Oxalus Insights

Top 7 NFT Trends In Asia 2022 (Updated List)

News Nov 20 2022

NFTs are giving us a new lease on life, much in the same way that Google and Facebook did before them. NFTs have an impact on the production, circulation, and use of cultural artifacts such as books, movies, photography, and branded commodities. This idea is too groundbreaking to ignore; within a few years, it will most certainly come to dominate the market for cryptocurrencies.

Because of this, we have decided to create this blog to present you with an overview of the most significant NFT trends that took place in Asia in the year 2022.

Utilizing the knowledge presented here, you may educate yourself on how to make the most of possible possibilities.

1. Blockchain Domain Names

Blockchain domain name is probably the latest and most practical NFT trend of 2022.

Before, as a cryptocurrency wallet owner, you would almost certainly never remember your wallet address, which is made up of 30 random alphanumeric characters. Blockchain domain names were born to solve this issue.

While traditional DNS domains are used to represent website IP, domains on the blockchain network are ERC-721 tokens (non-fungible tokens) that serve as a link shortener for digital currency wallet addresses. You may now interact with and send money to a wallet without ever having to look up, share, copy, and paste the long and complicated address again, and make a typo mistake.

It’s easy to see why more and more crypto users are deciding to secure their domains. When it comes to blockchain domain providers, Ethereum Name Service and Unstoppable Domains are at the forefront of the industry. In November 2021, the former’s market cap hit $1 billion, while in July 2022, the latter’s Series A round valuation was also $1 billion.

2. Social Media Giants Join The Game

The NFT market pie is too lucrative to ignore that several major social media platforms have been making major steps to enter the game. It’s safe to say that the majority of our communication and news-gathering now take place on various social media sites. Because of widespread use and publicity around these channels, NFTs technology is breaking through to the mainstream faster than ever before.

These social media giants’ movements ignited a few rising sub-trends in 2022.

NFTs As Social Media Profile Pictures

Having an NFT avatar has become a new coolness.

When Twitter revealed in January 2022 that users may change their profile picture to an NFT, the fad began. A growing number of crypto fans are using their NFT as their primary avatar. So far, the business has only allowed iOS users who also have a Twitter Blue membership to utilize NFTs as their profile pictures.

As expected, Facebook and Instagram’s parent company, Meta Platforms Inc., soon followed suit and declared they would also accept NFTs as profile pictures. Since August 2022, Facebook and Instagram users can create custom NFT posts to show off their digital collectibles on these platforms.

This trend is intriguing since these businesses are using innovative methods of employing technology to establish who the rightful owner of a picture actually is. Anyone with a computer and internet access may “right-click save” an NFT, claim it as their own, and post it online. Social media platforms will counter this by clearly distinguishing between regular profile pictures and NFTs that have been confirmed by a user’s cryptocurrency wallet.

Platform’s Built-in NFT Ecosystem

In terms of digital assets, the Reddit platform took a major stride forward in July 2022 with the introduction of the Collectible Avatar collection on the Polygon network. Reddit’s very own blockchain wallet, called Vault, may be used to store and maintain avatars. 

In November 2022, Meta (META) introduced a new toolkit that allows artists to produce digital collectibles and sell them on and off Instagram during its Creator Week 2022 event. Yes, whether you believe it or not, Instagram is becoming an NFT marketplace in no time. The feature is now being tested among a group of U.S. creators and soon will be officially released.

3. Fractional NFTs

Digital artwork has been the most well-known NFT to successfully cross the gap between the blockchain community and the mainstream media. Pak and Beeple, for example, have led the pack with their millions-upon-millions in sales of their respective collections.

While the artwork is still on the rise in 2022, the theme of fractionalization is getting a lot of attention. In this process, an asset like a work of art is converted into a pool of fractionalized NFTs.

In 2021, the auction of non-fungible tokens of Banksy’s painting featuring a gorilla in a pink mask was one of the most eagerly anticipated events in the art world. Bristol (England), where this mural was first shown, will no longer be the home of this piece of art beyond the year 2020. The business Exposed Wall, which destroyed the artwork, has announced that in 2022, they would hold an auction to sell the graffiti wall. Only 10,000 of these NFT compilations will be made available to the public. Each NFT would fetch a price of around $750. After all the NFTs have been distributed, one fortunate winner will be selected at random to receive either an NFT or a physical reproduction of a new Banksy painting titled “Refugees.”

The basic concept of Exposed Wall is that NFT purchasers will own the actual artwork, but the selling corporation will be obligated to publicly exhibit all NFTs. Each company will receive one percent of all NFT editions produced. By taking this action, one buyer won’t be able to exert too much influence on the artwork’s future. Companies that fractionalize assets make million-dollar artwork accessible to those with modest means by selling investors a portion of the work at a price of only a few hundred thousand dollars.

Then, why do you think this style will catch on? To put it another way, it allows for a completely new consumer demographic to enter the market. While few individuals in the world could afford to drop millions on a digital work of art, many would be ready to pay $1,000 for a fractionalized NFT of the item.

You can bet that more creative professionals, as well as for-profit businesses, will investigate this possibility as a means of monetizing their efforts and connecting with consumers.

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4. NFTs Exchanges on CEXs

Auction platforms that specialize in NFT sales have reaped the most benefits from the NFT fad up until recently. During the first half of January 2022, OpenSea, the biggest NFT marketplace by sales volume, produced $2.7 billion, putting them on track to beat their August 2021 record of $3.4 Billion.

