The next big thing in NFTs?
thousands of threads and conversations asking just that question. So what's the answer?
We should probably start by looking at what's big at the moment.
"The NFT market is thoroughly saturated..."
Even celebrities like Paris Hilton are getting it on the game and launching their own branded NFT collections for sale.
The NFT market is thoroughly saturated, with creators from across the globe all vying for the attention of collectors and investors.
But the top end of the market (where prices have lots of 0's!) has largely been dominated by 'Generative' projects like CryptoPunks, Cool Cats, and currently Bored Ape Yacht Club. These projects typically follow the CryptoPunks model, i.e. they include 10,000 pieces randomly generated from a set of premade components like smirks, hats, mustaches, and T-shirts, and formatted as headshots.
The appeal of these projects generally centres around a sense of community, of belonging to an exclusive club of likeminded souls. In fact ownership of a Bored Ape Yacht Club NFT really does give you access to an actual (well, virtual) exclusive club.
And very recently we've seen the rise of the complex collage NFT, the pinnacle of which is artist Beeple's 'Everydays: the First 5000 days' NFT collage which sold at auction for £69.3million. Other collages have been incredibly successful to, like Noora Health's collage 'Save Thousands Of Lives' making $5.1million.
So that's where we are right now...but what will the next big trend in NFTs be?
"...perhaps an insight into the patterns and trends in the physical world, for example in fashion or art, can provide some foresight to future Metaversal trends"
Let me see [blows the dust from his crystal ball... :)] If only I could answer that with some certainty...I'd be dictating this post to one of my 'people' whilst sat atop my enormous pile of cash!
Sadly I have neither a pile of money (enormous or otherwise) nor do I have 'people' [cue melancholy violin music!]. What I can suggest is that perhaps an insight into the patterns and trends in the physical world, for example in fashion or art, can provide some foresight to future Metaversal trends. So here's my thoughts, take them as you will (remember, I don't have 'people'...(yet!))
1. Every bubble bursts
People are fickle, every trend comes to an end. Often the cycle goes something like this...
Someone has a brilliant, groundbreaking idea which is really successful / lots of people see that success and try to replicate it with their own versions of the idea / the market becomes saturated with very similar products / the product becomes less desirable and falls out of fashion.
We see this pattern all the time in the physical world in things like clothing, interior design, graphic design or art. What's 'in' today is 'out' tomorrow. However...
2. What goes around, comes around
If you wait long enough, most trends are resurrected as 'Retro' and regain some of their popularity (I've kept some of my 1980s Shellsuits...I'm just waiting for the day...!)
3. Effort will always have some value
Have you ever looked at an artwork and thought 'I don't like it, but I appreciate how much thought and effort went into it'? That effort has value, and there will always be some collectors and curators who give a lot of consideration to effort when deciding what to buy.
Relating that to NFTs...if you've only spent a couple of minutes throwing a JPEG together, don't expect to be auctioning it at Christies!
4. Innovation sells
But only when the world is ready for it. People like new and unique, but you have to get the timing right. DaVinci drew a sketch of a flying machine and at the time was mocked for it. Nowadays we call that machine a helicopter.
Often the best time to launch something new is just as the current trend is starting to wane, because that's when people become receptive to new ideas.
5. Revolution sells
Politics, satire and anarchy are enduring themes. Think punk rock music or graffiti art. There will always be a market for these themes but beware it may not be mainstream. That said, an underground following can still be a profitable one.
6. Sex sells
It just does...please don't ask me to explain it!
7. Create it because you love it
We are all more similar than we are different so my final suggestion is to create the things you love because if you love it it the chances are somebody else will love it too.
The challenge is in the marketing and getting the creations you love in front of people who would love to buy them, but that's a topic for another post :)
If you wait long enough, most trends are resurrected as 'Retro' and regain some of their popularity (I've kept some of my 1980s Shellsuits...I'm just waiting for the day...!)
3. Effort will always have some value
Have you ever looked at an artwork and thought 'I don't like it, but I appreciate how much thought and effort went into it'? That effort has value, and there will always be some collectors and curators who give a lot of consideration to effort when deciding what to buy.
Relating that to NFTs...if you've only spent a couple of minutes throwing a JPEG together, don't expect to be auctioning it at Christies!
4. Innovation sells
But only when the world is ready for it. People like new and unique, but you have to get the timing right. DaVinci drew a sketch of a flying machine and at the time was mocked for it. Nowadays we call that machine a helicopter.
Often the best time to launch something new is just as the current trend is starting to wane, because that's when people become receptive to new ideas.
5. Revolution sells
Politics, satire and anarchy are enduring themes. Think punk rock music or graffiti art. There will always be a market for these themes but beware it may not be mainstream. That said, an underground following can still be a profitable one.
6. Sex sells
It just does...please don't ask me to explain it!
7. Create it because you love it
We are all more similar than we are different so my final suggestion is to create the things you love because if you love it it the chances are somebody else will love it too.
The challenge is in the marketing and getting the creations you love in front of people who would love to buy them, but that's a topic for another post :)
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