What’s Exciting About NFTs in 2022? [Experts on Crypto Art]

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NFTs in 2022 [Experts on Crypto Art]

If you’re updated with the developments of well-known tech-first companies, Starbucks is one of those that have embraced cryptocurrency. The famous coffee chain has recently announced its launch of a series of NFT collections. The company plans to initiate community membership and exclusive perks accessible to owners, including NFTs. This project, however, is still a work in progress, and there’s no specific launch date yet.

NFTs in 2022
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The crypto industry is continually expanding, and it will always introduce new areas to many users. New trends will always make people curious and excited, like the upcoming Starbucks NFTs. So, if you’re interested in finding out more about the ongoing developments in the industry, you may get credible information from the Dart Europe website. The group behind this crypto media offers you the latest news and updates to help your research.

For this article, we will discuss this new trend that has been disrupting the digital world and shaping the future of the crypto industry—the NFTs or non-fungible tokens. Where did they come from? What are these? What should people look forward to from NFTs?

What exactly are NFTs?

“They represent a unique piece of media, like an image or video, and they live on a blockchain.” — The Economist.

You may wonder if NFTs, non-fungible tokens, and cryptocurrencies are the same. They are not. Cryptocurrencies like Bitcoin are interchangeable or fungible, while NFTs are obviously not (as their name suggests). 

NFTs have unique qualities that cannot be exchanged with others of the same type. NFTs are most often stored on the Ethereum blockchain, although they can also be stored on other blockchains.

Through blockchain technology, one who holds the original digital product is certified. You can also say that if you’re buying or selling NFTs, you’re buying or selling your virtual ownership. Collectibles, images, access keys, and even residences may all be identified using NFTs. One of the well-known NFT use cases is crypto art.

For more information about NFTs, watch the full video: 

Where did NFTs come from?

The concept of NFTs was already started in 2012 when Meni Rosenfield introduced a paper called “Colored Coins”, intended for the Bitcoin blockchain. However, due to the limitations of Bitcoin at that time, the application couldn’t run successfully. Despite the constraints, “Colored Coins” provided a foundation for future successful NFTs.

In 2014, the first-known NFT named “Quantum” was minted on the Namecoin blockchain. And in the following years, memes became famous and eventually were minted as NFTs. These went on until they exploded in 2021, as huge changes occurred within the art markets.

What do experts or other professionals think about NFTs?

According to an opinion article on the CNBC website, NFTs have created a new market for wealth creation with “high growth potential”. The writer even highlighted how the new marketplace could empower digital artists. However, it is still a volatile investment since its value relies on what someone is prepared to pay for it.

Reviews.org also expressed their quite favourable review on NFTs. Their continuous development might allow innovative multimedia and gaming experiences, the democratisation of online transactions, and the augmentation of traditional financial interactions.

“This is absolutely a market to keep an eye on, but with a healthy dose of buyer beware,” they said. 

How crypto art is thriving

Have you seen the popular animated image, Nyan Cat? In an online auction held on a crypto art platform called Foundation last year, the flying feline was sold for 300 Ether, equivalent to $600,000. 

Before, most digital arts found on the web were freely available. But thanks to the use of NFTs, artists’ works can have financial value. Digital art becomes crypto art once it fuses with the blockchain technology supporting these NFTs.

Many digital artists have jumped headfirst into the NFT trend, fired up with years of making art to generate views on Facebook and Instagram while receiving absolutely nothing in return.

Digital art
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One might think buying crypto art does not give you the owner’s rights, and it’s only expensive, yet how is it still in demand in the market? Because art serves various societal functions, like sparking small conversations with others. We never lose communities that involve art enthusiasts, collectors, and artists in society. This is one of the reasons why crypto art is still in the mainstream.

What’s Next with NFTs?

Aside from crypto art, NFTs are also groundbreaking in other industries like fashion, gaming, sports, and real-world assets. 

And future developments are coming in 2022. Here are a few of the NFT projects you can look forward to this year:

  • Music
  • VeeFriends
  • Decentraland
  • Personality NFTs
  • Axie Infinity

Conclusion

NFTs are here to stay, and they will play a significant role in the art world’s future. We can expect to see more celebrities using NFTs by the end of this year. However, it is essential to conduct thorough research before joining the hype. It’s far preferable to comprehend all the dangers and problems of using it at first.