State of the NFT Market - Research Report: HKIBFA
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Research Report:
State of the
NFT Market
In partnership with CryptoSlam
Q1 2022
// Forkast | Research Report: State of the NFT Market | Q1 2022
Table of Contents
2 Introduction
3 Executive Summary
4 The NFT Market By the Numbers
Global Sales Volume
Buyers and Sellers
6 Blockchains and NFTs
Top NFT blockchains by NFT sales volume
8 The Rise and Rise of NFTs | Interview with Charles d’Haussy
10 NFT Avatars — A New Identity
11 Trends Driving NFTs Growth
12 Trends Within the Trend | Interview: Helen Hai
13 Asia Primed for NFT Growth
Southeast Asia
China
Japan
South Korea
17 Getting Creative | Interview with Audrey Ou
18 Metaverse Set to Boost NFTs
19 The Metaverse Conquest | Interview: Sébastien Borget
The Boost from Blockchain Gaming
Collaterals, Vaccine Certificates and Other Use Cases
23 NFTs Behind the Pictures | Interview: Reeve Collins
Virtual Real Estate
A New Way to Raise Funds
25 NFT Marketplace Competition Heats Up
26 NFT Marketplace Rivals’ Arrival | Interview: Zach Burks
27 New Investors and Investments
28 NFT Hacks and Scams
29 Regulations on the Radar
30 Decoupling of NFTs from Cryptocurrencies
31 Challenges to Address
Image credit: Unsplash
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// Forkast | Research Report: State of the NFT Market | Q1 2022
Introduction
In March 2021, a non-fungible token Ironically, the rise of these Ethereum
(NFT) in the form of artist Beeple’s “killers” has helped the smart
digital collage sold for US$69 contracts leader by decongesting
million at a Christie’s auction. It the network and lowering
created a buzz among retail and transaction fees to affordable levels.
professional investors who began
to take a serious look at this new As the NFT industry enters 2022,
revenue stream for digital artists. the marketplace is being
transformed in multiple areas from
Around the same time, Dapper the rise of alternative blockchains,
Labs’ NBA Top Shot reached the entry of new buyers and sellers,
record volumes in its collectibles new use cases, a surge in funding
series comprising NFTs of National from investors, demand for better
Basketball Association highlight policing and the threat of increased
clips. In February 2021 alone, NBA scrutiny by regulators concerned
Top Shot moments generated about about fraud and money laundering
US$230 million in gross sales with as well as tax evasion.
the rarest NFTs fetching hundreds
of thousands of dollars. The NFT business is expected to
continue its growth in 2022, but
NBA Top Shot and Beeple kicked it will be a bumpy ride with many
off an NFT boom in 2021. Popular potholes ahead.
projects emerged to congest the
Ethereum network, much like how “I feel like the bar will continuously
Dapper Labs' CryptoKitties did in be raised by NFT enthusiasts
2018. deciding where they will deploy their
fiat or crypto,” CryptoSlam Founder
But unlike the Ethereum congestion and CEO Randy Wasinger said. “This
of 2018 which had little long- will spur innovation, but many low-
lasting impact, Ethereum’s market effort projects will fade away.”
dominance is being challenged by
alternative blockchains. Solana
emerged as an alternative for users
to mint and sell their NFT avatars
without the exorbitant gas fees on
Ethereum. Meanwhile, Ethereum
sidechain Ronin essentially put
food on the table for Covid-ravaged
communities in the Philippines.
Image credit: Unsplash
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// Forkast | Research Report: State of the NFT Market | Q1 2022
Executive Summary
NFT sales amounted to US$18.5 Alternative blockchains optimized digital art and collectibles have found
billion in 2021 — a 570-fold increase for gaming, digital art and other acceptance as stores of value that
from 2020 as avatars and digital purposes are taking transactions can be monetized when needed.
art gained in popularity and away from Ethereum, decongesting
organizations such as the NBA the network and making it easier for Helen Hai, head of NFT and fan
issued NFT collections that attracted people to get onboard. token at Binance, believes traditional
an overwhelming response, data markets such as music, ticketing and
from NFT industry data aggregator Facebook’s move to change its entertainment will look to NFTs as
CryptoSlam showed. corporate name to Meta in October a means of increasing revenue and
2021 increased public interest in improving customer experience.
