What will the NFT industry look like in the second half of the year, given the ongoing volatility of the crypto market?
A new week did not start well for the overall crypto market, as top coins’ performance in global trade plummeted (along with almost every other asset out there).
We are not here to discuss price analysis. In 2022, the NFT industry was expected to have a massive year.
The potential remains, but what will the NFT industry look like in the second half of the year, given the ongoing volatility of the crypto market?
NFT Games industry: Reality’s Fantasy
Play-to-Earn and Axie Infinity’s golden age were once thought to be the future of NFTs.
Regardless of the current market conditions, it is undeniable that the NFT project is playing a significant role in unlocking the next chapter of the game industry, where entertainment and financial factors coexist.
Since then, the game industry has evolved and changed.
According to Coinbase data, Axie’s average number of daily users has dropped significantly since the last all-time high in November 2021, with no sign of a rebound.
The team clearly recognized the issue, and the release of Axie: Origin was set to transform how the game works with the evolution of the complex crypto concept.
The Play-to-Earn Model is Changing
The “Play-to-Earn” philosophy, which reminds the community of Axie, was changed to “Play-and-Earn.” The team is attempting to balance the gameplay while also taking on the burden of the game economy.
Sky Mavis now wants to “sell fun” rather than be a “new kind of economic phenomenon.”
The transition of Sky Mavis’ vision raises an alarm for upcoming NFT gaming projects and makes the sector’s future uncertain. It’s similar to how we couldn’t predict the birth of NFT games.
NFT Industry Adoption Has Suddenly Arrived
When it comes to non-fungible tokens, GameFi isn’t the only factor to consider. The industry’s expansion has been mirrored in a variety of use cases.
The presence of digital assets is spreading across various sectors, with a diverse set of integrations and applications. The year 2022 is an NFT race for major corporations and public figures.
Adoption is influenced by familiarity in some way. That is how NFT adoption is increasing.
Meta, a tech giant, has been working on integrating NFT capabilities into both Facebook (Meta) and Instagram. As Zuckerberg stated, the goal is to create the Metaverse, the next generation of the Internet.
Or, despite being a little later than Facebook and Instagram, Twitter quickly keeps up with the trend in light of the organizational structure change. Twitter will be better and more successful in 2022.
These are just a few of the million businesses that have set their sights on the future of digitalization.
Celebrities such as Justin Bieber, Snoop Dogg, Eminem, Billie Eilish, David Beckham, Madonna, and others support NFT. Kanye West, who used to be bothered when people asked him about NFTs, now supports them.
Whatever the goals, the NFT clearly demonstrates that it can provide a new and interesting way for businesses and individuals to interact with their target audiences.
Michael Kondoudis, a well-known trademark and patent attorney, revealed on June 13 that applications for the US NFT trademark surpassed 4,000 from January 1 to May 31, 2022.
According to reports, March was the most productive month, with 1,023 new applications submitted.
Major payment giants such as Visa and Mastercard, businesses such as Taco Bell and Pizza Hut, and well-known fashion houses such as Adidas and Louis Vuitton are all heading in the same direction, albeit with different approaches.
According to Tal Lifshitz, a partner at Kozyak Tropin & Throckmorton Law Firm, the popularity of NFT will increase its value and use exponentially.
If you’re the only person who owns a cell phone, it’s useless. If two people own cell phones, there’s some value. If billions of people have cell phones, you need a cell phone. That’s the impact of increased adoption. That’s the potential future of NFTs.
Despite the fact that the start of the NFT market this year appears to be bleak, the industry and its underlying technology have seen widespread adoption.