What comes after the hype about NFT collectibles?

Anyone who has been to OpenSea, the largest trading platform for non-fungible tokens, in the last few days knows that NFT collectibles are currently being sold as hot bread.

More and more people trade and collect NFT, while new projects flood the booming market every day. Only recently did Visa shake the market with the purchase of a Cryptopunk, which made headlines around the world.

Institutional investors also appear to be increasingly interested in non-fungible token collectors and growth NFT funds are sprouting from the ground.

In addition, OpenSea breaks record after record – the NFT exchange has demanded more than twice as many gas fees as Uniswap in the last 30 days alone.

OpenSea NFT Volume
Source: DuneAnalytics

There does not seem to be an end to the hype surrounding NFT collectibles in sight, and regulators have kept their feet still.

At the moment, it seems too easy, too fun and too exciting to trade with NFT, especially for crypto beginners. Digital collectibles are also attracting a lot of media attention and inspiring more and more people. But like so much hype, it’s safe to assume that the hype surrounding NFT collectibles will die at some point.

Many are now wondering what will come next. Collectibles and art aside, what sector could be the next big thing in the crypto space?

1. Blockchain and gaming

The rapid emergence of Axie Infinity (AXS) has shown that blockchain gaming has enormous potential. Thousands of people have become rich playing Axie in the last few months. The play-to-earn model can change the gaming world forever thanks to the combination of blockchain, gaming and NFT.

In addition, Axie Infinity now has a market value of over $ 4.1 billion, and the community discord channel is one of the largest servers in the world with 800,000 members.

The NFT game showed what the gaming of the future could look like, and now it’s time to create games that people want to play. In the conventional gaming world, the most successful games are free. Now, thanks to blockchain technology and NFT, this model could be taken to the next level, rewarding players for playing and investing their time.

In the coming months, you should therefore keep an eye on which blockchain games will be launched next. Like Axie Infinity, early adopters can have big gains. In particular, games built on NFT scaling solutions like Immutable X could be the next to break into the mainstream.

2. Social tokens and NFT

Social tokens represent the interface between creators and their community. They connect both parties with tokens and fundamentally change the relationship between content creators and their community.

With social tokens, communities can use tokens to customize their goals and benefit collectively. A relationship that used to be a one-way street (Creator -> Community) is now growing into an interactive one.

It is no longer just about the creator and the works he creates, but also about what the community makes of it. The community can actively engage by using social tokens or products in the form of NFTs to contribute their own value and creations to the ecosystem behind a social token. If you want to learn more about social tokens and why they can cause the next hype in the crypto space, you should take a look at this article by BTC-ECHO.

Decentralized Web2 applications (Twitter, Facebook …) were among the first planned use cases for Ethereum. It was only with time that developers realized that it made much more sense to develop DeFi and NFT first as an infrastructure for tomorrow’s internet.

But now that these two foundations are in place and more scaling solutions are going live, the time may be right for Web3 applications.

The crypto community (later especially the NFT community) has always been the driving force behind the entire industry. It is therefore clear that a blockchain-based social media platform that smartly integrates DeFi and NFT can be very successful if it manages to be user-friendly enough.

Summary

All of the above sectors have the potential to complement each other. Should a successful decentralized social media platform emerge, it would almost certainly also support the NFT and act as a DAO.

Moreover, blockchain games will almost certainly integrate NFT and create their own tokens that embody the value of the game itself. The token network for such games connects the developers and their community in the same way that social tokens do for artists.

The exciting thing is therefore that the different sectors can increasingly overlap, resulting in platforms only being able to compete with their own tokens and blockchain integrations due to network effects.

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