The NFT trade is booming like never before and more and more people are jumping on the bandwagon. But what comes after the hype around digital collectibles? Which sectors could trigger the next revolution?
If you’ve been around OpenSea, the largest trading platform for non-fungible tokens, in the last few days, you’ll know that NFT Collectibles are currently selling like hot cakes.
More and more people are trading and collecting NFT, while at the same time new projects are flooding the booming market every day. Just recently, Visa shook up the market with its purchase of a cryptopunk, making headlines around the world.
Over the last 60 years, Visa has built a collection of historic commerce artifacts – from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection. https://t.co/XoPFfwxUiu-
VisaNews (@VisaNews) August 23, 2021
Institutional investors also seem to be increasingly interested in non-fungible token collectibles, with more and more NFT funds sprouting up.
What’s more, OpenSea is breaking record after record – the NFT exchange has claimed more than twice as many gas fees as Uniswap in the last 30 days alone.
There still seems to be no end in sight to the hype around NFT collectibles, and regulators are also holding their feet still so far.
Currently, it seems too easy, too fun, and too exciting to trade NFT, especially for crypto newbies. Digital collectibles are also attracting a lot of media attention and getting more and more people excited. But like so many hypes, it is safe to assume that at some point the hype around NFT collectibles will die down.
In the meantime, many are wondering what comes next. Aside from collectibles and art, what sector could be the next big thing in the crypto space?
1. blockchain and gaming
The rapid rise of Axie Infinity (AXS) has shown that blockchain gaming has enormous potential. Thousands of people have become rich playing Axie in recent months. The play-to-earn model could permanently change the gaming world thanks to the combination of blockchain, gaming, and NFT.
Moreover, Axie Infinity now has a market capitalization of over $4.1 billion, and its community discord channel is one of the largest with 800,000 members server of the world.
The NFT game has shown what the future of gaming can look like and now it’s time to create games that people want to play. In the traditional gaming world, the most successful games are free. Thanks to blockchain technology and NFT, this model could now be taken to the next level and reward players for playing and investing their time.
So over the next few months, it’s worth keeping an eye on which blockchain games will launch next. Early adopters could be in for big wins similar to Axie Infinity. In particular, games built on NFT scaling solutions such as Immutable X could be the next to break into the mainstream in this regard.
2 Social Token and NFT
Social tokens provide the interface between creators and their community. They connect both parties with tokens and fundamentally change the relationship between content creators and their community.
With social tokens, communities can use tokens to align their goals and benefit together. A relationship that was previously a one-way street (creator -> community) is now growing into an interactive one.
It’s no longer just about the creator and the works they create, but also what the community does with them. The community can actively engage using social tokens or products in the form of NFT to add their own value and creations to the ecosystem behind a social token. If you want to learn even more about social tokens and why they could be creating the next hype in the crypto space, check out this post from Yellow Rocket Agency.
Decentralized Web2 applications (Twitter, Facebook…) were among the first use cases envisioned for Ethereum. Only over time did developers realize that it made much more sense to first develop DeFi and NFT as the infrastructure for the Internet of tomorrow.
But now that these two cornerstones have been laid and more and more scaling solutions are going live, the time may be ripe for Web3 applications.
The crypto community (more recently, the NFT community in particular) has always been the driving force of the entire industry. It is therefore obvious that a blockchain-based social media platform that cleverly integrates DeFi and NFT could be very successful if it manages to be user-friendly enough.
In addition, weBlockchain games will almost certainly integrate NFT and create their own tokens that embody the value of the game itself. The token of such games connects the developers and their community in the same way that social tokens do for artists.
The exciting thing, therefore, is that the different sectors could increasingly overlap, leading to platforms only being able to compete with their own tokens and blockchain integrations due to network effects.