Top NFT Trends of 2023 & 2022
Our hand-picked collection of the top nft trends of 2023 & 2022. The topics in this report on today’s emerging nft trends are selected for their high growth across sites including Google, TikTok, Instagram, Reddit, Twitter, YouTube, and Amazon. Read more about how we track global trends.
Sorare is a digital card game for football based on the Ethereum blockchain technology. Players buy, trade, or collect cards within the soccer NFT platform. … Read more
PFP NFT or profile picture non-fungible tokens are literally profile pictures on social media or digital avatars which are backed by NFT ownership. The popularity of PFP NFTs led Twitter to introduce some mechanism to let users verify ownership of NFT avatars displayed in their profiles. … Read more
NFT Trading is a type of trading where assets are traded on a blockchain. These assets, called non-fungible tokens (NFTs), are unique and cannot be replicated. This type of trading is growing in popularity as it allows for the trading of digital assets in a secure and transparent manner. … Read more
POAP or Proof of Attendance Protocol is a type of NFT (non-fungible token) that prove attendance at certain real-world or virtual events and experiences. This allows event organizers to better engage their audience with customized experiences. … Read more
Townstar is a play-to-earn (P2E) NFT game developed by Gala Games and built on the Ethereum blockchain. The game is based on competitive farming similar to Farmville. … Read more
Unusual Whales is an options flow platform that allows users to track options flow in one app - capturing unusual options activity, dark pools, crypto whales, etc. The platform also offers users a powerful options profit calculator. … Read more
Digital Land is a term used to describe the ownership of virtual real estate in a digital or virtual world. The term is often used in the context of online games and virtual worlds, where players can purchase and own parcels of land. … Read more
An NFT Loan is a type of loan that uses NFTs (non-fungible tokens) as collateral. NFTs are digital assets or tokens that represent ownership of unique assets like a piece of art, content, collectibles, or even real estate. … Read more
Bored Ape Yacht Club
The Bored Ape Yacht Club is a collection of unique non-fungible tokens or NFTs that feature profile pictures of cartoon apes generated by computer algorithm. … Read more
NFT Restaurant is a restaurant that utilizes NFTs (non-fungible tokens) as concept themes or as membership programs that allows holders of specific NFTs access to exclusive and unique dining experiences. … Read more
NFT TV is an emerging trend that extends the concept of NFTs to television in the form of smart TVs incorporating NFT marketplaces, new TV shows or series funded by NFT sales, or giving holders of specific NFTs access to certain content or even ownership of the TV show. … Read more
NFT Membership is a type of membership program that is based on users owning specific NFTs in order to be admitted or get access to member-exclusive perks, rewards, or services. … Read more
NFT Collectibles are physical objects that are associated with virtual worlds and video games. The term is an acronym for Non-Fungible Token, which is a type of cryptocurrency that is unique and cannot be replicated. NFTs are often used to represent in-game items or assets. … Read more
NFT farming is a new concept in the cryptocurrency space that combines NFTs and yield farming. Similar to yield farming, NFT farming creates liquidity by staking NFTs as either a reward or the staked token. … Read more
Trend Highlight – NFT Rental
In-game spending is a massive market, estimated at $65B.
But in-game assets have traditionally been very illiquid. Millions of gamers spend hours every day accumulating everything from swords to custom skins. Though unlike in the real world, where work often can be traded for value, gamers are usually unable to monetize this work.
But converting the assets to NFTs finally brings liquidity, likely growing the market even more, as millions of gamers can start to monetize the hours they spend.
And with the growth of NFT renting, there’s even more liquidity.
More broadly, new products and services are constantly making previously-illiquid markets more liquid – like Hipcamp which brought liquidity to millions of landowners who were land rich but cash poor, by letting them rent their land out to campers.
Trend Highlight – Physical IRL collectibles meet digital collectibles
The most expensive painting ever sold was priced at nearly half a billion dollars, yet it’s free to look at for anyone with an internet connection. This is because there is, and will only ever be, one true version and because scarcity drives value. To date though, there hasn’t been a tool to create scarcity for digital products. Blockchain allows this and NFTs (non-fungible tokens) are the new asset class everyone is now talking about, exemplified by the explosive growth of NBA Top Shot and the recent $69M purchase of a piece of virtual art at a Christie's auction. Since digital assets can be freely copied and viewed, everyone has access to them, but NFTs represent a secure, verifiable way to give exactly one person ownership.
Sorare is a company that produces licensed NFT-based sports cards for fantasy sports. This combines the addictive nature of fantasy sports with the speculative excitement of buying, selling, and trading scarce digital assets.
Because NFT transactions are recorded on a blockchain, they can be viewed and tracked by anyone. This creates a market for data aggregators adjacent to every major NFT. Soraredata.com is growing as fast as sorare.com, albeit from a smaller base, and alongside the widely-talked-about NBA Top Shot is the domain topshotdata.com, which has already been registered and is awaiting a landing page. There's a precedent for this working: CoinMarketCap.com, a site that tracks cryptocurrency valuations, is one of the 400 most-visited sites in the world. Data sites use the picks-and-shovels-in-a-gold-rush model: while any given NFT might be under or overpriced, the aggregate behavior of all of the NFT buyers and sellers creates business opportunities.
Trend Highlight – What Horse Racing has to do with NFTs
Horse racing, once a massive business, was the only legal form of gambling in the US outside of Las Vegas until 1978.
But the sport shrunk over time. Other forms of gambling later became legal and grew in popularity and the proliferation of cable TV plus the remote control meant horse racing’s slow pace cast it out of favor. As well, the lifespan of star racehorses compared to their human counterparts in other sports led to lower momentum around particular horses, and general concerns for animal cruelty made viewers less interested.
Zed Run is a rapidly growing company that brings horse racing back in digital form. Rather than focusing on gambling, Zed Run lets users breed digital racing horses. The horses have traits that affect their odds of winning races, and they can be bred to create new horses which inherit some of these traits in a partially randomized way, similar to real-life racehorse breeding. Zed Run charges a percentage of the "stud fee" for breeding, a mechanism that allows them to monetize a part of the game that both involves wagering on randomized outcomes and doesn't look like gambling.
The game hosts continuous races, where players pay to enter their digital horses and then collect prize money if the horses win. As the NFT space heats up, it’s reviving many forms of entertainment and collectibles that were previously declining in the face of more engaging digital options.
Zed Run exemplifies another modern business model: instead of selling a product directly, Zed Run operates a platform and takes a cut of other participants' economic activity. The hard part about building platforms is that they're two-sided markets, so they're useless to each side until the other has critical mass. In digital goods, it's possible to fix this by creating the goods and then encouraging users to trade them. Since it's a platform for exchanging virtual goods rather than physical ones, the default gross margin approaches 100%, meaning that Zed Run can take the kind of cut that more traditional platforms spend years to achieve.
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