One of the reasons why we are writing this series in the latest and the biggest bomb in the crypto space is the NFTs, really putting the whole industry in limelight. So, if you are not living under a rock, you have most likely heard about the $69 million purchase of the Artwork NFT by an Indian customer.
While that generated a lot of noise, there have been other really interesting trends in this space, which has tempted so many of the crypto users to use, making it the hot potato. Talk about the virtuous cycle, aye!
So here goes our list of the latest trends in the space
Given the buzz that some of the larger deal in the space are generating, we can see that by now, digital collectibles are the biggest emerging market for NFTs. They are similar to physical trading cards, in which they derive their value from their scarcity. Already a great many brands around the world have started licensing their content for use in digital collectibles.
One of the pioneers in the area, making waves is the Terra Virtua. It calls itself the “home of digital collectibles,” which allows fans to create a digital “Fancave”. Those who invest money buying these digital collectibles in their “Fancave” and this has seen interest from consumers.
Terra Virtua was responsible for the launch of one of the most popular series of licensed NFTs, that was inspired by the Godfather film trilogy. Terra Virtua’s “core mission is to bring NFT’s to the mainstream,” as per their CEO, who added that the use of NFTs was inspired by an idea to bridge the digital world from the real world.
“We started to give a lot more thought about creating something a little more dynamic—the main catalyst being to provide something in the digital world that was not practical in the ‘real’ world,” Bracey added.
Terra Virtua created and dealt NFTs inspired by big brands and Hollywood. However, other valuable marketplaces deal in art, another major NFT industry.
SuperRare is a leader in the emerging NFT-powered digital art space. SuperRare specializes in providing a marketplace for rare and valuable pieces of digital art. On SuperRare, artists’ work is authenticated on the Ethereum blockchain, ensuring value. SuperRare is so popular that they have already sold some 11,000 collectibles. All this while also maintaining some level of exclusivity, where it claims that it is only onboarding small select special talents. But if their sales are anything to go by, it is a different story. It’s doing big business, SuperRare reported artwork sales of $4 million on its platform, with artists making $4.6 million after selling over 11,000 artworks in 2020 alone.
After the popular brands, Hollywood and art, the next emerging space in NFTs in the gaming space. Decentraland is the world’s first fully decentralized game world, built on the ERC-20 token MANA. Its users spend their MANA to buy goods, services and 10x10m plots of virtual land, underpinned by the non-fungible LAND token. In fact, it became so popular that its ICO for the MANA token sold out in less than 5 minutes raising $20.7 million. The following sales and auction reported by them saw users spend 161 million MANA to buy virtual plots. These virtual plots are now worth around $15 million at current prices.
Decentraland’s world is similar to Minecraft. It has simple blocky graphics and user-generated creations, which include everything from art galleries for displaying NFTs, to simple games built within the game world. It also supports a wide range of NFTs in addition to LAND, including Axie Infinity and the ever-popular CryptoKitties.
In what was one of the most expensive NFT artworks sold, Trevor Jones set a new record for the most expensive open edition NFT artwork by selling 4,157 editions of his painting Bitcoin Angel for $777 each over just seven minutes.