Plan On NFTs To Take On A More Serious Role

by 99Crypto

What will non-fungible tokens (NFTs), arguably the most exciting sector of the cryptocurrency world, bring in the New Year? We know that 2021 was a breakout year for NFTs with more than $15 billion in sales and trading, and we saw growing interest among mainstream brands to launch their very own NFTs for various purposes. Even Melania Trump, the former First Lady of the United States, issued NFTs as part of a charitable project.

Something that we can definitely expect from NFTs in 2022 is utility. There needs to be more offered to NFT holders than just something that may have collectible value, and this is where utility may play a part. By utility we mean a value-added proposition such as being able to join a club, get special discounts, or score tickets to events. But another thing that we should absolutely look forward to in 2022 is the rise of what the NFT industry has been calling ‘true gaming’, which essentially means being able to turn NFTs into items that can be used for in-game activities and rewards. We look at the major trends in NFTs for 2022 below, and what they mean for the blockchain industry as a whole.

NFTs Will Get Serious

After starting out as a plaything for virtual collectibles, in the past 12 months, NFTs have rapidly developed into the future of the cryptocurrency industry. Now, they have truly found their place as a token that can be used to build game-changing dApps.

The industry-wide hype around NFTs will get much more intense as the year 2022 approaches. We know that by 2022 NFTs will be used in dApps, and this is where we’re going to see a truly massive growth. What does that mean exactly? Well, if NFTs have a role in building dApps, and if they are used in the blockchain-based gaming industry, there will be a massive rise in adoption as users and developers embrace NFTs and build them into dApps. This will lead to the mainstream adoption of NFTs, and the mainstream application of blockchain technology.

The rise of NFTs should become self-evident in the next year or so. The most interesting development will happen in the ERC-1155 standard for NFTs. This will provide a new way for developers to create NFTs, which will be a big benefit for developers. The ERC-1155 standard is already used in multiple blockchain games, and developers will no longer have to build NFTs from scratch.