“NFT” is the word of the year 2021 in the Collins dictionary. Yes, the acronym for non-fungible token is, in the opinion of dictionary experts, the most representative in the world this year.
This is a significant recognition of the state of cryptocurrencies and NFTs. Collins writes that we have all heard about NFTs in the last 12 months, in news reports and on social media. And industry players expect this strong growth to continue into 2022.
Source: Adobe / immimagery
Commentators, in particular, believe that the year-end growth we’ve seen for “metavers” and blockchain-based gaming platforms will translate into a significant expansion of non-fungible tokens in 2022. What if the arrival? industry this year, the arrival of big companies looking to jump on the bandwagon will help it grow anyway.
Continuous growth and involvement of the main brands
It should be remembered that, although the NFT sector experienced a strong expansion in 2021, it is a nascent sector. In other words, in 2022 it is expected to grow even more as a crypto subsector.
“With the explosive growth of the NFT market in 2021, it is easy to forget that the industry is still in an emerging phase and that we are just getting started. […] In 2022, we can expect to see further growth and maturation with the proliferation of new unique use cases for NFT technology and greater consumer and institutional adoption, ”said Alex Salnikov, Co-Founder and Product Manager, Rare, a market by NFT.
Many prominent figures working in the NFT subsector have the same opinion and believe that 2022 should cement its new status as the most promising area of crypto (in terms of adoption by the general public).
“We will see that many more industries will start to use NFT for reasons of efficiency, authentication and to eliminate the middlemen. This will be the next phase of using NFT for utility and for specific purposes,” predicted Josh Katz, founder of the YellowHeart, NFT-based collectibles and tickets platform.
One of the biggest NFT trends for 2022 will be the growing participation of large companies and brands, as indicated by statements released in recent weeks by companies such as Electronic Arts and former Activision and Lucasfilm employees. And as Mintable co-founder and CEO Zach Burks told Cryptonews.com, the rise of NFTs will help push more people toward cryptocurrencies and blockchain in general.
“Brands will continue to dive into NFTs and as a result of this we will see an increase in the adoption levels of cryptocurrencies. You need to have ETH / SOL / BSC / etc. To interact with NFTs and more and more people. Blockchain for the first time through NFT, ”said the CEO of the digital goods market.
The exact extent of the NFT subsector’s growth in 2022 is a matter of speculation, but Burks believes its expansion will exceed what we have witnessed in 2022.
“NFTs have seen a 30-fold increase in 2021 in terms of volume, to be frank, that’s not much compared to the general nature and huge impact that NFTs can really have, which is why I hope 2022 is a year. even better, “he said. .
Metaverse, games, marketing, luxury goods, music
Given the impact generated by the rebrand from Facebook to Meta, opinions from industry players are unanimous on the growing impact of NFTs tied to metavers or games.
“As soon as we have a large-scale game where every part is an NFT, everything will change. Imagine owning your home in a virtual world through an NFT. It will change the entire Internet landscape,” he said. he stated.
This is also the opinion of Josh Katz, who also places games at the top of his list of NFT trends for 2022.
“The gaming industry is going to explode in 2022, which is one of the most logical uses for NFTs,” said Josh Katz.
However, while gaming and metaverse NFTs will dominate in 2022, they will intersect or complement other types of non-fungible tokens.
“We will also begin to see more adoption of NFTs in the marketing world, with many major companies beginning to exploit NFTs as a way to engage with their consumers and open up new avenues for marketing, customer engagement, and lead generation. income, “suggested Alex Salnikov.
Similarly, Josh Katz believes that NFTs will help drive marketing in 2022 – YellowHeart founder suggests that the luxury industry will start using NFT for authentication.
“In 2021, it was about educating the music industry and in 2022 we will start to see many more use cases. YellowHeart is focusing on NFT ticketing for 2022, so we hope this industry will adapt, but We don’t plan on a big transition to 3.0 ticketing until 2023, ”he told Cryptonews.com.
NFT and regulations in 2022
This overview would not be complete without mentioning the regulations. Industry figures expect NFT regulations to begin to emerge this year, although concrete applications will not be visible until later years.
“It is always difficult to predict the direction of regulation to come, but I hope it will be drafted and proposed within the next two years,” said Zach Burks, adding that ‘there is not enough information at this time to determine the scope of the regulation. related to NFTs.
According to Zach Burks, NFTs should ideally be treated as proprietary digital certificates and nothing else, which implies that the purchase of a non-fungible token should not involve any knowledge of the customer (KYC) or anti-money laundering (AML). ).
“The underlying asset that NFT ownership shows changes based on the type of NFT / asset and regulation should take this into account,” he said.
However, it seems unlikely that the new regulations will avoid imposing KYC and AML controls on NFTs at this time, especially when regulators around the world seem more or less unified in requiring the crypto industry to undergo KYC procedures. . / AML stricter.
Companies in the subsector, however, support the basic principle of regulation and believe that, in general, it will be positive for the growth of NFTs.
As Alex Salnikov explains, “Our goal will always be to promote wider adoption and education in NFT technology, and we understand that to fully achieve this, it is crucial to work with regulators to develop legislation that works for this. Our community.”
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