The world became aware of NFTs in 2021 and they’re already a staple for many people who are interested in buying digital assets. But if you’re looking to hop onto the bandwagon, what are the latest trends in the field and how can you leverage insights into them in order to make cash from this lucrative sector? This article tracks three key trend lines for you, giving you a little advice on how you can make the most of the rise and fall of this market and asset class to make some money and invest in something that could be worth far more in the future.
There’s a rise in the number of people who view NFTs as collectibles in the current market. Rather like being the owner of a Banksy painting, many analysts see the NFT as a way to hold ownership over something that you’ll be able to show off to friends for decades to come. Like trading cards, there are different collectible NFTs that have different values. So, if you’re getting into the field for this reason, you should pay careful attention to what’s trending.
For example, there are several digital artworks that are selling by the shedload at the moment because the artist is asking those who buy their NFTs to trust in the fact that their art will be very famous in the future. That’s a smart way for the artist to make money, but it’s also smart for an investor who believes in that artist and their work to achieve great things.
Meanwhile, the expansion of the metaverse persists seemingly away from many people’s attention and focus. There are many people across the world today who are familiar with the metaverse in name only. Perhaps fewer still are vaguely aware that we may or may not be moving towards the next generation of the internet, which many are calling “web3”. If this does come to pass – and many insist that it will in the coming decade – then NFTs are likely to play a huge part in how that world works.
In light of the growing relevancy of the metaverse to NFT investors, it’s well worth you taking the time to understand how the metaverse will likely be the force to keep the NFT market buoyant through the hard times that are undoubtedly ahead for the technology. That reading could inform your next purchase.
There’s another trend to keep your eye on in the latter half of 2022, and that’s the resale market. Given the economic conditions across the world at present, many people who invested heavily in NFTs may well be choosing to stand down and sell their digital assets, in order to keep themselves solvent in the real world.
That means that an NFT marketplace today won’t be selling newly minted NFTs only, but also those that are being put back on the market, often at relatively cheap prices, because the owner of the NFT would prefer selling at a slight loss to holding an asset that they cannot make liquid during tough times.
There you have it: three key trends to keep your eyes on as we move into the second half of 2022.