With sales holding above US$2.5 the metaverse and the related
billion in recent months and reaching technologies. Of particular interest is revenue
as high as US$4.5 billion in January participation via smart contracts
2022, the market for new NFTs will New use case for NFTs have also that involve all parts of a value chain,
likely surpass US$30 billion this year. emerged, which will help grow the benefitting composers, artists,
“There’s over 3 million people on market in coming years. musicians, producers and even
Coinbase’s waiting list so if the collectors.
But while there are many
NFTs are becoming prime uses for identities opportunities in the NFT space, the
in the form of avatars. Much like passports industry needs to address concerns
about speculative bubbles as well
connect individuals to a country, avatars as the negative impact on the
represent memberships in communities such environment.
as the Bored Ape Yacht Club and Azuki. CryptoSlam’s Calpu believes the
NFT industry will be able to address
the various concerns and realize
number of NFTs collectors doubles For instance, several universities and its potential.
or triples this year we could see a governments have started issuing
steady rise of at least 50-75% of the NFTs to counter fraud and forgery, “There will be challenges, including
current volumes,” CryptoSlam Chief while experts have proposed using scams, fakes, forgeries, and of course
Marketing Officer Yohann Calpu NFTs as vaccine certifications. bubbles. But at the end of the day,
predicts. NFTs are facilitating human needs for
In Japan, banking giant Mitsubishi ownership, belonging and uniqueness
Several developments will help drive UFJ Financial Group has introduced and that is not going away,” he said.
the growth of NFTs from niche to a utility token to replace physical
mainstream in coming years. coupons and cards. MUFG’s NFT
provides discounts and other benefits
NFTs are becoming prime uses for to shareholders and can be used to
identities in the form of avatars. Much support customers.
like passports connect individuals
to a country, avatars represent Some companies have begun
memberships in communities such as accepting NFTs as collateral for loans
the Bored Ape Yacht Club and Azuki. and derivatives deals, indicating that
3
// Forkast | Research Report: State of the NFT Market | Q1 2022
The NFT Market
By the Numbers
Global Sales Volume
NFT sales amounted to US$18.5 the market for new NFTs will likely have failed to provide investors
billion in 2021—a 570-fold increase grow to at least US$30 billion this with shelter as total market
from 2020 as the record bid for year. CryptoSlam has projected 2022 capitalization fell below US$2
Beeple’s digital collage and the sales volume to rise by at least 50% trillion in January 2022, the lowest
strong reception for NBA Top Shot to 70%, considering the expected level since September 2021.
attracted new collectors and boosted 200% to 300% growth in the number
prices, data from NFT industry data of buyers. According to CryptoSlam, NFT
aggregator CryptoSlam showed. sales totaled US$4.5 billion in
The growing interest in NFTs January 2022, just below the
Companies from Gucci and Ray-Ban contrasts with other financial market’s all-time high of US$4.9
to McDonald’s and Coca Cola also markets which have undergone a billion set in August 2021.
began to offer NFTs. roller coaster ride as central banks
prepare to raise interest rates as Monthly NFT sales crossed the
With monthly sales holding above inflation hit multi-decades highs. US$1 billion mark in July 2021
US$2.5 billion in recent months and have not looked back since.
and reaching as high as US$4.5 Bitcoin and other cryptocurrencies,
billion (data as of February 2022), long touted as the safe haven hedges,
US$666.12 US$4.48 billion 923,400
Average Sale NFT Sales Total Unique Buyers
January 2022 January 2022
6,730,843 768,932
Total Transactions Unique Sellers of NFTs
in January January 2022
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// Forkast | Research Report: State of the NFT Market | Q1 2022
Image credit: Unsplash
Buyers and Sellers
CryptoSlam data shows there were that 85% of all NFT transactions
759,145 unique sellers of NFTs in were conducted by the top 10%
January 2022, up from 27,963 in of traders.1
From the lookout:
January 2021 and just slightly less NFTs are often associated
than the market’s all-time high of While “whales”, or investors with with digital art and
791,631 in November 2021. substantial portfolios, will likely collectibles but new uses
continue driving impressive sales are emerging.