However, due to the fact that NFTs are acquired using cryptocurrency, the vast majority of consumers will first need to acquire tokens via a centralized exchange (before depositing them into a digital wallet). This is standard procedure for seasoned crypto enthusiasts. However, purchasing and selling NFTs may be quite uneasy for newcomers. To begin, it may cost as much as $50 to $100 or more in transaction fees to transmit Ethereum (the most popular currency used to purchase and sell NFTs) from one wallet to another. For another, it’s easy to lose money if anything goes wrong during the transfer.

Centralized cryptocurrency exchanges have a great potential to penetrate the NFT industry since there are millions of dollars at stake and customers are already utilizing crypto trading platforms as a stepping stone. Binance made headlines as the first major exchange to reveal its intentions, and it followed through in April 2021 by launching its NFT Marketplace

Having an NFT marketplace hosted on a centralized exchange has many advantages.

Centralized exchanges may increase their profit margins by including an NFT marketplace. Binance, for instance, adds a 0.1% fee on all cryptocurrency trades of less than $1 million. However, they get one percent by buying and selling NFTs.

5. The Metaverse

Although the Metaverse trend has been rekindled in 2021, we believe that the development of this technology, led by Meta, will be the future of technology.

The goal of the simulated digital world known as the Metaverse, which will primarily use VR (Virtual Reality), is to foster social interactions among its users. Investors estimate a trillion-dollar market for it. 

By using NFTs, you may give your digital media a distinct identity. Collecting and showing off uncommon artifacts is a widespread pastime in the real world, and it is likely to be the same in the metaverse. The experts agree that NFT’s usefulness will skyrocket in the metaverse, where it will have a wide variety of important applications. 

In light of this staggering financial potential, a growing number of companies are exploring NFTs as a means of strengthening their position in the metaverse. The world’s largest maker of athletic shoes and gear, Nike, has included metaverse and NFTs into its expanding company by establishing seven trademarks to sell the virtual category of its items in November 2021. Five positions involving the virtual world were advertised by Nike in January of 2022. Further, it has acquired RTFKT Studio, a digital shoemaking firm, to realize its goal of selling virtual shoes.

6. Big Brands Are Getting Involved

Having well-known companies take an interest provides credibility to nascent businesses and technology. This is exactly what has occurred with NFTs; early adopters have shown the idea to be viable, and now the major companies are making the switch.

NBA has started its own NFT marketplace named NBA Top Shot where basketball lovers can buy licensed one-of-a-kind basketball collectibles. Certain sectors, such as the fashion and food industries, are pioneering the use of NFTs by offering limited edition collections that assist to expand their brand’s reach and maintain a unified image across all channels. 

Brands that release limited edition NFT collections have seen the value of such NFTs increase significantly on alternative NFT markets, similar to what happens when Nike releases a limited edition pair of sneakers in their physical shops. Gucci, Hermes, Dolce & Gabbana’s, Tiffany & Co., etc. are among the luxury brands that have collected hundreds of millions in NFT sales.

7. NFT and Gaming

Although it is believed that the Play-to-Earn trend was clinically dead by the end of 2022, the first half of 2022 still sees the final explosions of several remarkable game projects, such as Gunfire Avax Guild of Guardians, God Unchained, SplinterLands, Pegasus, and others.

In P2E games, one of the most prevalent issues that arise is token inflation, which wreaks havoc on the economics of the game. 

As a result, the P2E model is increasingly being shifted to alternative NFT game models such as Play-own-earn that place less emphasis on the earning aspect. This new generation of NFT games places less emphasis on the value of income, which allows the game to go closer to its original purpose, which is to provide players with happiness, amusement, and wonderful experiences. The game publishers will put more effort into the story, the gameplay, and the aesthetics in order to fulfill the requirements of the gamers. Currently, Mir4 is an NFT game that is considered a monument of NFT games when it can satisfy mass players and sustainably thrive.

NFT Trends Conclusion

The growth of NFT is altering how we interact with digital content on the blockchain. The use of non-fungible tokens is expected to explode in the next few years as a result of developments in technology. On the other hand, several individuals have a variety of viewpoints with respect to the possibilities presented by NFTs. Many think it’s nothing more than a passing trend that will go away in the near future.

While we have provided a summary of some of the most prominent trends in 2022, it is important to note that new trends are emerging on a regular basis as we go further into the years. This is due to the fact that the digital world and the physical world are continuing to clash in a variety of interesting and possibly profitable ways.

Our blog will be constantly updated with articles on a wide variety of topics, ranging from the most recent news in domain trading to the most recent developments in cryptocurrency and Metaverse development. Be sure to check out our platform as well as the social channels we have available so that you can participate in the discussion and capitalize on the trends as they begin to emerge.

Frequently Asked Questions

1. Is NFT a good investment in 2022?

Although in the second half of 2022, the chances to make money from NFTs are no longer as accessible as in the year of NFT 2021, luck still knocks on the door for those who know how to find good opportunities. Typically those who joined the Art Gobblers project’s free mint 1,000 Gobbler NFTs whitelist in October. Find out more information here.

2. Is NFT losing popularity?

The total NFT sales decreased by 25% in October 2022, highlighting the grim state of the market as a whole. However, we predict that in the long run, NFT and metaverse will be the technology that drives the development of cryptocurrency mass adoption.

3. In which country NFT is most popular?

NFT is most popular in Asia countries, such as China, Hong Kong, Singapore, etc., according to a report by Statista.

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