People creating art in digital form have claimed NFTs as a new monetization avenue. Hundreds of thousands of authentic and unique art pieces were created in 2022 alone. Many NFTs come with bonuses and benefits such as community building and social interactions, beyond what Web2 has to offer.
NFTs from the Metaverse into your living room.
With global brands such as Adidas, Nike, Gucci, Coca-Cola and Prada launching their NFT collections in 2022, it is only a matter of time for others to catch up. In minutes, these NFT drops brought Nike $185 million, Adidas $23 million and Gucci $11.6 million in revenue. Their 4x resale prices on secondary markets proves early customers prudency, beyond hype.
In March 2022, Samsung partnered with Nifty Gateway to create a smart TV NFT platform. QLED and Neo QLED TV lines will let you display, browse and interact with NFT collections. The platform will accept debit cards, credit cards and crypto.
NFT sales have declined significantly in 2022 from $40 billion in 2021, mainly due to a dip in market valuations of Bitcoin and Ethereum. Interest in NFTs is at an all-time high with demand and supply from Gen Z. Older non-tech customers shopping for crypto art and collectibles see it as a long-term investment.
What’s the big deal
The crypto market is slowly stabilizing after a wild couple months of losses. Many software engineers and product designers affected by big-tech cuts have migrated to work for Web3 companies. Since 2018, Coinbase Ventures – the venture arm of Coinbase has made 260 investments in early-stage crypto and blockchain startups, creating billions in value and 5 portfolio exits.
NFTs have dominated in gaming, finance, art, real estate and fundraising. Get ready to buy NFT tickets for music concerts and sports matches – authentic, at market price and on any device. Hundreds of blockchain games already let gamers sell their in-game assets on platforms like OpenSea, creating a new industry standard.
While experts deem investing in NFTs a riskier move than buying Bitcoin and Ethereum, the road ahead lies in consistent growth in value rather than explosive growth. With a broader institutional adoption and stable crypto market – the one bedroom flat you buy, will soon come with an NFT contract.
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