Back in 2020 if somebody were to claim that the nonfungible token (NFT) market would scale up to the heights it currently sits atop today, it would not be an unreasonable reaction to completely brush aside the notion. However, fast forward to 2022, and over the course of the last 12 odd months, conservative estimates suggest that this burgeoning sector has been able to accrue more than $40 billion in value!
From elite athletes to artists to page 3 celebrities — and pretty much everyone else in between — NFTs seems to have piqued the interest of everyone across the globe. What’s even more interesting is that a number of studies clearly show that this rapidly evolving space is projected to grow at a compound annual growth rate (CAGR) value of 185.0% over the course of the next five years. What this suggests is that we may just be getting started in terms of how much financial potential this space actually possesses.
In this article, we will seek to list out some of the most promising NFT projects that seem primed to help drive the growth of this yet nascent sector even more over the course of 2022, so without any further ado, let’s jump straight into the heart of the matter.
CXIP is best thought of as an NFT minting platform that has been devised primarily to help creators authenticate their tokens, regardless of which marketplace they decide to list for sale. The USP of the project lies in the fact that it seeks to effectively tackle the growing issue of inauthentic NFT art pieces that seem to have made their way into major auctions in recent times.
From providing digital content creators as well as NFT marketplace operators with an intuitive minting solution to making use of a number of highly innovative solutions — such as a cross-market royalty collection module, automated creator-owned smart contracts, and carbon offsetting tools — CXIP helps deliver clients with a holistic NFT-centric offering that is extremely future-ready as well as backed by a number of major mainstream artists and creators.
Simply put, Infinity is a community-driven NFT marketplace that seeks to mitigate many of the problems (relating primarily to centralization) that currently plague a whole host of popular contemporary platforms such as Rarible, Opensea, etc.
From a purely utilitarian point of view, the ecosystem offers amazingly low transaction fee rates (of just 1.5%) in comparison to OpenSea which charges nearly double this amount. In addition to this, to help foster a sense of camaraderie amongst its ever-growing list of backers, Infinity transfers all of its collected fees to a community-controlled DAO, a setup that lies in opposition to OpenSea’s model wherein the platform keeps all accrued txn fees as profits and distributes it amongst its core team members.
Lastly, Infinity supports programmable NFTs, a class of non-fungible tokens that allow users to devise novel products such as advanced index funds.
Digital Entertainment Asset (DEA) is one of the world’s leading GameFi companies that currently operate a metaverse-centric platform called PlayMining. The offering seeks to provide users with streamlined access to the global NFT ecosystem while affording them creator rights as well as a means of accruing shared profits from their gameplay and purchase activities.
Thanks to its amazing technological as well as financial proposition, the platform was recently able to raise $12 Million via its seed funding round from a number of mainstream firms including JAFCO Investment Ltd, Spartan Group, LLC, amongst others.
Released back in October 2021, prominent cryptocurrency exchange FTX’s NFT marketplace is a centralized/custodial solution that records the data of each token transaction it processes — which somewhat goes against the ethos of crypto in some sense. That said, in terms of its operational design, FTX’s aforementioned platform makes use of a ‘bidding mechanism’ for facilitating its NFT sales. In essence, by eliminating gas fee requirements for individual bids, the platform seeks to maximize its price action and discovery ratio in hopes of attracting massive liquidity.
Zora is a completely on-chain, permissionless NFT marketplace boasting of a zero-fee structure. Thanks to its transparency-centric design, it stands to reason that the platform will continue to garner more and more eyeballs over the coming months, especially as the ideas underlying ‘creator autonomy and ownership’ become increasingly prominent across the globe.