The number of unique buyers in the industry, the rise in the number
reached a new record monthly high of unique buyers shows that the Axie Infinity is one of the
of 910,611, up from 29,581 in January NFT-curious are warming up to this first blockchain games to
2021. Buyers on the Ethereum novel asset class. give us a glimpse into NFTs’
blockchain alone hit a milestone of potential, having accounted
one million, the highest number Coinbase’s soon-to-be-launched NFT for 59% of all NFT sales in
since the metric began to be tracked marketplace already had more than July 2021 when sales crossed
in 2017. 3.7 million people on its waitlist at US$1 billion for the first time.
the time of writing. Coinbase has
Although the diversity of buyers and partnered with Mastercard so any Apes and pixel art are cool,
sellers has increased, value remains cardholder can buy an NFT without but there’s much more to
concentrated in the hands of just a the need to use cryptocurrency, NFTs than meets the eye.
few traders and investors. A recent removing one of the current pain-
study published by Nature revealed points involved in buying NFTs.
1 Mapping the NFT revolution: market trends, trade networks, and visual features. https://www.
nature.com/articles/s41598-021-00053-8.pdf
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// Forkast | Research Report: State of the NFT Market | Q1 2022
From the lookout: Blockchains
Two blockchains had a strong
February 2022 even as overall
NFT sales fell to US$2.9 billion
and NFTs
from January’s US$4.5 billion.
BSC, now rebranded as BNB
Chain, had an abysmal start The world's first NFT dates back however, is a sidechain of Ethereum.
to 2022, but has redeemed to 2014, when New York artist Ronin still uses Ethereum technology
itself in February by recording Kevin McCoy's animation known as while unloading transactions to its
US$1.13 million in February Quantum was originally minted on own blockchain which runs parallel
NFT sales, its best-performing Namecoin, a blockchain forked from to the latter.
month ever. Bitcoin. Quantum eventually sold
for US$1.47 million at a Sotheby’s Axie Infinity developer Sky Mavis
Avalanche conducted over
auction in June 2021, but its host built Ronin after seeing Ethereum’s
US$70 million in sales to
blockchain is buried deep in the limitations, which have became
smash its previous record of
history of NFTs, rarely visited by more apparent due to high network
US$57 million that was set
today’s collectors. congestion as decentralized finance
in January. It has also grown
(DeFi) and NFTs surged in popularity.
to become the world’s fourth
Ethereum is today’s most dominant Ronin’s birth was also a signal
largest DeFi chain.
blockchain for most smart contract for competing smart contracts
Avalanche needs to be on applications, and NFTs are no blockchains to take a bite out of
everyone’s radar this year. exception. The Ethereum blockchain, Ethereum’s dominance.
fueled by its NFT standard ERC-721,
has handled over 72% of all NFT Solana is one of those competing
sales to date. A combination of high blockchains, having risen to
transaction fees and questions over prominence in August 2021 when
Ethereum’s carbon footprint1 has, it launched Wormhole, Solana’s
however, opened the door to a number bridge to other DeFi ecosystems.
of newer blockchains offering Due to its cheaper and faster
cheaper and more environmentally- transactions, Solana has become
friendly alternatives. a popular alternative for NFT
collectors and game developers.
The number of buyers on Solana is
As of end-February 2022, Ethereum had currently less than 25%
topped a million unique buyers which is second of Ethereum’s.
only to Ronin, the blockchain where the US$4 With more blockchains entering the
billion play-to-earn powerhouse Axie Infinity conversation, Ethereum’s dominance
is no longer uniform across the
lives with its 1.6 million buyers. statistical board. For example,
Ethereum ranks third in terms of sellers
As of end-February 2022, Ethereum with 580,000, behind Ronin’s 1.16
has topped a million unique buyers million and WAX’s 985,000. Both seller-
which is second only to Ronin, the leaders benefit from high transaction
blockchain where the US$4 billion numbers in blockchain games.
play-to-earn powerhouse Axie Infinity
lives with its 1.6 million buyers. Ronin,
1 The Climate Controversy Swirling Around Nfts. https://www.theverge.com/2021/3/15/22328203/
nft-cryptoart-ethereum-blockchain-climate-change
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// Forkast | Research Report: State of the NFT Market | Q1 2022
Top NFT blockchains by NFT sales volume
Ethereum Ronin Solana
Ethereum, nicknamed “world Ronin is an Ethereum sidechain Solana is a public blockchain
computer”, is the world’s home to play-to-earn superstar that emerged as a popular
most popular blockchain for Axie Infinity. It is a blockchain alternative for DeFi and NFT
smart contract applications. optimized for gaming applications when Ethereum
It has the highest amount developed by Axie Infinity congestion peaked. Its fast
of value locked in DeFi, and developer Sky Mavis to transaction speeds and low
the highest sales volume avoid Ethereum congestion. fees attract investors from less
for NFTs. developed nations, and is often
on the top of the list for game
developers.
