The NFT landscape is still very much the wild wild west, and while companies and individuals continue to profit off the space, there remains a lot of uncharted real estate and a good deal of potential just waiting to be tapped. The following is a look at a few of the NFT genres that could be positioned for growth sometime in the near future.
Growth Factors Driving NFTs
In simple terms, it really comes down to supply and demand and the scarcity principle. The more widely available something is, the less value it has. The more rare something is, the more value it possesses. That’s why NFTs like EtherRocks are so valuable. There’s a small, finite number of EtherRocks in existence, which helps drive up the cost and lock in (an expected) increase in value over time.
Adding to the supply and demand economics behind NFTs are the licensing deals being made with high profile individuals like athletes and entertainers. For example, when you have entire leagues — like the NBA and NFL — minting NFTs of their own players, you’re creating an entirely new marketplace for collectibles and memorabilia around the same desire for traditional collectibles.
Speaking of sports NFTs, the popular sports betting app — DraftKings — recently entered the arena hoping to parlay some of its gambling success into the NFT space. Like many other NFTS, DraftKings NFTs are powered by Ethereum technology, with the hopes that their NFTs will be able to be transferred to digital wallets sometime in the near future. But DraftKings is just the tip of the iceberg in terms of the expanding sports arena and how the NFT sports industry is positioned for growth.
Whether its a league minting NFTs of its players or specific players collaborating with companies to mint NFTs of themselves, sports NFTs should continue to grow in popularity so long as there is a demand for sports collectibles, a market which has only increased exponentially with each passing year and shows no signs of slowing down.
Another NFT genre that’s potentially juicing up for expansion is the art sector, in which there is a continued development of new products, and for which there are an increasing number of distribution outlets for this NFT art. One such outlet that has been met with a lot of curiosity is Ebay. Ebay has allowed the sale of certain art NFTs, albeit without accepting cryptocurrencies as a form of payment. Should Ebay find success with its current NFT offerings, it could pave the way for crypto to be exchanged on one of the world’s largest second-hand marketplaces, which, if that happens, will potentially make Ebay a top player in the NFT space and open the door for other similar platforms to engage in the buying and selling of NFTs, either for cash or cryptocurrency or both.
While not an NFT “genre” per se, NFT stocks are a growing space for those who are looking to reap the rewards of the NFT craze without directly owning an NFT. Instead, NFT stocks are companies that purchase NFTs as part of their company portfolios. These companies can be traditional financial companies, marketing companies, or even entertainment companies that are now embarking upon NFT investment to diversify and make money. That’s where you, the individual, can choose to purchase stock in one (or more) of these companies so that you can (hopefully) partake in the profits as well. NFT stocks continue to rise in popularity as more and more people start to understand what NFTs are and are excited by them— a behavior poised to continue trending upward.
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