NFT TRENDS AND HOW THEY CHANGE THE WORLD
- esthersurya
- Mar 14, 2022
- 4 min read
I believe if you ask someone born in the 60s (or even 70s), especially in Indonesia, and mostly women, about NFT – they will shrug their shoulders and inquire whether NFT is a kind of new dish or what. They are not alone, because not many people are familiar with this revolutionary art, although it has now exploded into the market with celebrities who invest, collect or make their own pieces. Many famous brands are also getting involved in this trend.
I will not blame you at all if you feel dumbfounded. I gave the same reaction some months ago, knowing that NFT is making headlines in the internet, and artists have been making million-dollar business out of it.
So, what is NFT actually ?
NFT stands for Non-Fungible Token, which is a digital asset in the form of an artwork or a virtual collectible such as a picture, a photograph, a song, a video file and others. A unique and non-interchangeable data hidden in the artwork is stored on a digital ledger by blockchain technology to guarantee the uniqueness of each item and as a proof of its ownership.
NFT can be made from almost anything unique which can be stored digitally and holds value. It serves like a vintage item or an artistic painting with a proof of original copy certificate in the physical world. This makes the NFT file sellable just like any other type of physical art, and the price is determined by market demand.
There are many marketplaces where you can buy and sell NFTs. Some well-known sites are Nifty Gateway, Mintable, Rarible, dan OpenSea. To buy or sell NFT, you will need a digital wallet and top it up with cryptocurrency specific to the platform you are buying on.
Today NFT is the most popular digital asset in the world. Whether we like it or not, NFT trends would change the way we experience the web, products, art trading and others. In fact, some people say that NFT is the future of art. So, without any further ado, let’s look at some of the NFT’s trends now.
1. Unlimited Avatar Casting
NFTs such as Bored Ape Yacht Club and StereoheadZ enable you as users to mint your own creative art for the group to put it up for use, to get monetary profit out of it. So, for example you create a Bored Ape avatar and set it up for avatar casting, the brand which is partnered with Adidas (and other brands) might use your avatar to promote shoes ad and give you a cut of their profits.
Avatar casting is surely a big business. Recently Jace Kay, a famous technologist, and digital innovator has founded the AvaCast platform, a digital agent which offers virtual avatar casting to be used in digital comic books, music videos, and other media. If you are the one that owns an NFT right of the character that is chosen, you can monetize it for media usage and for royalties. I believe there will be many more Jace Kay in the future. Possibilities are endless.
2. The New Metaverse World
Following the previous trend, here comes the new era of digital experience of the 21st century called the Metaverse. Metaverse in general is likely a new phase of the internet. It is expected to be primarily based on 3D virtual spaces that link together in a virtual universe. So, it will feel much more real and immediate than internet.
When the technology becomes more advanced, more activity and interaction will be replicated in virtual forms within the metaverse world. It is not only about the expansion of massive online gaming, but a more complex, rich, virtual worlds where people can chat, socialize, go to virtual places, attend virtual meetings and concerts and so on, and so on.
In the future, you do not need to leave your home to attend a meeting. Unlike Zoom or Google meet (which are soaring high since the covid pandemic), with all their limitations, in the metaverse meeting you (or your avatar) will experience more realistic 3D meeting where interaction be more natural and likeable than just looking at a flat laptop screen. The same experience will be available for other outings such as visiting a museum, wandering around shopping malls etc.
As an artist or a businessman, you might consider how the metaverse help you promote your work. Open a virtual gallery, or a shop for example. Alternatively, you could transition your 3D animation skills into 360VR animation which make the elements of the metaverse operate better.
3. The Rise of Personality NFT
The creation of an NFT personality will enable one to “remove” himself and to perform as an NFT rather than himself. This digital persona will take the next level as more and more people choose to embrace the anonymity to perform in certain platform. It is convenient because it expedites trust while allowing one to remain private.
Personality NFT has become more than just a series of JPGs. It acts as a digital identity. Even big social media like Twitter and Reddit ( soon Facebook/Meta and Instagram too) have enabled their users to connect their wallet, and set it as their profile picture.
4. The Wearable NFT
Apart from virtual fashion wearables, it seems you can wear your NFTs physically, bringing your most prized digital possessions to real life. This allows you as the holder to show off your NFTs to public, a commonly tangible means of proving your financial status. Expensive NFTs are like luxury items that communicate the owner’s style and status. Unlike branded clothes or shoes, NFT owners can flex both in the real world and inside the metaverse. Numerous companies are working hard to find new ways for us to display our JPEGs as wearable fashion. This trend isn’t going away anytime soon. In fact, it’s becoming increasingly possible to buy NFTs that come with custom clothing.
While the NFT market is still young, 2022 seems to have advanced it to the point that outperformed most people’s expectations. Some experts anticipate a cyclic crash of the NFT market in the long run, however many see it as just the beginning of more emerging trend of deeper crossovers between the tech savvy NFT community and the traditional art market. It has always been an interesting market, and now that it’s easier to access, there are thousands of people getting involved. This has led to some intense bidding wars and odd sales, which can be fascinating to look into.
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