Launched Launched Launched
July 2015 August 2021 March 2020
Cryptocurrency Cryptocurrency Cryptocurrency
ETH RON SOL
2022 NFT Sales Volume 2022 NFT Sales Volume 2022 NFT Sales Volume
US$6.390 billion US$209.1 million US$350.4 million
Source: CryptoSlam, March 1, 2022
Image credit: Unsplash
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// Forkast | Research Report: State of the NFT Market | Q1 2022
Interview
The Rise and
Rise of NFTs
this is Axie Infinity, a blockchain game
Growth drivers of
that allows users to earn an income
the NFT ecosystem through NFTs and cryptocurrencies. Charles d’Haussy
In the Philippines, Axie Infinity players Managing Director,
The growing popularity of NFTs is can make more than what they used Asia-Pacific, ConsenSys
stunning, having risen from several to earn from their regular jobs in pre-
hundred million dollars in sales pandemic days.
when the market first started to
around US$20 billion in 2021. We The demand for its capability outstrips
believe the exponential growth seen
Ethereum and other
the supply of computation, and so
around the world can be explained blockchains in the new chains like Polygon bridge into
by the product-market fit: NFTs have NFT space Ethereum and support additional
effectively provided a bridge for use cases at lower cost and higher
millions of mainstream users Ethereum is by far the most relevant throughput in reliance on the
to begin converting to Web 3.0 blockchain in the world — for NFTs, Ethereum decentralization guarantees.
through a new asset class that is for developers, for decentralized Chains like Solana specialize in DeFi
digital collectibles. finance (DeFi) and beyond. Ethereum use cases and should be additive to
and Ethereum-compatible chains the Web 3.0 ecosystem. All of this is
We believe there are a few main make up around 80% of total NFT co-evolving as the infrastructure is
drivers of this growth, the first sales. Additionally, Ethereum has upgraded on the way to Ethereum 2.0
having to do with appealing to a over 300,000 developers, more than and multi-chain integration. The entire
digitally-native generation. NFTs any other blockchain developer sector is expanding so fast that we
bridge many gaps between the community globally. Ethereum settles are all going to make it.
traditional and new worlds — 12 times more transactions than
physical and digital, mainstream PayPal does daily. Key NFT projects
and crypto — because everyone can
resonate with collectibles in the Regarding the growth of other
and collections
niche they care about. NFTs have blockchains, we believe we’re moving
proven to be the first crypto use The projects and collections that have
toward an increasingly interoperable
case to truly attract mainstream caught our attention span across a
world. We believe that there will be
audiences into the crypto and few specific categories, including:
many computational blockchains
digital world. Popular “cult” crypto collections.
because they will form the backbone
There are a number of virally popular
of Web 3.0. However, not all will
The second driver of growth crypto NFT collectible projects
play an equal role, as there’s a
is economics and speculation. such as the Bored Ape Yacht Club
distinction between technology,
NFT collecting and trading have and CryptoPunks, which each have
adoption and community.
become more than a hobby for some 10,000 uniquely generated
many dealers of NFTs. In fact, the characters. No two NFTs are exactly
Ethereum is the first and primary
advent of play-to-earn gaming has alike, and each one of them can be
blockchain for running software,
introduced a way for many people officially owned by a single person on
and the idea is revolutionary. It has
in impoverished nations to make a the Ethereum blockchain. There are
ushered in DeFi, the creative industries
living after having lost their jobs due several others that are in this category
with NFTs and now new organizational
to the pandemic. One example of of “club” avatars, and new ones are
structures and gaming collectives.
continuously launching every day.
