A quick overview of the 7 major trends that are happening in the NFT field

A quick overview of the 7 major trends that are happening in the NFT field

Written by: Scott Chipolina & Andrew Hayward

Editor: South Wind

NFTs are recovering with violent momentum.

After the first half of 2021 has created over $ 2.5 billion in trading volume, because the vast majority of people as the NFT trading activities gathering of Ethernet Square growing criticism environmental impact of, and the market presence of NFTs foam The voice of sex, the sales of these blockchain-based digital ownership contracts (also known as NFTs) once dropped sharply.

But fast forward to the past few weeks, and NFTs have really made a comeback ! A large number of new NFT projects and trends dominated the headlines. This article will explore the hottest trends in the current NFT field, which are sparking discussions about the latest trends in cryptocurrencies and driving millions of dollars worth of capital movements.

Club membership: Bored Apes

NFT enthusiasts may regard CryptoPunks as the iconic NFT brand, but the wind in the NFT field is fickle. Just earlier last month, a new NFT crown contender appeared: Bored Ape Yacht Club  ( BAYC , Boring Monkey Yacht Club)  . Currently, the field of NFT is going crazy for BAYC. It is an NFT series depicting various facial expressions of apes. There are only 10,000 Bored Apes (boring apes) in total, as shown in the picture below.

A quick overview of the 7 major trends that are happening in the NFT field

Above: A few boring apes NFTs in Bored Ape Yacht Club (BAYC)

According to CryptoSlam data, the price of Bored Apes is also very impressive: Last week, a Bored Ape NFT was sold for 600 ETH (valued at about 2.55 million US dollars at the time) (see the picture below); as of the time of writing, the NFT The total transaction volume of the collections exceeds 400 million U.S. dollars. In addition, more than 100 Bored Ape NFTs are currently being auctioned at Sotheby’s ( Sotheby’s auction house), and the total auction value is expected to be as high as 18 million US dollars!

A quick overview of the 7 major trends that are happening in the NFT field

The holders of these Bored Ape NFTs use their apes as their Twitter avatars , so this is a status symbol , but these holders also get many additional privileges : join the Discord chat group and hold other Bored Apes (Including NBA star Steph Curry) to chat; products limited to Bored Apes holders (such as streetwear brand The Hundreds and BAYC joint clothing); and BAYC additional free NFTs provided to Bored Apes holders , such as Mutant Apes Yacht Club (MAYC, Mutant Ape Yacht Club) and Bored Ape Kennel Club (BAKC, Bored Ape Kennel Club  ) , see the picture below.

A quick overview of the 7 major trends that are happening in the NFT field

Above: Avatars of several mutant apes NFTs in the Mutant Apes Yacht Club (MAYC) series

A quick overview of the 7 major trends that are happening in the NFT field

Above: The heads of several dog NFTs in the Bored Ape Kennel Club (BAKC) series .

These NFTs are flourishing around the ” community .” Bored Apes and other NFT collections series (including Pudgy Penguins , Weird Whales , Gutter Cat Gang, etc.) feel like membership clubs , and these items are driving the second wave of NFTs buying.

In short, for some people, NFTs represent a unique moment in history and culture. Visa recently purchased a CryptoPunk avatar and considers NFTs to be “historic commercial products.” If Visa is correct, it shouldn’t be surprising that these digital images rekindle interest.

Senior NFTs: EtherRocks, CryptoPunks

If you are skeptical of NFTs and think that these pictures of apes and penguins sell for thousands of dollars a bit inconceivable, then some veteran NFTs may surprise you even more.

EtherRocks is a series of 100 NFT collections with the theme of “stones”. Each “stone” has no difference except for its color. However, the lowest price of these cartoon stones exceeded 100,000 U.S. dollars in early August, and as of the end of August, the transaction volume of EtherRocks reached millions of U.S. dollars. As of the time of writing, the lowest price of these “stones” has reached 800 ETH (about 3 million US dollars).

EtherRocks became famous for two reasons. First of all, these NFTs are inspired by the classic Pet Rock toys popular in the 1970s; secondly, as one of the first NFTs created in 2017, EtherRocks has a longer history, and a total of 100 This makes them a popular asset for NFT collectors.

A quick overview of the 7 major trends that are happening in the NFT field

Above: Several NFT stones in the EtherRocks series

At the same time, CryptoPunks  (encryption punk)  is still the “NFT ownership of the gold standard ” for similar reasons: the duration of their existence . CryptoPunks has been around since 2017 and has maintained its value. According to NFT standards, CryptoPunks is “veteran”.

