In this article, we will discuss the top 5 latest NFT trends happening in the market right now.
The month of August belongs to the NFT market. It is reported that Open Sea alone generated close to $3.3 billion or 1M in ETH. This is a huge deal for NFTs moving forward because in the first half of 2021, we hit $2.5 billion and we were surprised. Now no number is shocking to hear in terms of sales or volume of generative artworks and valuable digital collectibles.
When it comes to capitalizing on NFT opportunities, we have to constantly keep an eye out for what’s trending and how the internet is changing every day. Obviously, there are more factors to consider, but the number one is always demand. If you cannot find a buyer willing to pay a higher price, your return on investment would be negative.
So to avoid that- you need to follow the hottest trends in the market right now. In this article, we have highlighted five NFT trends that are creating crypto’s new culture and making people invest millions of dollars for a jpeg image.
#1 Everybody Aped in- Bored Yacht Ape Club
Communities are the real deal when it comes to NFTs. A great collection would not mean much if a few thousand loyal followers do not back it. And one such generative-profile picture NFT collection that probably has the best community is BAYC. The Ape holders are soon to become millionaires. We have seen record sales come from this collection where people were ready to pay millions of dollars for an Ape picture.
The community receives exclusive benefits and interactive features that add more status online. People who minted these Apes only had to pay 0.08 ETH, and now, the average sale price is close to 50 ETH. In terms of dollars, it went from $3000 to $180,000 in less than 3 months. Along with Bored Apes, the company also launched Mutant Apes to give a second opportunity for all newcomers. The MAYC also became a huge success, recording 90 million in sales in one day.
# 2 FOMO at Peak- Loot Adventure
If you look at the recent trade history of Loot Adventure, you will be shocked to the core and will not believe what you are witnessing. People are literally paying hundreds of thousands of dollars to participate in a role-playing phenomenon. The best part? It is left to their imagination. In a matter of few days, the trading volume and floor price crossed 150 million and 11 ETH, respectively.
Can we confidently say this will be the next BAYC? No, we think it is too early to predict how sustainable Loot (for adventurers) will be in the future. The demand is pretty high right now, and people are buying these Loot NFT lists left, right, and center. But what comes next is important. It all depends on the collective imagination of the community.
# 3 Generative Art Blocks
Art blocks are algorithmically generated art works by the blockchain, making them unique and one-of-a-kind. As Art Blocks is the biggest player in the market, it continues to captivate buyers with its Ethereum-based initiative and many different collections. In August, the company recorded over $583 million in trading volume, raising floor prices by multifold several top collectibles.
Art through programming is winning over so many buyers. We have collections like Fidenza and Ringers that have provided astronomical returns to its holders. A couple of months ago, most of these art blocks were less than 0.2 ETH, and now they are being sold for more than 500 ETH. With Art blocks, there is always going to be potential. It just depends on the type of collection and the artist’s background.
#4 NFT-based Games- Axie Infinity
Axie Infinity is the best blockchain game right now. With so much utility to offer, we have seen active players of the Axie network grow significantly. The price-performance of its native Token, AXS, also went parabolic. In two months, it went from $5 to $90, making end of the year predictions extremely high.
The gaming space in the NFT sector is just getting started. And Axie Infinity hasn’t even scratched the surface yet. Just imagine how responsive the game will be when it is launched on the App Store. When the company opts for decentralized platforms and removes more entry barriers, Axie Infinity will explode rapidly.
#5 Fractionalized NFTs
We all want to have complete ownership of some of the best artworks and collectibles. But allocating thousands of dollars for NFTs is not everyone’s cup of tea. That is where fractionalized NFTs come into play. With the current prices of a Bored Ape, an ordinary person can’t invest upwards of 100k. By using DAOs and fractionalized NFTs- anyone can own (fractional ownership) a rare collectible.
As fractional art has no single custodian, it is fully decentralized. You can join any fractional community holding your desired art and buy their tokens to gain ownership. Fractional owners are booking decent profits after a successful auction, given the demand for top collections like Crypto Punks is still high.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
Subscribe To Our Newsletter
Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.
You have Successfully Subscribed!
Subscribe to get notified on latest posts.