NFTs existed prior to 2021, but it was last year that digital art exploded onto the blockchain cosmos, and digital artists shone in the NFT spotlight. While the crypto world became an exciting place to be, a new generation of NFT artists entered the world’s largest artistic movement to date.
Technology has impacted every aspect of life, but the impact on art has been the most significant in 2021. If NFTs ignited a spark in 2021, it will erupt in 2022. At least, that’s how it’s being spoken about in NFT circles.
What are the prospects for NFTs in 2022?
“The 2022 industry will witness more growth owing to legislation happening globally,” says Dileep Seinberg, Founder and CEO of Thinkchain, a crypto, NFT, and blockchain consulting firm. The film, art, and luxury industries will all accept and begin utilising NFT. In the NFT space, new artists will notice a new YouTube-like platform. On the NFT space, Web3-based social networking will take place. The Metaverse use case, in conjunction with NFT, will be a more promising location for this. Decentraland and Sand, for example, will get a lot of traction. The Indian Crypto Bill is expected to be introduced in 2022. This will encourage more people to use cryptocurrency. Many countries will implement Ripple (XRP) and CBDC. This will stimulate large-scale payment movements across the globe from a regulatory standpoint.”
As the ecosystem progresses to the next level in the following months, the artists will benefit. What exactly did the NFT movement do to artists? First, it placed complete control in the hands of the artist, allowing them to create and present their work at their leisure; second, it established a supporting community. Third, it broke down all kinds of obstacles, allowing NFT producers to profit from transparent transactions. Every type of art has a place in the NFT cosmos after it has been digitised. Furthermore, there are no barriers to entry based on age or expertise — a juvenile artist or an experienced one are both welcome on the same platform.
In 2021, what tipped the scales in favour of NFTs?
Because of the rampant Covid-19 pandemic, NFTs exploded onto the scene in 2021. As galleries closed their doors and artists were forced to huddle into studios, a burst of vivid, unbridled creativity erupted. Following that, a Sotheby’s auction, a Christie’s auction, and many NFTs selling at surprising prices gave the NFTs a badge of holiness.
“By integrating the creative and financial industries and bringing forth the creative economy, 2021 revolutionised the creative and financial industries.” As the popularity of NFTs grew, a slew of talented painters became millionaires. Non Fungibles grew in popularity during the year, and it will continue to grow in 2022.” According to Raj Kapoor, the founder of the India Blockchain Alliance and the Chief Growth Officer of Chainsense Limited.
Highlights from the NFT in 2021
The year was highlighted by a number of significant NFT events, the most notable of which being the NFT sale of Beeple’s Everyday’s – The First 5000 Days. Crypto Punks were also auctioned off at exorbitant prices. These massive sales sparked widespread curiosity in the non-fungible.
The trading volume of NFTs is expected to increase to $23 billion by 2021, with thousands of blockchain wallets participating in NFT buy-sell globally. Global fund participation in NFT was less than $100 million a year ago, in 2020.
Who will be the most valuable NFT artist in 2021, out of thousands?
Following his record-breaking $69 million auction, it’s clear that Mike Winklemann goes by the artist name – Beeple. After painters like David Hockney and Jeff Koons, Winklemann is officially the most valuable living artist today.
Who’ll be next?
The NFT world is uncertain, unexpected, and full of surprises, and 2022 will be no exception. Who knows who the next best NFT artist will be? We can’t say for sure just yet, but one thing is certain: as more people explore into non-fungibles, only the most odd, bright, and unique will survive. From here, things are only going to become more exciting.