Just like Bored Apes, using CryptoPunk as a Twitter avatar is also a status symbol , so that some owners of CryptoPunks are renting out their CryptoPunks to others to earn revenue .

A quick overview of the 7 major trends that are happening in the NFT field

Big companies are buying: Visa, Budweiser

In the NFT boom in the first half of this year, many companies have discovered the potential of NFTs and have begun to launch their own NFTs for product promotion. For example, the American fast food chain Taco Bell launched Taco-themed NFTs in March, and the toilet paper brand Charmin is also In March, NFTs with the theme of toilet paper were launched (see the picture below) and so on.

A quick overview of the 7 major trends that are happening in the NFT field

Above: Charmin launched toilet paper-themed NFTs in March this year. Source: Rarible

But in the recent wave of NFT craze, the major brands’ practices are slightly different and quite interesting: they are buying existing NFTs instead of creating their own .

Last week, Visa announced that it had purchased a CryptoPunk NFT (see the picture below) for approximately 50 ETH (approximately US$165,000) in order to add it to the company’s collections. On August 23, Visa said on Twitter: “Today, as we enter a new era of NFT business, Visa welcomes CryptoPunk #7610 to our collection.”

A quick overview of the 7 major trends that are happening in the NFT field

Above: On August 23, Visa announced on Twitter that it had purchased the CryptoPunk NFT avatar number #7610.

Cuy Sheffield, head of cryptocurrency at Visa, is very optimistic about NFTs and believes they will continue. He said in a statement: “NFT is gaining momentum as a digital-first sports memorabilia.” He added that Visa expects NFT “to have a large number of new use cases in the next few years.”

And Visa is not the only major company that has recently purchased NFTs.

Beer producer Budweiser also bought NFT last week. The beer giant not only bought an ENS domain name named beer.eth for 30 ETH , but also bought a picture depicting “Rocket Beer” on Opensea for 8 ETH (about 26,000 US dollars at the time). The NFT picture of the company and set it as the avatar of the company’s Twitter account (see the picture below). This NFT image is one of the Rocket Factory NFT series, designed by artist Tom Sachs.

A quick overview of the 7 major trends that are happening in the NFT field

Above: Budweiser’s official Twitter account

We know that the blockchain is very public. Once a wallet address is confirmed to belong to a specific individual (or company), then everyone knows the status of the encrypted assets held by this person/company. Interestingly, Budweiser’s Ethereum wallet was found to be filled with some weird and interesting collections of NFTs, as shown in the following figure:

A quick overview of the 7 major trends that are happening in the NFT field

Above: NFTs assets held in Budweiser’s Ethereum account, screenshot source: https://opensea.io/0x01b9ae223e71b215209a0b6873ef63d7925862cc

Fragmented NFTs

Fragmented NFTs have been around for a few months, but they have started to gain fame recently.

Although cryptocurrency billionaires are happily snapping up Bored Apes and CryptoPunks, these six or seven-digit NFTs are far beyond the price range that ordinary cryptocurrency users can afford. But unlike traditional artworks, a single NFT can be fragmented, that is, it can be divided into multiple (cheaper) parts for purchase by less wealthy people .

Many cryptocurrency users are gathering in DAO ( Decentralized Autonomous Organization) to buy NFTs in order to gain exposure to this new asset class. They even auctioned an original NFT image prototyped with a DogeCoin avatar in a fragmented manner, pushing the value of the entire NFT image to 302 million US dollars.

A quick overview of the 7 major trends that are happening in the NFT field

Above: In June 2021, Atsuko Sato, the owner of DogeCoin (Dogecoin) prototype Shiba Inu, minted this Dogecoin prototype image into an NFT, with a record 1696 ETH (approximately US$5.5 million at the time) The price was sold to the experimental art DAO organization PleasrDAO, after which PleasrDAO fragmented this NFT into billions of parts.

But fragmenting NFT ownership also comes with another price. According to US SEC (Securities and Exchange Commission) Commissioner Hester Pierce, fragmented NFTs are very similar to unregistered securities .

“The fragmentation of NFTs allows more people to take a share of the investment cake. However, companies that provide investors with partial ownership of NFTs may not realize the regulatory impact of doing so,” the co-founder of DeFi trading platform Swarm Markets Said Philipp Pieper.

