NFT: 5 emerging trends in the NFT and crypto space to watch out for

Own Your Art
With the cost of NFTs hitting new records each time, small time crypto investors have been feeling left out of the art NFT scene. After all, how many of us can afford a Bored Ape NFT that costs lakhs of rupees? One trend that has caught on to counter this is what is known as Fractionalised NFTs in which ownership is shared among multiple owners so as to bring down the price of an artwork to an affordable level. A popular example is famed street artist Banksy’s Gorilla in a Street Mask NFT that will be sold as a collection of 10,000 fractionalised NFTs for $750 each.

Gaming Gets NFT-fied
With in-game NFT assets being developed by some of the top names in the gaming space, its no wonder GameFi (gaming and finance) is fast getting traction among users and developers alike. One of the biggest names in this space is Axie Infinity that is inspired by Pokemon that features collectible pets called ‘Axies’. It has reportedly collected over a billion dollars of in-game assets through its tokens that can be used in the game’s ecosystem. Gaming and NFTs seem like a match in heaven and we’re just getting started with what can be done. This year, keep an eye out for NFTs from games like Thunder Lands and Metawars among others.

Films Get In The Act
If you thought streaming came into its own in the last couple of years, wait until movie NFTs become mainstream. From web series such as Ajay Devgn-starrer ‘Rudra’ launching metaverse characters to using NFTs to fund the entire pilot episode of TV series ‘Men Of The House’, the momentum has definitely shifted to NFTs when it comes to viewing experience. Going further, the makers of $50 million ‘Antara’ movie launched the first NFT to allow a buyer to digitally part-own rights of the Hollywood film and earn from its box office and streaming revenues. There are multiple ways of working with movies using NFTs and you can choose to be as passive or active as you wish to be with your involvement and investment.

NFTs Get Fashion-able
When Gucci recently announced the launch of its $12 digital sneakers, the fashion and blockchain world suddenly opened up to the possibilities surrounding fashion brands. But fashion houses have been a part of the NFT universe for some time now. Already, Burberry has partnered with Mythical Games to launch an NFT collection on the former’s flagship title Blankos Block Party. Dolce and Gabbana has also launched its own NFT collection called Collezione Genesi while a Baby Birkin NFT was sold for $23,500 in an auction recently as well. Clearly, when it comes to luxury brands, NFTs are in fashion these days.

Music Catches The NFT Bug
Many experts believe that NFTs will fundamentally transform the music industry. That’s because songs, albums, music, lyrics can all be turned into NFTs. Kings of Leon has already become the first band to release an album as an NFT. Popular music collective Lostboy NFT combines music and art with its focus on mental health. Linkin Park’s Mike Shinoda raised about $11,000 for his first NFT. Musicians say they are getting compensated fairly for the first time without record labels taking away most of their earnings, marking a huge shift in the way the industry will grow in the months to come.

With pop culture expanding into the metaverse and fashion houses dipping their toes in NFTs, the future is brighter than ever for cryptos and NFTs. Some applications are still waiting to be discovered but there is no doubt that some of these industries, especially music and gaming, are going to undergo a major change in approach as more and more people get into the NFT space. And with fractionalised NFTs, owning a piece of art from a popular artist is now easier than ever. NFTs are shining bright and spreading the light all around.