Trends are nothing new in the financial markets, let alone in the digital arts and collectibles space. After last year's nuclear spike in NFT prices and activity, the Federal Reserve's 2020 quantitative easing effectively lowered the pace and relegated other traditional financial industries to months of corrections. Wondering if there's still hope for the NFT market in 2022? Read on.
Overview of the last Quarter for NFTs in 2022
Liquidity is core to the sustainability of any market and is usually fueled by several factors of varying strengths. For NFTs, we have seen the factors morphing from the erstwhile hype and fear of missing out to problem-solving functionality. This year alone, use cases like GameFi and rentals in an NFT marketplace, music, and tying collectibles to real-world assets have gained more ground. Although early, collectibles are still well-positioned as essential building blocks of the metaverse.
While there is enough evidence that NFTs are not a fad, the current trend points to a future for more utility NFTs. Community-driven projects such as Magic NFTs, web3 art, etc., will not be left behind, as these will come together to form a fruitful NFT environment.
NFTs you should (probably) read about
Let’s look at some of the best NFT projects you can look into in priming yourself for the next NFT bull run.
1. Ethereum Name Service–ENS
Have you ever wondered why we have alphanumeric names as wallet addresses? It’s pretty obvious many of us copy from our exchanges and paste them to the appropriate places when trading. What if the process could be more straightforward? Well, ENS solves that.
ENS is a decentralized system that runs on the blockchain and uses smart contracts to make machine identifiers readable in human language. This means that instead of having an address like 0xd8dA6RB10164aF9D7eEd9e03F42315D37aY96045, you can have Ada.eth, and when a user sends Ethereum to said address, the crypto goes in there. Moreover, you can sell your ENS domain name on an NFT marketplace to willing buyers who want the exact name.
ENS is currently amongst the top 20 NFT sales on the leading NFT marketplaces, with over 500,000 unique owners. This trend is not ending soon; you can have your customized address in a few clicks.
Although the collection was created in September, it has quickly grown to be a sensation, even outranking CryptoPunk in weekly trading volume. If you have seen Pepe, the frog, you should get excited about this. The NFT collection has 1,000 unique pieces and has seen popular NFTs present. Unlike ENS, Hedz is focused on art and not on utility. It would be interesting to see this collection in a few months.
3. Battle Infinity
Battle Infinity is a new GameFi project that has caused a lot of hype and attention. The project is split into six different platforms, each with its specific purpose. These purposes include an NFT-based fantasy sports league, player-against-player P2E games, an NFT marketplace, and more. The Battle Infinity ecosystem also consists of an immersive metaverse-based game where players can earn rewards by playing other games within the ecosystem. This makes Battle Infinity a unique and exciting project worth keeping an eye on.
The complex ecosystem we call the NFT industry might be down at the moment, but it does not mean you should be on the sideline. Now is an excellent time to get a good investment project as builders are moving forward in full force in preparation for the next phase of the NFT bull run.
Besides, AirNFTs have now brought everything together in an easy-to-use mobile app for you. You can now trade BSC, FTM, Polygon, Ethereum NFTs on the android app with the iOS version on the way. Be the first to know when the Ethereum chain integration is completed by keeping your eyes on the blog! If you like to learn about new projects do not forget to read about new upcoming projects in NFT space for 2022