The NFT trade is booming like never before and more and more people are jumping on the bandwagon. But what comes after the hype about digital collectibles? Which sectors could trigger the next revolution?
Who in the last few days OpenSea, the largest trading platform for non-fungible tokens, knows that NFT collectibles are currently selling like sliced bread.
More and more people are trading and collecting NFT, while at the same time new projects flood the booming market every day. Only recently, Visa mixed up the market with the purchase of a cryptopunk and made headlines around the world.
Institutional investors also seem to be increasingly interested in non-fungible token collectibles, and more and more NFT funds are springing up from the soil.
It also breaks OpenSea one record after the other – the NFT exchange has claimed more than twice as much gas fees as Uniswap in the last 30 days alone.
There seems to be no end to the hype about NFT collectibles in sight, and regulators have been keeping their feet still so far.
At the moment it seems too easy, too fun and too exciting to trade with NFT, especially for crypto newbies. Digital collectibles are also attracting a lot of attention in the media and are inspiring more and more people. But like so many hypes, one can assume that at some point the hype surrounding NFT collectibles will also subside.
In the meantime, many are wondering what comes next. Collectibles and art aside, what sector could be the next big thing in the crypto space?
1. Blockchain and gaming
The rapid rise of Axie Infinity (AXS) has shown that blockchain gaming has enormous potential. Thousands of people have gotten rich playing Axie in the past few months. Thanks to the combination of blockchain, gaming and NFT, the play-to-earn model could permanently change the gaming world.
In addition, Axie Infinity now has a market capitalization of over 4.1 billion US dollars and the community Discord channel is one of the largest servers in the world with 800,000 members.
The NFT game showed what the future of gaming could be and now it’s time to create games that people want to play. In the conventional gaming world, the most successful games are free. Thanks to blockchain technology and NFT, this model could now be taken to the next level and reward players for playing and investing their time.
In the coming months, you should therefore keep an eye on which blockchain games will be launched next. Similar to Axie Infinity, early adopters could face big wins. In particular, games that rely on NFT scaling solutions such as Immutable X could be the next to break into the mainstream.
2. Social Token and NFT
Social tokens represent the interface between authors and their community. They connect both parties with tokens and fundamentally change the relationship between content creators and their community.
With social tokens, communities can use tokens to align their goals and benefit from them collectively. A relationship that was previously a one-way street (Creator -> Community) is now growing into an interactive one.
It is no longer just about the Creator and the works he has created, but also about what the community makes of them. The community can actively use social tokens or products in the form of NFT to bring their own value and creations into the ecosystem behind a social token. If you want to find out more about social tokens and want to know why they could cause the next hype in the crypto space, you should take a look at this article by BTC-ECHO.
Decentralized Web2 applications (Twitter, Facebook …) were among the first planned use cases for ETH. Only over time did developers realize that it made a lot more sense to develop DeFi and NFT first as the infrastructure for the Internet of tomorrow.
But now that these two cornerstones have been laid and more and more scaling solutions are going live, the time for Web3 applications could be ripe.
The crypto community (and recently the NFT community in particular) has always been the driving force of the entire industry. It is therefore obvious that a blockchain-based social media platform that cleverly integrates DeFi and NFT could be very successful if it manages to be user-friendly enough.
All of the above sectors have the potential to complement each other. Should a successful decentralized social media platform emerge, it would almost certainly also support NFT and be operated as a DAO.
In addition, blockchain games are pretty certain to incorporate NFT and create their own tokens that embody the value of the game itself. The token of such games connects the developers and their community in the same way that social tokens do for artists.
The exciting thing is therefore that the various sectors could increasingly overlap, which means that platforms could only be competitive with their own tokens and blockchain integrations due to network effects.