Every so often the world is gripped by some kind of global event or phenomenon. This is usually something that impacts us in a significant way and has a direct effect on our behavior or routines. At the start of 2020, this came in the form of a pandemic that has caused more upheaval and economic fallout than any other event has ever caused.
Now, on a much more positive note, in 2022 we have non-fungible tokens (NFTs). From a very inauspicious start in 2014, an NFT craze has recently really taken the markets by storm. Between brave speculative traders and the millions of people who have had their lives turned upside by the pandemic, any new investment or trading opportunity is bound to attract attention.
The rise of NFTS
As we have already mentioned, NFTs had a very slow start. The concept was first mooted by Meni Rosenfeld, President of the Israeli Bitcoin Association. He envisioned segregating a selection of bitcoins and assigning a special purpose to them, Among other things, these coins could be made to represent an asset of any nature or could bestow certain rights or privileges upon the owner.
There was very little fanfare and very little development on this front until 2014. In May of that year, digital artist Kevin McCoy minted what is believed to be the first NFT. It was an artwork entitled Quantum. Once again, the event attracted very little attention. In 2015, the first NFT project was released on the Ethereum blockchain. Although one of the upcoming NFT collections at the time, most of the assets remained unsold despite the very low price equivalent to $0.43 at the time.
Then, in 2017 things started to happen. Towards the end of the year, the first NFT collection was launched. This was quickly followed by the opening of Opensea, a trading platform for a variety of digital assets based on the Ethereum blockchain. Opensea grew quite quickly as consumers started accepting NFTs and more upcoming NFT collections became available.
NFTs proliferated over the next few years and by the start of 2021 artists, musicians and sportsmen were all launching their own collections. Even sporting bodies like the NBA and NFL were getting in on the act and many of the upcoming NFT collections are being launched at this level.
Such is the frenzy in this space no that double-digit growth is being forecast for the next few years, and it is expected to top $80 billion by 2025. That is phenomenal growth coming off a base of $35 billion forecasts for 2022. The range of NFTs now available is almost beyond comprehension and all tastes and preferences are catered for.
Digital collectible markets in 2022
Since the launch of Opensea in 2017, dozens of other exchanges have been established. Many of these exchanges are limited to a certain blockchain or perhaps only deal in specific types of assets. For example, NBA Top Shot is an exchange belonging to and dedicated to the US National Basketball Association. These NFTs are clips or images of iconic moments in major games. The National Football League and several baseball teams also have their own dedicated marketplaces and offer several upcoming NFT collections.
For the more general investors or collectors, there are more than enough open exchanges that allow people to trade any type of asset. As interest in NFTs grows, the opportunities for trading are increasing sharply. There are more and more limited collections becoming available that have a certain appeal due to their uniqueness and rarity.
People are embracing the anticipated long-term growth in the value of NFTs and this is fuelling buyer interest. It is also surprisingly easy to mint your own NFTs, so this is a marketplace and an opportunity that is really within almost anyone's reach.
Industries that adopted NFT technology
There is a lot of hype on news channels and industry publications about the rise of NFTs and all the upcoming NFT collections that are being introduced almost constantly. Logically, it's quite clear that NFTs are ideally suited to the art and music space. The original spurt of growth in the popularity of NFTs came from various art collections that saw the light in 2017 and 2018. These collections include the likes of CryptoPunks, the Bored Ape Yacht Club, and Mutant Ape Yacht Club.
The sports world has also, more recently, adopted NFTs as the new way to market memorabilia. As we have seen, the major US sporting codes are all already in the NFT marketplace. Individual athletes have also seized the opportunity to engage with their fans in some very creative ways. An NFT is not necessarily just an image. It may also carry embedded privileges like discounts on future tickets or face-to-face meetings with the athlete. This is so much more than just a trading card.
The gaming industry is another major player in the NFT space. Games like Axie Infinity attract more than 2 million players daily and players can purchase in-game assets in the form of NFTs. In the metaverse, a parallel digital world, virtual apparel, and real estate are acquired through NFTs. The sky is truly the limit here.
What are the most anticipated upcoming NFT collections in 2022?
With the explosive growth in the NFT market in recent times, people are increasingly looking for the best upcoming NFT collections that may provide that ideal investment opportunity. Nexthash has positioned itself to be a major player in this area. Targeting specific sports partnerships will allow Nexthash and athletes or teams to promote awareness of sports and fitness.
To date, Nexthash has signed deals with Eoin Morgan, one of the most successful English cricket captains of all time, and Team Qhubeka, a leading cycling team based in South Africa. Through these alliances, Nexthash is striving to foster an awareness of sports at a grassroots level and also to contribute to the upliftment of less fortunate communities.
The time to get into NFTs is now. This is a market that is growing explosively and will continue to do so for the time to come. With the newest Singularifty NFT platform developed by Nexthash, you have access to a range of upcoming NFT collections and also the opportunity to contribute to the betterment of the world around you.