NFT Market Set to Boom in 2022: Get into this Market with an NFT Marketplace

From time to time, the image of Non-fungible tokens is higher in this crypto universe. Any individual on this planet can mesmerize by their development and advancements. They are competitive with other fungible tokens because they possess unique features and abilities. These NFTs gave their introduction in 2014 and somehow they appear today as a fascinating icon. Entrepreneurs who intend to explode their business lucratively will approach NFT marketplace development companies to increase their audience. 

NFTs are invading the business of trading artworks, music, videos, gaming, sports as well as real estate. There are endless possibilities where NFTs can incorporate themselves and set benchmarks. Some of the astonishing roles of NFTs are Cryptopunks, BAYC, Cryptokitties, Axie Infinity, and so on.

Hence, being an entrepreneur, to drive your success you need to have a great market. So, hit your first step with the development of the best NFT marketplace. Also, find this blog to be guiding you for the success of your journey in this crypto sphere.

Statistics of the NFT market in 2022

1. The first thing to mention about the NFT advancement is Cryptopunks. According to the survey, in October 2021 the crypto punk gave a turnover of $532 billion. Additionally, that particular crypto punk was peculiar with white hair, black lips, and green flickering eyes.

2. Then secondly, HUMAN ONE is a physical artwork of Beeple which is 7 feet in height and made of LED screens. The creator made a profit of $23.9 million when selling to Ryan Zurrer, the founder of Dialectic. The profit was beyond the expectations of the creator. Also, the Beeple can converse with the owner whenever he changes the dystopian images in the artwork.

3. Thirdly, Axie Infinity is a metaverse video game by Vietnamese that made a turnover of $5 billion. That was a great volume of trade in August 2021, according to DappRadar analytics. The game was popular because players can earn while playing. After the revenue from this game, the third quarter of 2021 was exploding with huge cash flow.

4. Pak’s “The Merge” made a turnover of $91.8 million in December 2021. The sales of the merge were the top hit.

5. According to market statistics, the NFT sales made a turnover of $10.7 billion. And it was especially in the second and third quarters of 2021.

6. The Cryptopunks, the rarest to obtain also made a turnover of $11.8 million. This Cryptopunks operates on the Ethereum blockchain and there are two variants like Cryptopunk #7523 and Cryptopunks #3100.

7. The emergence of the foremost NFT in May 2014 by McCoy. The NFT was a quantum that took initially $1.4 million in revenue. Only after few years after the introduction of bitcoins, the minting of NFTs was a brilliant idea.

8. The Opensea platform sells its NFTs for $500 million and while estimated the average price was $150 million. There are huge demands for the NFTs for their spectacular reach throughout the world.

9. There is another instance, the Nyan Cat GIF which made around $570,000 in the first quarter of February 2021.

10. The top five countries that purchase and trade on NFTs are the Philippines, Thailand, Malaysia, UAE, and Vietnam.

NFTs - Significance

The Non-fungible tokens are the digital icons of physical entities. These NFTs are reformations of any artworks, music, videos, video games, and sports assets. The NFTs are made of distinct codes that make a huge difference from other NFTs. Thus, NFTs operate on a blockchain where the information is storable and retrievable but remains undeleted.

There are significant features of NFTs such as interoperability, undistinguishable, non-fungible, indestructible, and preserving ownership.

NFT marketplace - unmasking the platform

The NFT marketplace is a virtual arena where the trade and bid of NFTs are achievable. The NFT marketplace also operates under a blockchain like Ethereum, Polygon, etc in order to maintain the transactions. The Blockchains will strictly be secure with the verification and transactions and also stores the information forever.

The NFT marketplace is a great approach to bringing out the novelty and trends of NFTs to the world. Smart contracts help for the smooth functioning of the marketplace by carrying out the tasks using pre-determined rules. There are a lot more interesting about the NFT marketplaces to inspire.

Additionally, any online platform will not perform operations without a set of features. Likewise, the NFT marketplace also got its own to astound the audience. These include Storefront, Listings, bidding, advance filter, search facility, and Ratings.

The Various NFT marketplaces to explore

1. OpenSea

The OpenSea NFT marketplace is at its peak where the minting, selling, and buying of NFTs are common. Here, the trade of digital artworks and sports trading cards, and metaverse are possible.

2. SuperRare

SuperRare is also a platform that facilitates the only trade of digital artworks. The creators can have a great chance to mingle with their fans. Moreover, the platform operates on the Ethereumn blockchain hence you can have the assurance of trust.

3. Jump.trade

This platform actually operates on the Polygon Blockchain. The platform allows the buying and selling of NFT collectibles from artworks and gaming.

4. Rarible

The most preferable NFT platform is Rarible. This platform operates on three different blockchains like Ethereum, Flow, and Tezos. The digital artworks are the NFT collectibles available to trade and bid.

5. Axie Infinity

Axie Infinity is an NFT marketplace and a blockchain game. Here, the players can access it by purchasing the Axies, which are NFTs. This metaverse game also allows players to earn while playing.

Wrap up

Therefore, the blog would have given you an idea about the recent developments of NFTs in 2022. One cannot enumerate the evidence of these successful platforms. It is significant to note that there will be a tremendous increase in the applications of NFTs. The NFT marketplace is like a Midas touch that turns every collection of NFTs to be popular.

Hence, If you are an entrepreneur who wants to diversify your credibilities then hire the best NFT marketplace development company. You can shoot out your business exponentially by grabbing the throne and being competitive with other industries. So, launch the NFT platform with the great NFT collectibles and call out your audience for the exclusive trade.