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5 new Metaverse and NFT trends to watch out for in 2022

The Metaverse and NFT industries made a huge impact on the crypto space last year, and this trend looks set to continue into 2022.

Metaverse and NFT have influenced the digital world as well as industries, ranging from art to gaming to even investing. However, this space has yet to reach its full potential.

Twitter, Meta and Reddit are all working on NFT or Metaverse projects, investors are also betting big on NFT and more and more new companies are entering the field.

So, what is the future of the metaverse and the NFT? Which industries will be disrupted? And what developments will take place over the next few years? Let’s take a look at 5 emerging trends in the metaverse and NFT space.

Augmented Reality

Augmented Reality
Augmented Reality

Augmented reality (AR) will lower barriers to entry into the metaverse because AR-compatible devices are cheaper and easier to use. Anyone can use their smartphone to access AR features. For example, the game Pokemon GO has more than 1.1 million downloads in 2020.

Augmented Reality is currently in its early stages, but it will mature in the coming years. It is a novel method that brings value to everyday life. The worldwide augmented reality industry is estimated to expand in the following years, with a market valuation of $300 billion by 2024.

Several businesses are developing augmented reality (AR) solutions for their customers. For example, Apple is developing an AR / VR headset. The original production plan was pushed back from 2020 to 2022; however, there are rumors that the tech giant has completed significant production testing.

Metaverse Land

Metaverse Land
Metaverse Land

After Facebook changed its name to Meta and announced plans to invest in virtual reality, interest in augmented reality, virtual reality, and metaverse real estate skyrocketed. However, plots of land on the virtual real estate market can be “unusual” investments. In fact, they are, in many respects, comparable to real-world real estate. According to recent research by crypto asset management firm Grayscale, the digital world could soon become a $1 trillion business.

Investors love metaverse-based real estate for a variety of reasons. For starters, virtual assets, like physical assets, are in short supply. Owning virtual real estate means you get a piece of land in a diverse environment that you can use to generate income such as rental buildings or create sponsored events in the space virtual.

Each piece of metaverse real estate is unique and protected by NFT, which attests to any digital (or physical) asset.

Virtual real estate NFT secures the ownership of the buyer and allows them to sell the property to another owner. It also records all transactions for that asset, eliminating the hassle of paperwork. It is basically engineering action in the 21st century.

Solana NFT

NFTs work similarly to blockchain-powered receipts for digital assets like artwork, profile photos, collections, and more. Last year, the NFT market generated about $25 billion in trading volume, with Ethereum and its layer 2 sidechain scaling solutions thriving far ahead of the competition.

However, the Solana NFT ecosystem has grown in popularity over the past year and with total sales reaching over $1 billion. This increased activity has attracted attention from leading Ethereum-based NFT platforms.

OpenSea, the most popular NFT marketplace, has added support for collections from the second-largest NFT ecosystem outside of Ethereum, including that of Solana. This integration is currently in beta.

Although OpenSea claims to support 165 collections, a search shows more than 1,175,371 Solana NFTs listed on the platform. Rarible also decided to add Solana support to their platform.

1,175,371 Solana NFT is now listed on OpenSea | Source: OpenSea
1,175,371 Solana NFT is now listed on OpenSea | Source: OpenSea

NFT markets that dominate the Solana NFT space include Solanart and DigitalEyes, while projects like SolSea and Magic Eden are new entrants.

Magic Eden has grossed $41 million in the past month. While this is a fraction of the $2.5 billion traded on OpenSea last month, Magic Eden already has over 95,000 active users.

Metaverse Events

Metaverse Events
Metaverse Events

Increased accessibility is a key driver of the metaverse’s growth, as anyone can participate in a virtual reality event. With very powerful modern web browsers and the right web platform, users can easily access the metaverse via the link on any mobile device or laptop.

This accessibility contributes to the democratization of the online environment by ensuring that all members of society can access and participate in the online ecosystem, regardless of technological limitations.

In addition, there is no binding of attendance in the virtual environment. Event organizers are not limited in terms of space or venue design, allowing for limitless scalability.

Metaverse locations are customizable to meet the specific needs of an individual event or conference, with the right to split the meeting room if multiple lectures or presentations need to take place simultaneously. Unlimited storage also offers unlimited earning potential.

For example, MultiNFT, a metaverse platform, can profit by hosting metaverse-based nightclubs through VR-based virtual nightclubs like Decentraland and Somnium Space.

Play-to-earn Games

Play-to-earn Games
Play-to-earn Games

Play-to-earn Game has changed the traditional gaming business by allowing players to earn NFT through predetermined in-game missions. According to Blockchain Gaming Alliance statistics, 1.4 million Unique Active Wallets (UAWs) interact daily with game dapps, representing 49% of the total industry usage in 2021.

The play-to-earn concept has changed the gaming business by allowing players to trade and exchange assets between platforms. In-game assets had no real-world value before play-to-earn was introduced as the creator owned and controlled all assets in the game.

Players will pay to buy the most valuable assets in the game, like weapons and costumes, but they can only use them in the game. They cannot move or exchange them for other properties. When the developer changes the structure of the game and the assets become obsolete, the player loses the investment and has to spend more money to buy new assets or items to continue playing the game. Traditional games are simply to create fun and excitement for players in this way.

The inclusion of blockchain and cryptocurrency gave birth to NFT, which in turn gave rise to GameFi, allowing players to increase the value of their assets and earn money playing their favorite titles.

Summary

Metaverse and NFT are two new but impactful areas in the crypto space. As the market matures, we will likely see more technologies, integrations, and products emerge in this space.