NFTs are ready for an evolution
Future. NFTs are here to stay… but they’re still in their infancy. Per Crypto.com’s head of NFTs, the blockchain-backed tokens will become more story-oriented, unlock more sophisticated perks, and attract investors who will treat the cryptoart like fine art. In the future, NFTs could become the connective tissue for audiences of entire cultural franchises.
Joe Conyers III, the global head of Crypto.com’s NFT division, has some ideas about where the tokens are going next.
- They’ll become more story-focused. While most NFT collections are focused on unique artwork that can be used for profile pictures (PFPs) and building community, future collections will stand out from the pack by taking holders on a story with that artwork. Bored Ape Yacht Club is already laying the groundwork for this, and Conyers also points to recent drops in its marketplace like “The AlphaBot Society” as having more ambition.
- Perks will become more sophisticated. Conyers singled out how musician Steve Aoki‘s NFT platform, A0K1VERSE, gives holders access to events, concerts, and apparel they wouldn’t otherwise get. In the future, the NFTs will become keys to unlocking elements in games and metaverses.
- They’ll attract long-term collectors. While the “hold” crowd already exists, Conyers believes that true long-term collectors — the type that invests in a community and even donates to museums decades from now — will get in on the space. The inclusion of this class of holders demonstrates that NFTs are fast maturing as an asset class… not just a speculative art form.
According to NonFungible.com, NFTs generated $14.1 billion in sales in 2021… and that number is expected to grow exponentially this year.