Why should you be aware of NFT trends? Whether you like the concept of NFTs or otherwise, some of these forthcoming trends have the potential to revolutionise the way we interact with the web, brand things, purchase and sell art, or even produce and enjoy music.
Here is a list of 2024 trends to keep an eye out for:
01. Avatar creation
The benefit of NFTs over traditional IP development is that you may own a portion of a larger brand and profit from it. NFTs such as Bored Ape Yacht Club and StereoheadZ allow users to mint their own work for the group, providing a fresh feeling of creativity to an artist, animator, and musician community.
02. Branding owned by the community
Giving a community IP power to take and spin into new areas that the trademark owner would never have done in the past adds immense value and might be the next trend to look out for. The usage of a blockchain with NFT provides primary and secondary resale rights, ensuring that an artist is always compensated for subsequent use of their work. Losing ownership of an IP allows for development and creativity, and creators are compensated for their contributions and effort at every step.
03. Ethereum 2.0 will address its energy issue.
The massive carbon footprint caused by NFTs is the big elephant in the room. A single transaction on the Ethereum blockchain consumes the same amount of energy as a typical family over the course of a day and a half.
04. Video games
Soon, we’ll see NFTs evolve beyond their function to encourage art and become more about usefulness – be it gaming or admission to exclusive groups. This is already happening in video games, with AAA producers such as Ubisoft investing in a blockchain to allow gamers to acquire and unlock goods that now have actual worth. Another play-and-earn adopter is Axie Infinity, which is currently valued at USD 6 billion and gamers may earn $15 per hour from NFT prizes.
05. NFTs in music will take control.
In 2024, music and NFTs will be the next big thing. NFTs will become increasingly common in the music industry. Jack Dorsey recently resigned as CEO of Twitter to manage Block (previously Square), with the goal of convincing streaming providers like Tidal to embrace music NFTs.
Outlets like Stationhead will operate in and throughout the metaverse, allowing listeners to converse or publish their own music. Blockchain-based NFTs will compensate consumers who track a band or monitor royalties for artists.
06. NFT and the metaverse
Even while the metaverse hasn’t entirely taken off, there’s a lot of hype about it. When metaverses ultimately gain traction, NFTs would be at the core of their interactive technology. And inside them, the enormous potential and utility of NFTs, as well as blockchain technology and cryptos, would be realised.