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The Future. NFT sales nearly doubled between December and January and seem to be maintaining steady trading. Does that mean NFTs are officially back from near worthlessness? It’s hard to tell, but former profile-picture projects are trying to offer more than a cartoon image to capitalize on the wave… which may usher in a new era of NFT collecting that isn’t corrupted by runaway hype.
Utility era
NFTs are trying to rise from the ashes of scandals, lawsuits, and public skepticism.
- Pudgy Penguins developed a toy line, which sold 750,000 units for a total $10 million in revenue — each toy also has a QR code that takes customers to a branded game.
- Yuga Labs, the creator of Bored Ape Yacht Club, is doubling down on its Otherside gaming project, which was supposed to come out last year.
- Sotheby’s reported that its NFT auctions spiked in interest last year after the lows of 2022, showing that the art world still has an interest in them as investment vehicles.
None of these expanding projects are new concepts — the blockchain tech has already been innovating workflows in film, music, and fashion. But the vibe shift signals there’s still hope that NFTs will be more than a pandemic-era fad.
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