24 June 2022
Over the last few years, NFTs, or non-fungible tokens, have seen tremendous growth. Their immense popularity is partly due to their dynamic nature and earning potential. As a result, investors willing to take the risk in this new form of virtual art have seen massive returns on investments.
In short, NFTs are unique digital assets that live on the blockchain. Unlike cryptocurrencies that are interchangeable, NFTs are one of a kind. Moreover, stored NFT data relates to files containing images, audio, videos, and physical objects. The media owner holds the keys to the token and has the right to trade it on specialised marketplaces.
Following the latest turmoils on a global scale, the demand for NFTs exploded in 2021. Though the progress has levelled off this year, the projections for the near future are encouraging. An ever-growing number of new NFT platforms have come to light and promise lucrative wins.
But should you join the virtual craze? What marketplaces are reliable and worth your investment? This post explores the NFT market expansion and reviews several new NFT platforms with exclusive NFT collections.
As of 2021, the transaction volume of non-fungible tokens has increased dramatically. However, the upward trend fluctuates. Over the months, the NFT activity value on marketplaces ebbs and flows. And though there have been a few downturns in 2021, the demand for NFTs recovered in mid-April this year.
Two spikes were predominant across 2021 and 2022. The first occurred with the release of the Mutant Ape Yacht Club collection in August 2021. The second came with the emergence of several new NFT platforms in January 2022, such as LooksRare. After these two surges, the NFT transaction activity has remained relatively flat.
In the first five months of 2022, collectors spent over $37 billion on the NFT market. Considering that, this year will, by far, beat the total of $40 billion registered in 2021. Today, the market is widening due to the latest launch of the Bored Ape Yacht Club’s metaverse project. Overall, in 2022, NFT trades get generated from top-notch blue-chip projects, like the CryptoPunks.
Despite volume fluctuations, the number of active NFT traders continually grows. Experts believe that non-fungible tokens have entered a maturity stage since many investors have taken the plunge. This trend is typical when novel technology is in stock.
In several years, the odds are that NFTs will become mainstream. Many will regret they hadn’t understood the potential of NFT assets sooner. Thus, exploring new NFT platforms can help you benefit from rare items and flip them for a high return once the demand skyrockets. Here are the predictions:
As the marketplace stabilises, rates won’t fluctuate that often. The hype around NFT is over, so the interest in selling digital art for astronomical prices will subdue soon. Today, investors are looking for ways to buy inexpensive, promising tokens. As a result, the NFT industry is gradually transforming into a more pragmatic venture. And the craze for art is shifting to the Metaverse, sports, and gaming fields.
NFTs will play a critical role in investments based on the blockchain decentralised technology. In short, the revolutionary approach will allow people to access multiple investment opportunities and profit. Start-ups with new ways to raise capital at lower costs will appear. Hence, the traditional investment models will not pose barriers to eager investors.
New NFT platforms will emerge as the technology becomes mainstream. As more leading retailers delve into the NFT space, new partnerships that fortify the trend get forged. Companies like Prada, Adidas, and Nike have jumped on the bandwagon. They have understood that their digital presence is as vital as the physical one.
For instance, brands now offer customers regular apparel and virtual merchandise in the Metaverse. Similarly, they develop blockchain games and other immersive Metaverse experiences in the virtual space.
Overall, the lookout for 2022 is favourable. Still, it’s crucial to be well informed to pick a reliable marketplace. To help you out, we’ve created a non-exhaustive list of the top new NFT platforms to trade on in 2022.
Added to the NFT realm in 2021, Binance is a renowned cryptocurrency exchange that entered the non-fungibles sector. It offers the usual digital assets that other platforms sell, such as artwork, in-game items, and collectables. But, unlike other players, Binance NFT charges a reasonable 1% trading fee. Binance also has a user-friendly interface and runs on its blockchain.
Singularifty is among the best new NFT platforms worth your investment. As a high-end sports NFT marketplace, this platform is highly selective with NFT submissions. Also, Singularifty reviews non-fungible tokens meticulously so investors can be more confident in the exceptional quality. Users can store and manage account keys, Ethereum-based cryptocurrencies, and NFT assets.
Rarible is ideal for exploring new NFT categories. It also enables members to connect with collectors and content creators with similar interests, thus forming communities. As a result, eager users can exchange ideas and collaborate on exclusive projects. Rarible has a native token that goes under the name of RARI. Plus, it features an overview of top collections.
To follow the trend, NextHash has created a robust platform that allows anyone interested in virtual collectables to trade. Besides supporting content creators, the Singularifty platform opens new revenue opportunities if you prefer to invest in novel digital items and scarce collectables.
The platform takes pride in a seamless experience with all the essential tools needed for trading. Moreover, Singularifty offers a limited range of rare sports NFTs available for sale. Finally, members can pay with fiat and crypto assets and enjoy the pocket-friendly fee structure.