The year 2021 could be the year that NFTs (non-fungible tokens) have taken over cryptocurrency discussions and among investors. Could this be the start of a multi-year race – or just a one-off phenomenon?
Benzinga recently spoke with several NFT investors and industry experts to get a glimpse of the future of NFTs in 2022.
NFT experts: Benzinga spoke to the following people about their take on NFTs in 2021.
Josh Ong – NFT collector, NFT consultant
Hunter Orrell – Investor Web 3.0
Matt higgins – Co-founder, CEO CSR Ventures
Metaverse Growth: A quick glance at many NFT roadmaps includes the wording of the metaverse. Benzinga asked experts if the metaverse will remain a target for NFT projects in 2022.
Doucet said it was still early days for the NFTs to embark on the metaverse.
“The only functional metaverse is Cryptovoxels and while I love the project, its lack of traction on the NFT 2021 stage proves to me that people don’t really want a Ready Player One-style metaverse experience, âsaid Doucet.
Ong echoed the metaverse being precocious for NFTs.
âNFT projects will continue to develop their presence in the metaverse on various platforms,â said Ong.
Higgins believes NFT projects could face higher standards in 2022, which could mean needing to meet Metaverse expansion roadmap goals when projects list it.
Celebrities: Athletes, celebrities and big investors all joined the NFT world in 2021. Many celebrities have launched their own NFT collections and some have rocked the price floors by mentioning projects or changing their profile picture on Twitter. When asked which celebrity might be next to enter the NFT space, the panel had a wide range of responses.
Doucet said he could see Duck entering the NFT space in 2022 and called an entry by President Joe Biden his dark horse bet.
Akkineni called on leading musicians to join the NFT space in 2022, calling for Beyonce and Taylor Swift to join.
Orrell sees the number of celebrities potentially depleting in 2022 with the hype slowing down. Others like Snoop Dogg, Shaq and Gary Vaynerchuk were named by Orrell as celebrities who could double in 2022. For a new name entering the space, Orrell hopes to see the NBA star James lebron join the NFT community.
Blue fries: A popular discussion in the NFT community is about long term blue chip betting. Bored Monkey Yacht Club and CryptoPunks are often said to be top notch, and after that the debate begins for what to do next.
Highlighted NGO Cool Cats, Metahero and CloneX to emerge as NFT blue chips.
Doodles and Pixel chest are named blue chips by Orrell.
“Sean Gearin is one of the biggest executors in space and knows how to run a business, if you haven’t taken note of it you should, âOrrell said of Pixel Vault founder Gearin, aka Gfunk.
Orrell also called Pindar Van Arman like an artist who deserves more love and exposure.
Higgins referred Cyberkongz and Friends in V as NFT projects, which he also owns, on the cusp of blue chip status.
âNever underestimate Gary,â Higgins said of VeeFriends founder Vaynerchuk.
Doucet singled out NFT platforms instead of individual projects like space blue chips, naming Coinbase Global Inc. (NASDAQ: COIN), Dapper Laboratories and Uniswap.
Related Link: Exclusive: Unboxing Pixel Vault’s PUNKS Comic Book, Metahero Universe with Founder Gfunk
Next Blue Chips: The panel was invited to share their thoughts on what could be the next NFT collections to achieve blue chip status and possibly break through in 2022.
âPersonally, my eyes are on Jenkins the valet and Pixel Vault. Both will show what true IP ownership means in the NFT space and both will serve as a model for how an NFT brand can make billions of dollars, âsaid Doucet.
Distinguished NGO Alley cat gang as an NFT project that âconsistently deliveredâ and also retained its value.
âDoodles is a new contender that could continue to break out,â said Ong.
Women’s World, Wolf Game and Cult of the Wizard of Forgotten Runes are designated by Orrell as potential breakouts in 2022.
âI also think Wolf Game has high expectations, but when I see a team that can execute I know that and that team will probably achieve something special in 2022 that makes everyone wish they had paid more attention. “said Orrell.
Wolf Game was also mentioned by Higgins as a potential blue-chip that caught the attention of the entire NFT community and made it through a crisis.
âThe crisis they faced would have destroyed most businesses,â Higgins said.
Another potential blue-chip could be Clever League, an NFT project with play to win on their roadmap and old Activision Blizzard (NASDAQ: ATVI) among the team.
“While others are talking about their P2E roadmap, these former Activision employees have actually developed a working game and will come out in 2022 with P2E and a rental system as well.”
Coinbase NFT Launch: The cryptocurrency platform Coinbase grabbed the headlines in 2021 with the announcement of the launch of an NFT marketplace that could face OpenSea. Many in the NFT space welcome the news of a new competitor for OpenSea. Here is what the panel thought about it.
Akkineni said that Coinbase’s launch of an NFT marketplace is highly anticipated and could bring millions of new users into the world of NFTs.
Ong said it was important to have competing markets in Opensea, noting that there was room for the two to coexist. Ong notes that Opensea trading volume could be affected in the short term when Coinbase launches its platform.
âI have been impressed with the thoughtfulness of the Coinbase core team so far,â said Ong.
Orrell considers Coinbase important in attracting new people to the NFT space.
âThey will be able to hold the hands of millions of people who want to get started in the industry without creating a MetaMask or trying a new website like Opensea,â Orrell said.
Orrell said a new market could take on both Opensea and Coinbase in the future by launching a market and including a community token.
âRewarding your community and not taking it out will be the biggest threat to Opensea and I think we are weeks away from seeing another platform take the first real blow to Opensea. “
Higgins notes that an advantage of Coinbase is that it is one step closer to money compared to OpenSea, which could be a huge advantage with less friction. Higgins said there is room for more than one player in the NFT Marketplace space.
Dapper Labs / NFL NFT: Ask many NFT collectors and investors where they started and NBA Top Shot is mentioned often. The NBA-themed Dapper Labs project has brought a wave of new NFT investors and collectors to space. Could Dapper Labs’ NFL NFT launch create a new wave of NFT users?
Doucet said the NFL NFT are expected to bring fewer people into space than the NBA NFT.
âThe NFL product will be much less turbulent and will gradually integrate new users,â said Doucet, noting the significant gains highlighted by Top Shot users.
Ong highlighted the fantasy style challenges as Dapper Labs’ way to connect is its new NFL All Day launch with NFL fans.
Orrell said NBA Top Shot was his first taste of NFT.
âThe main reason Top Shot was able to create this boarding ramp for so many was because of how easily it could jump,â Orrell said. “I think we are seeing another wave but not that big.”
Higgins, who is an investor in Dapper Labs, sees “a huge advantage” in the business as it has just scratched the surface.
âThink about European football and how little has been done in space,â Higgins said. Dapper Labs has deals with the NBA and NFL and signed a deal with La Liga earlier this year.
“I think Dapper deserves huge credit for helping NFT go mainstream.”
Hot predictions 2022: The panel has been asked to give their hottest opinion for the NFT market in 2022 with their responses below.
Doucet: âPlaying to win will crash and burn. Gains in trading / prospecting will always outweigh gains from day-to-day engagement.
Akkineni: â2022 will be the year of the adoption of the NFT.
Ong: âWe are still in the ‘innovator’ phase of the adoption curve, and this market is just beginning. “
Orrell: â2022 could be the year when a lot of people suffer very real losses and a lot of projects are finally sent to the graveyard. “
Higgins: âI think 2022 is the year the big guys stop tinkering and start taking the metaverse seriously. Higgins called on game studios and large intellectual property owners such as Walt disney co (NYSE: DIS) in this hot take.
Image by Pete Linforth from Pixabay