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// Forkast | Research Report: State of the NFT Market | Q1 2022
The possibilities for these types both in the Web 2.0 world and the more decentralization. Proof of
of collections are endless, as they blockchain world. One example stake reduces the technical
represent more than a digital is Axie Infinity, which is now the barriers for anyone to stake and
collectible. They represent an top ranking NFT collectibles of all secure the network.
access pass, a representation of time, according to numerous NFT
one’s identity and a social “flex.” analytics sites, with more protocol More secure: The ability to
People use these avatars as their revenue than Bitcoin and Ethereum. compromise the network will be
social media profile pictures. magnitudes more expensive with
People use these avatars to feel There are endless possibilities for proof of stake, not to mention
like part of a club. “Members” the world of NFTs, and multiple that a 51% attacker is identifiable
of these clubs actually support projects have delivered incredible with validator addresses and can
each other and follow each other. utility for their communities. be forked away from the network
Membership in these clubs, in the event of an attack.
represented by ownership of
these tokens, is exclusive and
Environmental and
The NFT industry is also empowering
actually offers real value and security backlash green futures with layer-2
adds to one’s digital identity. technologies that are environmentally
With respect to environmental and fiscally sustainable, with lower
Fan engagement: NBA Top Shot concerns, there will be a major carbon footprints and inexpensive
made almost US$1 billion in historic upgrade on Ethereum called “the transactions.
sales through their video NFTs that Merge” (part of the Ethereum
capture sports moments. 2.0 upgrade), which will address
the high usage of energy.
Digital artwork: the digital artist Merge is the transition of the
Beeple secured US$69 million at a Ethereum blockchain to a more
Christie’s auction and continues to environmentally friendly method
produce daily artwork for his fans. of confirming transactions and
There are a lot of other examples data on the blockchain called
within digital art … including proof of stake.
generative art.
Rights and royalties: Treum has Membership in these clubs, represented by
pioneered music rights and
royalties through their EulerBeats
ownership of these tokens, is exclusive and
project, which produces unique, actually offers real value and adds to one’s
generative songs, (and) which
distributes royalties in perpetuity digital identity.
to the original owners.
Brand engagement: Multiple Proof of stake (PoS) will be:
brands are exploring opportunities
using NFTs to galvanize their Substantially more sustainable:
brand engagement and loyalty Tackling global concerns around
platforms. These include the crypto’s environment impact. It is
world’s major cosmetics companies, 99.95% more energy-efficient. If
the largest intellectual property you estimate the energy use of one
owners, entertainment companies proof of stake validator to be 50W
and beyond. daily, which is a high estimate, that’s
about the same as streaming less
Gaming: gaming has long been than four minutes of Netflix.
known to be a great use case
for NFTs and there are multiple More decentralized, in line with
examples of blockchain in gaming blockchain essence: More validators,
9// Forkast | Research Report: State of the NFT Market | Q1 2022
NFT Avatars — A New Identity
NFT avatars are digital portraits, Big brands have already started
From the lookout: often illustrating animated or to connect digital and physical
pixelated characters. Avatars are properties. For one, Adidas has
When 10,000 CryptoPunks algorithmically generated to give partnered with Bored Ape Yacht Club
were first minted by creator each NFT unique identifiable traits, for its upcoming collection of NFTs
Larva Labs in 2017, it came such as a particular hairstyle, titled Into the Metaverse. Owners
with a bug in its source code mustache, glasses or even laser eyes of these NFTs will gain access to
that allowed buyers to instantly — a social trend Bitcoiners cite to four exclusive physical products
withdraw the Ether used in the support the cryptocurrency’s climb at no additional cost. The popular
purchase, essentially claiming to US$100,000.
ownership of the NFT and the
funds that were supposed to Nine of the top 10 NFT collections by sales
be in the sellers’ wallets.
volume were avatars in February 2022, up
Larva Labs airdropped the
from January’s eight in 10.
same copies of CryptoPunks
to owners with a bug fix. In many instances, the ownership of sportswear brand also said its
This version, CryptoPunks these avatars represent community upcoming lineup of physical apparel
V2, eventually became the membership. Bored Ape Yacht Club would complement virtual wearables
recognizable pixelated is one of the most successful NFT in the form of NFTs.
