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NFTs, metaverse, and GameFi are one of the most trending terms of 2021. Last year, the enthusiasts saw the true utility of this one of the biggest innovations of the cryptosphere. And now the utility of these innovations will be pushed further in 2022. The growth of the industry has shot to the next level in terms of popularity and finding acceptance from the cryptocurrency community and the mainstream alike. Crypto collectibles that were initially thought to be a bubble are now expanding their coverage across the cryptosphere.
2021 was the best year for NFTs
According to data from DappRadar, the NFTs industry witnessed 2021 as its best. The parts of the industry that were initially thought to be a bubble are now expanding their coverage across. These collectibles have generated more than $23 billion with the floor market capitalization of the top 100 NFT collection standing at above $16 billion even before the closed out.
Notably, the biggest move for these and the metaverse has been the rebranding news of Facebook. To expand its reach beyond social media and into the metaverse, the social media giant rebranded itself to Meta. Amid this, it was revealed that more than $106 million worth of metaverse land was sold in just a week.
Digitization and Tokenization of art
The initial interest around digital collectibles came from the digitization and tokenization of artworks by renowned artists. Such creators include Beeple through auction sales hosted by traditional art galleries like Christie’s and Sotheby’s. Since then, the scope of these tokens has expanded to include art, music, games, sports, and tweets. Indeed, and digital and real world assets could be tokenized while still holding their value and offering ownership.
GameFi – the ultimate game changer
When NFTs were already in a craze, the prime watershed moment came following the metaverse narrative through GameFi protocols. Notably, this is the combination of the DeFi and the gaming industry within a single ecosystem. According to experts, GameFi has revived the interest in blockchain gaming.
