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Non-fungible tokens (NFTs) are a true yin and yang within the Web3 world.
For all the fun in trading images — and trading on the value of images — that happens, there are plenty of compelling use cases that are likely to enter the wider world.
Techopedia spoke to governmental advisor and author Anndy Lian about his take on the trajectory of NFTs and their impact across various industries, informed by his address this month at NFT NYC 2024.
NFT.NYC is a conference that brings together the global NFT community and web3 professionals in New York City.
Anndy’s session was on April 4, 2024, at the main stage. His topic was titled “NFT Revolution 2024: Trends & Future Predictions” and followed his speech last year called ‘Think Bigger.’
Following his speech, Lian, who is also the author of NFT: From Zero to Hero, outlined his thoughts to Techopedia, focussing on trends, use cases, and the future shape of the market.
Key Takeaways
- In a conversation with Anndy Lian at NFT NYC 2024, the trajectory of NFTs and their broad impact across industries was discussed.
- Key trends to watch this year include RWA NFTs, NFT ETFs, AI NFTs, the rise of memes and collections by renowned artists, and ‘photographs as NFTs’.
- The ERC 404 Hybrid token standard will blend fungible and non-fungible token features.
- Solana and Binance Smart Chain are pivotal in the NFT boom, with mature infrastructure and community support
6 Key NFT Trends in 2024
RWA NFTs: Digitizing the Physical World
Real-World Asset (RWA) NFTs allow tangible assets like real estate, intellectual property, and fine art to be tokenized into liquid digital formats.
This trend is not just about tokenization but about improving accessibility and creating new markets and liquidity opportunities
For instance, Nexum.ai is leveraging NFTs to revolutionize supply chain financing, showcasing the technology’s practical benefits in traditional industries.
NFT ETFs: Diversification and Institutional Involvement
NFT Exchange-Traded Funds (ETFs) are emerging as opportunities for investors. By offering a diversified portfolio of NFTs, these ETFs provide a level of exposure similar to institutional-grade assets. Backed by credible entities, NFT ETFs could democratize access to the NFT market, allowing for broader participation and investment.
AI NFTs
AI NFTs represent a fusion of artificial intelligence with the NFT ecosystem. Platforms like copx.ai are at the forefront, wrapping NFTs around AI trading tools. This integration makes NFTs more accessible and functional, providing users with exclusive market insights and trades, thus adding a layer of intelligence to the NFT experience.
Meme with a Twist
The Squid Bros, a collection of 10,000 PFPs by SquidGrow created by renowned artist Mike S. Miller, known for his work with Marvel, DC, and Game of Thrones, exemplifies the power of community and intellectual property.
This project demonstrates how strong community backing and robust IP can elevate a meme-inspired NFT collection to new heights, creating value and engagement.
Photographs as NFTs: Capturing Authenticity
Seed.Photo’s selective process has led to a unique collection of photographs minted as NFTs. This approach appeals to major brands seeking authenticity and artistic value.
By curating real photographs as NFTs, Seed.Photo is setting a new standard for quality and exclusivity in the NFT marketplace.
The ERC 404 Hybrid Token Standard
ERC 404 marks a significant innovation in the blockchain world, blending the versatility of fungible tokens with the uniqueness of non-fungible tokens, and offering unique investor opportunities.
This hybrid approach could potentially unlock new functionalities and use cases for digital assets, making them more adaptable and valuable across various applications.
Solana & BNB: The Blockchain Networks Fueling the NFT Boom
Lian emphasized the role of blockchain networks such as Solana and Binance Smart Chain in the current NFT boom, which offer the necessary infrastructure and community support for the development and trade of NFTs.
He praised the chains for these features:
Solana
Lian said:
“It has a high throughput and low fees for NFTs, making it an ideal environment for NFT creation and trade.
“It supports a fully decentralized on-chain experience for artists and collectors, with features like auctions and perpetual royalties coded directly into the NFTs.
“Solana’s NFT standard and minting program offer extreme customizability, backed by a suite of tools which empower creators to launch their NFT storefronts and engage with their audience directly.”
BNB Chain
Lian said:
“BNB Chain offers Ethereum Virtual Machine (EVM) compatibility, which allows for the utilization of Ethereum’s well-established standards and tools.
This compatibility has positioned them as a competitive alternative for NFT creators, especially those seeking lower fees and a supportive community.
“Their marketplace provides a high liquidity platform for users to launch and trade NFTs, further bolstered by multi-chain support for seamless transfers between BSC and other networks.”
Lian added that a synergistic ecosystem for NFTs is important but that “Solana and BNB Chain have each carved out a niche, offering distinct advantages that cater to the diverse needs of the NFT community.”
The Bottom Line
Anndy Lian’s insights at NFT NYC and Techopedia reflect the power within NFTs to redefine ownership and artistic expression in the digital realm.
The speculators come first, but as technology and adoption continue, real purposes evolve, and 2024 will likely be no exception.