collection we know today. avatar collections in the world,
charming world-famous stars such With the pandemic accelerating
This classic collection made as two-time NBA Most Valuable digital transformation, the metaverse
a comeback, also with a bug Player (MVP) Stephen Curry and may be transitioning from sci-fi
fix. Users started trading rap icon Eminem into its prestigious luxury into a future necessity.
wrapped versions of these community. In February 2022, the
CryptoPunks V1 in popular average price for a single Bored Ape Questions about the future include
NFT marketplaces, including was US$319,947, or 110 ETH. how our digital counterparts will
OpenSea, the world’s largest. look in the metaverse and how that
The circulation of V1 is Nine of the top 10 NFT collections version can maintain a person’s
challenging the one-of-a-kind by sales volume were avatars in uniqueness. So far, NFT avatars
feature of February’s fourth- February 2022, up from January’s present a reasonable option.
highest selling NFT collection, eight in 10. Azuki, an anime inspired
CryptoPunks. NFT collection that provides owners
access to The Garden metaverse,
Larva Labs disowned the dethroned January champion
V1 collection and issued a Bored Ape Yacht Club by selling
DMCA notice for OpenSea to US$148 million from its collection.
delist the collection. The V1 In this metaverse, Azuki NFT avatars
community has fought back, become their owners’ identity
filing a counter-DMCA notice. to interact with the community.
Larva Labs has since sold the
IP rights to BAYC creator The rise of the metaverse
Yuga Labs who intends to may be the catalyst to shift
transfer IP rights to the token mainstream perception of NFTs
holders. The future of V1 has from simple pictures to unique
not yet been determined. assets that represent ownership
Image credit: Yuga Labs
in the digital realm.
10// Forkast | Research Report: State of the NFT Market | Q1 2022
Trends Driving NFTs Growth
Avatars accounted for most of the products made specifically for the director, Asia-Pacific, ConsenSys;
growth in the NFT space in 2021, NFT ecosystem are expected to grow Helen Hai, head of NFT and fan
but diverse use cases are starting to this year. token at Binance; and Audrey Ou, co-
emerge. founder and CEO of NFT art platform
Such developments were discussed TRLab. Condensed versions of these
More niche products are also in detail during interviews with interviews are found in this report.
emerging, including fractionalized Charles d’Haussy, managing
property ownership, and DeFi
Bored Ape Mutant Ape
Azuki Meebits CryptoPunks
Yacht Club Yacht Club
10,000
10,000 Bored Up to 20,000 10,000 manga- 20,000 unique
uniquely
Ape NFTs Mutant Apes style avatars; 3D voxel
generated
programmatically NFTs (spin-off Azuki aims to characters,
characters; one
What is it? generated from from Bored be identities Snoop Dogg is
of the earliest
over 170 possible Ape Yacht for The Garden a high profile
examples of
traits Club) metaverse owner
NFTs
Launched
April 2021 August 2021 January 2022 May 2021 June 2017
date
Blockchain Ethereum Ethereum Ethereum Ethereum Ethereum
Created by Yuga Labs Yuga Labs Chiru Labs Larva Labs Larva Labs
2022 Sales US$421.3 US$343.3 US$367.4 US$48.6 US$216.1
Volume million million million million million
BAYC: MAYC: Azuki: Meebits: CryptoPunks:
Floor price
97 ETH 21.8 ETH 12 ETH 6.1 ETH 71.94 ETH
Discord
146,620 146,620 87,895 54,453 54,453
Community
Data taken March 1, 2022. Source: CryptoSlam, 2022 sales volume refers to estimates for January and February
Images: opensea.io, azuki.com/gallery, meebits.larvalabs.com, larvalabs.com/cryptopunks
11// Forkast | Research Report: State of the NFT Market | Q1 2022
Interview
Trends Within
the Trend
What major use Trend 3: Disruption of traditional
Helen Hai
cases or trends will markets such as music, ticketing
and entertainment, etc. We Head of NFT and fan token
we see in the NFT Binance
will see new NFT models with
space in 2022? the potential to disrupt these
industries. One possibility is the
Trend 1: Mass Adoption. Currently,
emergence of a class of NFTs that
we estimate there are around 1
allow revenue participation via
million unique wallets globally
smart contracts, rewarding every
that have been used to buy, sell
person in the value chain including
or hold NFTs. We believe this
composers, artists, musicians,
number will rise sharply as more
producers and collectors/whales.
