Non-fungible tokens — more commonly called NFTs — have taken the world by storm. Our team of experts helps you navigate the new and expansive world of NFTs and cryptocurrency, from art, gaming and sports to the metaverse.
Bethany Hickey
Writer
Megan Shepherd
Editor
Chris Stead
Editor
Zak Killermann
Publisher
Mike Rheaume
Publisher
Louise Vinciguerra
Publisher
NFTs have utility and value, making them prime candidates for buying, selling and trading. Creators can turn unique work into NFTs that can be sold on marketplaces, and crypto gamers can buy, sell and trade NFTs to up their game.
“Finder’s 2021 NFT Adoption Report revealed that just under 3% of American internet users owned a NFT last year, and on average the panel expects NFT adoption to hit 6% by the end of 2022.”
Choosing the right NFT marketplace starts with knowing its offerings, benefits and drawbacks. Marketplaces specialize in niches such as sports, gaming, art and music, while others are mixed marketplaces offering all categories of NFTs. Users can create, buy and sell NFTs on marketplaces, though most require Ether (ETH) to buy NFTs and a crypto wallet to complete transactions.
NFTs aren’t just for collecting — they often add a layer of utility to blockchain-based games. There are many NFT games to choose from, including NFT trading card games, farming simulators, real estate simulations, role-playing, battle royales and more. Some NFT games offer the opportunity to earn cryptocurrency while playing, called play-to-earn (P2E).
Some NFTs are meant to be collected and displayed. Many NFT collections feature 10,000+ NFTs, each with a similar theme but varying in appearance and value. NFT collections can be anything — funky avatars, cute animals, wearables and more. Even celebrities like Snoop Dogg, Grimes and Lindsay Lohan have NFT collections on offer. A few notable and valuable collections include Bored Ape Yacht Club, The Sandbox, Doodles, World of Women and CryptoPunks.
The Loaded Lions NFT collection is a gaming collection on Crypto.com
The UFC NFT collection is a sports collection on Crypto.com
Snoop-dogg NFT collection is a music collection on Crypto.com
The Psycho Kitties NFT collection is an art collection on Crypto.com
The market cap of the NFT universe is predicted to double from 7 billion in November 2021 to 14 billion in July 2022 and hit 26 billion by the end of the year, according to Finder’s panel of over 30 fintech specialists. Finder’s panel then predicts the NFT universe market cap will reach 146 billion by the end of 2025.
Thomson Reuters futurist, Joseph Raczynski, gave an end of year market cap prediction of 30 billion and thinks the NFT industry is an important space to watch.
“NFTs are in an explosive exponential growth phase. This trumps what I saw in 2017 with the ICO. NFTs go well beyond art to community of people, or clubs, ownership of companies, and they will own a football club some day soon. This is the digital tokenization of assets – represented by a token. This is a significantly important space to watch grow,” he said.
Finder’s 2021 NFT Adoption Report revealed that just under 3% of American internet users owned a NFT last year and on average the panel expects NFT adoption to hit 6% by the end of 2022.
CoinSmart CEO and cofounder, Justin Hatzman had the highest adoption rate prediction of 10%, alongside Rouge International managing director, Desmond Marshal.
“I think a combination of FOMO and the metaverse is going to shoot that to double digits at least”, said Hatzman.
However while the NFT industry is forecast to grow significantly, not everyone thinks it’s a good thing for the cryptocurrency category. While half the panel says NFTs are enhancing the credibility of the cryptocurrency category, just under a quarter think NFTs are actually undermining credibility.
Galia Digital’s emerging technology consultation, Kate Baucherel put it this way:
“The NFT market has to get through a winnowing of poor quality content and lose the get rich quick / scam label, as crypto had to after the ICO rush. It will clean up and expand.”
CoinFlip founder, Daniel Polotsky, who thinks NFT adoption will hit 5% this year, says NFTs are enhancing the cryptocurrency sector’s credibility.
“NFTs are giving artists and players the ability to issue their work directly to their fans on the blockchain–no shipping needed! Collectors love NFTs, because their existence is confirmed on the blockchain and verified by miners; they can verify the entire history of each piece, and know it isn’t fraudulent. Counterfeiters ruin the fun and value of collecting art/memorabilia, and the blockchain has stepped in to fix this annoying issue once and for all. NFTs give the cryptocurrency industry a lot of credibility, because unlike gold 2.0 or decentralized finance, they are way more relevant to the average person; if something as universal as art can be put on a blockchain, then the possibilities are truly endless”, he said.
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