Blockchain

NFTs are ‘staying alive’ as new minting trends, artificial intelligence and music-based projects flourish

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In 2020, newly launched NFTs projects experienced high costs gas war This is a gas-first auction, where buyers compete for their place in the next block, potentially losing ETH to a failed transaction. 2021 Digital scarcity and utility Fueling the NFT hype in a surging market, by the end of the year, the attention any collection receives seems to depend on the opinions of influencers.

Transformation has slowly emerged and driven new entrants in with new values ​​that influence not only how projects are minted, but what is minted. By 2022, the NFT ecosystem appears to be emphasizing “strong communities” and exclusive collection utilities.

There are undoubtedly some shifts in trends that have benefited some investors and communities, but some investors are resisting these changes.

Let’s take a look at some of the new trends driving the pulse of the market and how these shifts will affect NFT investors in 2022.

Changes in minting strategy

Whitelisting was a shift in minting strategy after the ongoing gas wars left many collectors disgruntled and looking for alternatives. The structure and modeling of the whitelist benefits members who are actively involved in the project’s mission and initiatives, as well as holders of specific collections willing to play the game.

The beauty of this model is that it tries to differentiate potential community members who will add value in the long term, while giving them a mint. For collectors, a spot on the whitelist is not only a preemptive ticket to potential blue-chip stocks, but a way to mitigate competition with whales who can sweep collectibles.

However, having a spot on the whitelist might be fine in theory, but not so effective in practice. Whitelisting schemes make it easy for investors and collectors to get lost in a black hole of community-created hype and “copy pasta” participation in farming. Some NFT collectors commented that whitelisting is a “double-edged sword,” meaning that while they provide early access to collectors, it comes at a cost of time.

NFT collectors are avoiding projects that fully implement the process and have noticed an interesting pattern. NFT gamers and collectors, TravisAxie.eth Saying that some projects’ whitelisted positions “have been released before they’ve been released kind of drives me away from them.”

Other NFT collectors have highlighted concerns about cracks in the whitelisting system. Not only are bots increasingly spamming and belittling community members who can’t be plugged in all day, but it seems projects are relying on these models to avoid public mints.

The project is also strategically partnering with other NFT collections in an effort to become a well-known brand in the ecosystem and increase the chances of selling out mints.

While whitelisting prevents transactions from failing, the community seems to be looking for a more optimized, value-driven way to distribute access. As a result, collectors are also diversifying the content of their respective collections.

Music NFTs are ready to break more records

Proof of Static Profile (PFP) is all the rage in 2021, but in 2022, communities, companies, and entities are looking for NFTs with real-life (IRL) functionality and utility. Although the number of notable PFP collections is growing faster than music-based collections, this is still likely to change.

On January 21, 2022, crypto expert and DJ, 3LAU sold his UV NFT The album sold for $11,684,101 in just 24 hours, breaking the record for a debut music NFT album release.

Pushing the boundaries, 3LAU has launched Royal.io, a music NFT platform where users can own their favorite music, earn royalty streams and perks.

Led by Founders Fund and Paradigm, 3LAU’s platform raised an impressive $16 million in seed funding and has since gained the attention of popular musicians. Famous American rapper Nas launched the platform’s first music NFT on January 11, 2022 for his two songs “Rare” and “Ultra Black”. Fans were quick to express their support for the platform on Twitter, with many calling it “revolution. ”

Rising musicians and independent artists are also making waves.called on twitter Latasha.eththe artist sold the music video NFT for her song “Gogo Wyne” for 13.4207 ETH (worth $51,623.97 in ETH at the time).

other platforms such as sound mint, allowing artists to mint generative musical NFTs to bridge the audio and visual relationship based on the quality of the build. Having creators proxy their work seems like a worthwhile bet.

Not only do NFTs seem to evolve and become more dynamic, but they are also becoming smarter.

Train-to-earn: Smart NFTs make a splash

The next evolution in NFTs is the integration of artificial intelligence (AI). This seems to be in line with the emerging virtual world market, as many PFP projects, such as Sup Ducks and Cyber​​Kongz, are already creating to exist in the digital world.

It appears that collectibles are upping the ante and integrating smart non-fungible tokens (iNFTs) as another layer, rewarding their users with a new “train to earn” model.

It is worth mentioning that the world’s first Smart Collectibles, Alethea AI’s Revenants are the rebirth of historical and cultural icons. Contrary to most PFP projects that have 10,000 items, this collection has only 100 items and 70% of the collection already has it.

However, its collaborative series iNFT Personality Pod contains 9,800 items with a base price of 0.47 ETH, but only about 18.37% of them are owned.

Users can earn ALI tokens after successfully training their iNFTs in their Pods to upgrade their intelligence and contribute to Noah’s Ark (Alethea’s Metaverse) AI engine.

Currently, the series sits at the bottom layer of 32 Ether ($81,360.64) and has generated over 2,707 Ether ($6.9 million worth) since its launch on October 14, 2021. Revenants hasn’t had a sale since December 20, 2021, suggesting price point is the biggest hurdle, but other projects are following.

Historical average prices and volumes. Source: OpenSea Revenants.

ASM Artificial Intelligence Football Association (AIFA) is a decentralized blockchain game developed by Altered State Mind, featuring 40,000 Smart NFTs as its Genesis series. In-game NFTs powered by ASM Genesis Brains are called AI Agents/All-Stars.

Users have the opportunity to purchase the AIFA Genesis Collection Box which contains 4 AI All-Stars and 1 AI ASM Genesis Brain. Every All-Star needs a brain, which means that despite purchasing a genesis box, players have to buy 3 more ASM brains, whose floor has increased by nearly 13% over the past 7 days and sits on a thin 4.5 on the etheric floor, already owned by 37% of all brains.

7 days – average price and quantity. Source: OpenSea ASM brain.

In total, this collection has yielded over 7,073 Ether, worth nearly $20 million at Ether’s current price.

Historical average prices and volumes. Source: OpenSea ASM AIFA Genesis.

It seems that the integration of artificial intelligence not only gamifies the “train-to-earn” model, but also allows users to unlock another layer of value. This layer shows that the better the iNFT performs, the more valuable it becomes.

Over the past 30 days, the top three markets: LooksRare, OpenSea, and Solana’s Magic Eden, generated about $14.3 billion in revenue, according to data from Reuters. Dune Analysis. All markets saw an increase in the number of traders on their respective platforms, indicating new entrants, new influences and new trends.

As trends come and go, and when paradigms begin to shift, it’s beneficial for potential investors to stay aware of transitions and projects savvy enough to focus on strong fundamentals and evolution.



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