Gamified NFTs: Axie Infinity , Supdrive

If the application of NFTs in the gaming industry is not mentioned , this article is obviously incomplete. The application of NFTs in games is attracting a lot of attention in the encryption field.

The Ethereum-based blockchain game Axis Infinity has quickly become the most prominent and successful crypto game. Since June, its cumulative NFT transactions totaled more than 1.6 billion U.S. dollars, more than any other NFT collectible series or project. This is a monster fighting game, in which creatures (called Axies) itself is NFTs, and the player can play the game by obtaining encrypted monetary reward , these tokens reward enough in some countries to maintain their livelihood.

Even if the lowest cost of participating in the Axie Infinity game (you need to buy at least three Axies pets) is ETH worth a few hundred dollars, this has not stopped the development of this game: Axie Infinity now has more than 1 million daily active users . No crypto game can match the recent development momentum of Axie Infinity.

In addition, the fantasy football game ” Sorare ” driven by NFT has an avid fan base, and the upcoming 3D meta-universe game ” The Sandbox ” also has many potential and outstanding partners/investors.

A quick overview of the 7 major trends that are happening in the NFT field

Above: NFT-based blockchain game “The Sandbox”

In other aspects of the NFT game field, Dom Hofmann, the co-founder of the video platform Vine, is leading an NFT video game project called Supdrive . Supdrive will serve as an On-chain fantasy game console, so that every available NFT will be a playable video game.

Generative Art: Art Blocks

Believe it or not, blockchain can not only host the NFT assets representing the ownership of an artwork , but it can actually create the artwork itself .

This is the basis of the current booming generative art NFT market : scripts or algorithms stored on the blockchain produce original and unique NFT artworks during the casting process. Art Blocks is a platform that generates random artworks and is the largest player in this field.

This Ethereum-based platform (ie Art Blocks) includes a large number of individual works by various artists, spanning different art styles and methods, and the prices of almost all of these NFTs have recently increased sharply . In August alone, the transaction volume of Art Blocks reached $583 million, because collectors set off a panic buying frenzy when new prices fell and spent high prices on the secondary market to purchase these NFTs to produce art.

At the end of August, a work in the Ringers NFT series of artist Dmitri Cherniak’s generative art was sold to Starry Night Capital on Art Blocks for 1,800 ETH (valued at about 5.66 million US dollars at the time). See below:

A quick overview of the 7 major trends that are happening in the NFT field

Earlier in the same week, a work in the Fidenza NFT series of Generative Art by artist Tyler Hobbs (see the right below) was also sold for 1,000 ETH (valued at about 3.3 million US dollars at the time). See below:

A quick overview of the 7 major trends that are happening in the NFT field

At the same time, in an early small generative art NFT series called Autoglyphs , initiated by Larva labs, the creative team of CryptoPunks , there have recently been several NFTs with sales prices exceeding $1 million.

A quick overview of the 7 major trends that are happening in the NFT field

Above : Several artworks in the Autoglyphs NFT series of generative art launched by Larva labs

Building the world together: Loot

This trend is currently being led by an NFT project called Loot , and has already had a huge impact, which may prove to have a big impact in the future.

Loot is a NFT driven by the launch of the project Dom Hofmann, the heart of every Loot NFT is a fictional fantasy world of weapons and equipment list consisting of (including weapons, breastplate, armor head, waist armor, pedicure, hand armor, Necklace and ring). That’s it. Loot does not involve any artwork or direction, nor does it have a specific company or creativity to dictate their use. But Loot was deliberately designed this way.

Hofmann publicly released the Loot project for free in late August. After that, the community has been developing a wide range of tools, derivative projects, guilds and other initiatives around Loot to enrich more content. Will it eventually become a full-fledged fantasy game? Or a kind of decentralized intellectual property?

It is too early to draw conclusions. However, the crypto community is discussing these possibilities. In addition, the demand for Loot NFTs is very large (one of which sells for 954,000 US dollars, see the picture below), and the total transaction volume of the Loot series with only 8,000 has reached 159 million US dollars. .

A quick overview of the 7 major trends that are happening in the NFT field

The picture above shows Loot Bag #748, which was sold on OpenSea for approximately US$954,000

As for what will happen to Loot next, it depends entirely on the collective imagination and creativity of the community.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-quick-overview-of-the-7-major-trends-that-are-happening-in-the-nft-field/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-09-06 13:50
Next 2021-09-06 13:57

Related articles