An irreplaceable token or NFT is a unique and authentic digital asset. By increasing the scarcity of dematerialized property, the NFT market has penetrated many sectors and provided ROI for investors. Whether you’re looking to invest or just want to better understand this exciting new technology, read on to learn more about the NFT space!
How is the NFT market developing now?
Cryptocurrencies and everything related to the blockchain are more popular in 2022 than ever. The industry is seeing significant growth, with Bitcoin and NFTs (Non-Fungible Tokens) at the forefront of this movement. In fact, NFT sales in 2021 were approximately $24.9 billion. That’s a huge increase from roughly $94.9 million in 2020! This has been made possible by an ever-increasing number of satisfied customers and an increase in the number of companies using this innovative technology.
The gaming industry in the world of blockchain is also developing exponentially, GameFi is not only a buzzword that is known to both beginners in the world of cryptocurrencies and experienced users. GameFi is a field that has attracted a huge number of people and over $750 million in just one month. The games we know are thriving, new ones are emerging that are also doing well in the market.
According to DappRadar, in August this year, an average of 847,000 unique active wallets (UAWs) were performing blockchain gaming related activities daily. This is, unfortunately, as much as 11% less than in July, but the industry still uses more than 50%.
The CEO and co-founder of the Skill Labs project has a comment on this thread
The gaming industry is very popular right now. Professional gamers are starting to think about the monetization of skills and the transition to the P2E world, and even non-gamers are starting their world in cryptocurrencies from this very interesting gaming direction. These current trends in the NFT space can be seen as a move towards a more user-friendly experience.
The most important thing for many is to see your real experience in games, to understand that your achievements exist and it is easy to prove them not only in the game, but also outside of it. And this is easily implemented and visually demonstrated by the Skill Labs achievement system, which allows gamers to mint NFTs as proof of skill for both traditional and blockchain games.
This shift is closely related to the fact that the gaming industry is now very popular and has growth opportunities that need to be exploited.
When a person in the NFT gaming field goes to where gaming experience is needed, they simply use their wallet address and Twitter / Discord account, which makes it difficult to choose the most suitable candidate for a particular game, since it is impossible to assess their knowledge, skills and previous experience.
Therefore, in this revolutionary area, there should be a real way to stand out, and not just provide in-game screenshots and describe your gaming experience.
Skill Labs allows millions of gamers to claim in-game achievements in Web3 and classic games in the form of NFTs. This allows users to have a universal platform that provides complete transparency, which is especially important in Web 3.0!
What analysts think about the future of NFTs
NFT is the future of digital assets. 2022 is a big year for them, we can already see it!
It’s 2022; we can expect greater adoption of NFTs and more attention to use cases that add value to creators and collectors alike. Analysts also predict that the total value locked in NFTs will exceed $1 billion by the end of 2022, with most of this value coming from the gaming and digital collectibles sectors. In specific use cases, we are likely to see more NFTs being used for identity verification, digital rights management, and supply chain tracking. We may also see an increase in the use of NFTs for experiences and services such as online courses and memberships. Overall, we can expect the NFT space to continue to grow and develop in exciting new ways in 2022!
The NFT space is booming and will only grow in the future. With increased adoption and a focus on use cases that add value to creators and collectors alike, the future of this exciting digital asset class looks bright. We can expect more interoperability between various NFT platforms and other digital assets such as cryptocurrencies in the coming years. In terms of regulation, we may see more clarity on how NFTs fit into existing legal frameworks, especially with regards to taxation and intellectual property rights. Overall, the NFT space will only grow and develop in exciting new ways over the next few years. Make sure you don’t miss out! Want to stay up to date on everything NFT-related?