NFT predictions in 2022: from annual vocabulary to mainstream adoption

“We will see more industries start to use NFT to improve efficiency, perform identity verification and eliminate middlemen.”

One of the biggest NFT trends in 2022 will be the participation of large companies and brands.

Industry participants almost unanimously estimate that the trend of NFT related to Metaverse or games will exceed any other type this year.

It is expected that more NFT-oriented regulation will emerge in 2022.

“NFT”  is the 2021 word of the year in the Collins Dictionary. In the opinion of dictionary experts, the acronym for non-fungible token represents the mainstream of the world this year better than any other recent popular word. 

This is a major recognition of the status of the NFT, which Collins described as “the buzzword we have heard over and over again on social media in the past 12 months.”

Like the development of NFT in 2021, industry participants expect that NFT will be more applied in 2022.

Critics estimate that the year-end growth of the blockchain-based “Metaverse” and gaming platforms we are seeing will translate into the expansion of NFT in 2022. Although the advent of regulation may cause certain restrictions on the NFT industry this year, it is hoped that the arrival of large companies that catch up with the trend will help its expansion.

Further growth and participation of big brands

What needs to be remembered is that although NFTs have achieved brilliant results in 2021, they are still very young. In other words, 2022 should see them grow further as a sub-industry in the crypto world.

“With the explosive growth of the NFT market in 2021, it is easy to forget that the industry is still very young and we are just starting out. In 2022, we can expect to see further growth and maturity of the NFT market. With the new development of NFT technology , The proliferation of unique use cases and the increase in mainstream and institutional adoption.” said Alex Salnikov, co-founder and chief product officer of NFT Market Rarible.

Almost everyone who works in the NFT sub-industry feels that it has just begun and that 2022 may consolidate its new position as the most promising (in terms of mainstream adoption) field of encryption.

“We will see more industries start to use NFTs to improve efficiency, perform identity verification and eliminate middlemen. This will be the next stage where we will see the practical and purpose-oriented use of NFTs,” NFT-based Said Josh Katz, founder of YellowHeart, a ticketing and collectibles platform.

One of the biggest NFT trends in 2022 will be the increasing participation of large companies and brands, as demonstrated by the favorable statements issued in recent weeks by companies such as Electronic Arts and former employees of Activision and Lucasfilm . Zach Burks, the co-founder and CEO of Mintable, feels that the rise of NFT will help promote the use of blockchain technology by more people. “Not only will we continue to see large brands investing in NFT, we will also continue to see new adoption of NFT in the public domain, and therefore increase the level of adoption of encryption technology. In order to interact with NFT, we will see more and more It is the first time for people to interact with the blockchain through NFT as this medium.”

How much the NFT sub-industry will grow in 2022 is just a guess, but Burks estimates that its expansion will exceed our forecast. “NFT’s transaction volume has increased by 30 times in 2021. Frankly speaking, compared to the global nature and huge impact that NFT can really produce, 30 times is not much. It’s a better year.” He said.

Metaverse, games, marketing, luxury goods, music 

In view of the sensation caused by Facebook’s brand name change to Meta, it may not be surprising to hear that industry participants almost unanimously estimate that there will be more NFTs related to Metaverse or games this year than any other type. In fact, Burks said that this particular area in the NFT is “ready to explode.”

“Once we have a big game, and each project becomes an NFT, everything will change. Imagine owning your house in a virtual world through NFT ownership. This will change the entire landscape of the Internet.” Josh Katz also listed the game as Top of the list of NFT trends in 2022.

“Games will explode in 2022. This is one of the most logical uses of NFT, and it has been for a long time.” Josh Katz said.

However, even gaming/Metaverse NFTs will dominate in 2022, and they will either intersect or complement other types of NFTs.

“We will also begin to see more adoption of NFTs in the brand and marketing sectors. Many mainstream companies are beginning to use NFTs as a way to establish deeper experiential connections with consumers, and pave the way for customer engagement and revenue absorption. Way.” Alex Salnikov suggested.

Similarly, Josh Katz also estimates that NFT will help promote marketing in 2022. The founder of YellowHeart said that the luxury goods industry will begin to use NFT for identity verification through physical and digital matching. Given that YellowHeart mainly works with music, it is understandable to hear him predict that NFT in the music industry will also become a trend this year (and beyond). “Music has finally entered this field, and we will start to see more use cases in 2022. YellowHeart focuses on NFT ticketing in 2022, so we will seek to adapt to the industry, but do not expect a large-scale transition to ticketing 3.0 before 2023 .”He said.

NFT will respond to regulation in 2022

Of course, if there is no regulation, the NFT overview in 2022 will be incomplete. Industry data predicts that NFT-oriented regulation will begin to appear this year, even though we may not see specific legislation and enforcement until the next few years.

“It is always difficult to predict the upcoming regulation, but I do expect to draft and propose some form of regulation in the next year or two.” Burks feels that there is not enough information to predict how extensive NFT-related regulation will emerge. .

Burks believes that, ideally, NFTs should be treated as digital ownership certificates, nothing more. “NFT shows the ownership of the underlying assets, NFT-based assets and changes in the types of supervision should reflect this.” He said.

Even if regulation emerges in 2022, companies in this sub-industry support the basic principles of regulation and estimate that this will be positive for the overall growth of NFT.

As Alex Salnikov explained, “Our goal has always been to further promote the wider adoption of NFT technology, and we understand that in order to fully achieve this goal, it is essential to work with regulators to develop legislation that applies to our communities.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/nft-predictions-in-2022-from-annual-vocabulary-to-mainstream-adoption/
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