companies and developers create
NFTs to engage fans, art lovers
Trend 4: Dynamic NFTs and the
and attract other new users. The
integration of real-world events.
trend of creating or buying NFT
NFTs started as static images
avatars for use as profile pictures
but have evolved to incorporate
will continue to grow as well.
different features. In 2022, we
will see further integration of
Trend 2: GameFi. Traditional
real-world information such as
free-to-play developers will jump
weather and stock data into NFTs.
on the bandwagon of blockchain
Basically, any real-world data
games, NFTs and play-to-earn by
can flow into NFTs and cause
the end of 2022. This game genre
the NFT to evolve.
will no longer be driven solely by
crypto native developers.
Disruption of traditional markets such as music,
ticketing and entertainment, etc. We will see
new NFT models with the potential to disrupt
these industries.
12// Forkast | Research Report: State of the NFT Market | Q1 2022
Asia Primed for NFT Growth
Asia looks set to become the next the more popular search term, David Gan, a founder and general
big market for NFTs, with some with Hong Kong internet users partner at OP Crypto, a venture
experts predicting the region may searching for "NFT" at 60% versus capital firm that supports early-stage
surpass the West as early as this year. 40% for "crypto" in a comparison startups in the digital asset economy,
of the two terms, according to said there was a shift under way from
Global Google search interest for March data from Google. West to East in the NFT market. He
the term “NFT” surged past “crypto” cited several “notable” NFT projects
in January, with the search engine’s Mainland China’s search behavior with a strong Asian influence,
data showing growth originating in appears almost identical to Hong including PhantaBears, Capsule
the East. Kong’s, although this is difficult House and Azuki.
to verify due to China’s internet
Data from Taiwan, Japan and
restrictions which include a ban
South Korea show NFTs are by far
on Google.
the highest proportion of NFT and has a trade volume of 396 ETH
owners in 2021, with 32% of adults (US$1.12 million).
admitting to owning at least one.
Southeast This comes as no surprise as Axie
Bali, Indonesia’s top tourist
destination, is also becoming a
Asia Infinity became a source of income
for the country when Covid-19 was
crypto hub. The nation’s largest
crypto exchange, Tokocrypto,
■ Total online population: 440 at its peak. A new economy recently launched T-Hub, a physical
million1 blossomed around the NFT game, retreat for Asia’s crypto community.
■ Strong Google search interest with players known as “scholarship Bali has its own physical NFT
in NFTs providers” renting out Axies to gallery, the Superlative Gallery,
■ Epicenter of Axie Infinity’s play- those who could not afford the which opened its doors to visitors
to-earn boom initial set of NFTs needed to join in January.
■ Regulatory stance varies the economy.
depending on country With a physical crypto zone, an NFT
Thailand came in second among gallery, friendly visas and a local
Southeast Asia boasts some of the Southeast Asian countries, the social media superstar, Indonesia is
highest rates of NFT ownership Finder.com survey found, with a sleeping giant in the NFT scene.
globally, aided in part by the 27% of correspondents classifying
popularity of play-to-earn games themselves as NFT owners. Regulations in other parts of
such as Axie Infinity. MetaMask, a Southeast Asia are, however,
soft wallet of 21 million users, said Indonesia, the most populous less favorable. Singapore has
the Philippines is its single biggest Southeast Asian country, looks tough restrictions on crypto-
market with Vietnam in third place. particularly promising. In December related advertising, while the
2021, a 22-year-old college student, Thai Securities and Exchange
A Finder.com2 study supports Sultan Gustaf Al Ghozali, uploaded Commission has banned digital
MetaMask’s numbers. Among around 933 selfies of himself taken asset exchanges from providing
28,000 people surveyed across over the course of five years. The services related to certain crypto-
20 nations, the Philippines had collection now has 509 owners related products including NFTs.
1 https://blog.google/around-the-globe/google-asia/sea-digital-decade/
2 NFT statistics 2021. https://www.finder.com/za/nft-statistics
13// Forkast | Research Report: State of the NFT Market | Q1 2022
China
prevent NFT owners from
From the lookout: flipping their products.
