CryptoBlades. But the most trending game nowadays is Axie Infinity which is highly demanding and highly played, especially in developing countries such as Venezuela and the Philippines.
The marketplace of Axie Infinity has crossed the trading figure of $1 billion. The minimum count of active players has exceeded the figure of 1 million. The gaming industry has diverted to decentralized finance DeFi and dApps to increase productivity.
NFTs are playing a vital role in charity and welfare using decentralized and trouble-free ways. Some of the enterprises that supported it are:
In March 2021, Beeple, a famous digital artist, had sold one of the pieces of his famous collection OceanFront. He had donated $6 million to the Open Earth IN Foundation to fight against climate change.
In April 2021, Ellen Degeneres, an American comedian, has earned $33,495 from NFT. He donated the double amount to the World Central Kitchen, a food-relief foundation.
Supportive Model NFTs
NFTs has increased the revenue for seller and buyer by implementing the supportive model. This model has removed the demand of middlemen between deals So that sellers and buyers can communicate directly. For Example:
USA Time magazine has projected a new endeavor TIMEPieces which allows more than 40 artists to mint their art. It is another choice for Times digital subscription.
Similarly, Loud Market, a music NFT marketplace, allows the musicians to mint their songs and deal with the customers directly.
The Wrapping Up
The Trend of owning NFTs is continuously increasing and transforming day by day. As blockchain technology continuously evolving and bringing worthy use cases to make NFTs’ future bright. Over time, new NFT projects with novel applications are developing rapidly. It’s a good earning source for beginners and skillful persons. So, if you think about the chances of NFT ticketing, NFT streaming looks completely endless in the future.