WHAT HAS CHANGED IN THE NFT MARKETPLACE IN THE FIRST MONTHS OF 2022?
In the past period, we have witnessed the brilliant success of the NFT market in 2021. So in 2022, what has changed in the NFT marketplace, and are there any new spectacular developments?
Global Performance Of NFT
Overall, the number of sales indicators tends to decrease in the period from Q4–2021 to Q1–2022. The reason is the number of collections in the NFT market is saturated and this is not unexpected as 2021 has been a year of remarkable achievements in the NFT market.
Although the number of active wallets has decreased, the number of buyers is still more than the number of sellers. This proves that the number of people interested and engrossed in buying and investing in NFT is still very much.
Although performance indicators fell, the number of futures contracts in the first months of 2022 increased. This increase proves that the number of new NFT projects tends to get larger and active projects are maintained.
There are 5 main types of NFTs that are hitting the marketplace in the first months of 2022 namely games, collectibles, artwork, gadget types, and the metaverse.
NFT collecting activities account for a large portion of the NFT marketplace with almost 80% of trading volume and utilities at the bottom. However, Game is still the main segment in terms of the number of active wallets. This segment is probably dominated by Axie Infinity, which was a hit and famous game in the world at the time.
In general, the NFT marketplace is operating very stably. According to data from NonFungible.com, NFT sales on average tend to fluctuate between $10 and $20 million per week. Specifically, from the end of April to the end of May, the weekly trading volume increased from $50 million to nearly $200 million.
What Are Trends Of NFT In 2022?
The fashion industry is active in the NFT marketplace
This year, many fashion houses and retailers dipped their toes into the NFT market. In Italy, Gucci is cooperating with Superplastic to launch SuperGucci NFT. This is a groundbreaking collaboration that brings digital power to fashionistas and enthusiasts of the runway.
Louis Vuitton has combined fashion and technology to launch a game called “Louis the Game” to celebrate the brand founder’s 200th birthday. This is a game designed with the concept of adventure, players will transform into the Vivienne mascot — a wooden doll with exclusive Louis Vuitton patterns.
In 2022, one of the fascinating and noteworthy trends of the fashion industry in the NFT marketplace is the possibility of a merger between Metaverse and GameFi. Fortune magazine shared its potential to generate up to $1 trillion in annual sales when bringing Metaverse to life as early as this year.
EverestCoin, which is one of the hopeful Metaverse NFT GameFi projects, has provided fashion items such as gloves, jackets, and boots to players. Users can take advantage of these fashion NFTs to survive on virtual Everest.
Additionally, SpaceSeven partners with Mojomoto, a global digital fashion provider, to bring the NFT experience to customers in the fashion industry every day. Mojomoto utilizes 3D visualization to help fashion brands reduce costs and the need for physical samples. At the same time, they take the environment as a center to promote their brands using climate-friendly manufacturing processes along with other brands.
Actually, Karl Lagerfeld also offers access rights to URLs and IRL tickets of an upcoming brand event in Paris this year for customers who own the NFT X Endless Collection.
In addition, there are many fashion NFT products that have just been released recently. Among them, the NFT Blankos Block Party collection by collaboration between Burberry and Mythical Games should be mentioned. Adidas has partnered with Decentraland to host a virtual fashion display where Adidas designs are auctioned off as NFTs. Dolce and Gabbana also launched their own NFT collection called Collezione Genesi. NFT named “Baby Birkin” is an animation of a baby growing up in a Hermès Birkin bag, which was recently sold in an auction on Basic. Space for the equivalent of $23,500.
It is conceivable that the fashion industry is welcoming NFT and using blockchain technology as part of its business strategy.
The music industry is also attracted to the NFT marketplace
It’s becoming more and more popular for music to enter the NFT marketplace. Songs, albums, beats, and lyrics can all be converted into NFT. Kings of Leon was the first band to release their album as an NFT. Since then, artists such as Grimes, Shawn Mendes, The Weeknd, and more have released their own versions of NFT.
The popular NFT music collection Lostboy is a combination of music and art with a focus on mental health. Mike Shinoda of the band Linkin Park gained about $11,000 for their first NFT product.
Forecast On NFT Marketplace In The Next Years
With the continuous growth of the NFT marketplace, many huge brands have been experimenting with NFT to create new experiences for customers such as Adidas, Nike, Budweiser, Pepsi, and even Lamborghini or Samsung. But that’s not all, they also buy virtual lands in metaverse platforms namely The Sandbox and Decentraland.
In the past period, Ethereum has been the most popular choice for NFTs and metaverse experiences despite the fact that gas fees hit the high record last year and did effective valuation for the majority of the population. According to a recent market capitalization forecast by investment bank Jefferies, the NFT market is estimated to rise to $35 billion by 2022 and over $80 billion by 2025.
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