Singapore and Hong Kong
■ Total online population: 1.032 For example, Alibaba has a 180-
were once touted as crypto
billion1 day lock period before NFTs can
hubs, but the two Asian
financial centers are being ■ Strong Google search interest be transferred to other users for
sidelined due to unfavorable in NFTs the first time. The receiver of
regulations on crypto trading. these NFTs must then hold on to
■ NFTs are not banned but
these tokens for an additional
state media has issued
It is unclear whether the two years before they can be
warnings against speculation
tough stance on retail crypto transferred again.
will affect the growth of
■ NFTs are referred to as
“digital collectibles” and The half-year lock hasn’t curbed
NFTs, although the Monetary
there are trading restrictions speculation. In February 2022,
Authority of Singapore has
for such products state-backed broadcaster CCTV
stated that there are no plans
to regulate NFTs as of now. released 34,000 collectibles
NFTs are popular in China, on Tencent’s and Alibaba’s NFT
The central bank has moved
but the market may develop market at 29.9 yuan (US$4.72)
to tax them instead.
differently compared to the rest each. These collectibles soon
of the world due to restrictions appeared on online resale
Hong Kong, meanwhile,
imposed by the state. markets,4 trading at least 10
has become a popular NFT
hub, with regular physical times their original prices.
China, once one of the world’s
gatherings, galleries and local
largest markets for crypto- Just weeks prior, demand for
artists embracing the new
currencies, banned crypto NFT- like digital collectibles
source of income, at least
transactions2 in 2021. The issued by Chinese state-backed
when the pandemic permits.
government is, however, media outlet Shanghai Securities
watching the industry closely News surged on China’s biggest
Despite the difficulty in
and state media have warned resale market, Alibaba’s Xianyu.
accessing crypto, Asia’s two
against the speculative
financial centers may yet ride
behaviors surrounding NFTs.3 AntGroup’s NFT5 arm, which
the NFT wave.
is part of the Alibaba group,
To abide by government has since frozen the accounts
warnings, Chinese tech related to the resale of digital
giants, including Alibaba, have collectibles.
rebranded NFTs as “digital
collectibles” which can only be Beijing is building its own
purchased using fiat currency. version of NFTs on the state-
The tech giants have also backed Blockchain-based
imposed lock-in periods to Service Network6 (BSN). In a
semantic effort to distance
1 China has 1.032 billion internet users, 73.0% penetration rate. https://www.globaltimes.
cn/page/202202/1253226.shtml
2 Industry players scramble, evaluate options as China bans all crypto transactions. https://
forkast.news/industry-scramble-china-bans-crypto-transactions/
3 Another Chinese state-run media outlet faults NFT frenzy. https://forkast.news/head-
lines/another-chinese-state-run-media-outlet-faults-nft-hype/
4 CCTV NFTs hit resale market before transfer permitted. https://forkast.news/headlines/
cctv-nft-hits-resale-market-transfer/
5 Ant Group’s NFT arm punishes users for digital collectible resales. https://forkast.news/
headlines/ant-group-nft-digital-collectible-resales/
6 Year in review: Top China blockchain news in 2021. https://forkast.news/year-in-review-
top-china-blockchain-news-in-2021/
14// Forkast | Research Report: State of the NFT Market | Q1 2022
them1 from NFTs traded for crypto or DDCs. This network
on blockchains outside China, the will support China’s national
Chinese NFTs have been named currency,2 the yuan.
“distributed digital certificates”
1 Crypto market suffers mauling as bears go berserk. https://forkast.news/crypto-market-suf-
fers-mauling-as-bears-go-berserk/
2 China to launch own NFT infrastructure by end Jan, BSN confirms. https://forkast.news/head-
lines/china-launch-own-nft-infrastructure-bsn/
Image credit: Yuga Labs
Japan numerous other cult characters
with massive followings.
giant Sega, creator of Sonic the
Hedgehog and Mortal Kombat,
reevaluate its NFT plans. This
■ Total online population: 117.4 The country’s NFT market may also followed criticism about its carbon
million develop along a different path, with footprint and talk that Sega’s plans
■ Low NFT ownership despite the government prioritizing NFT- were little more than a money grab.
tech-savvy population related use cases other than virtual
■ Government seeking to develop collectibles. The country, however, remains a
new use cases for NFTs pioneer in NFT technologies. For
According to Finder.com, just 2% of instance, Mitsubishi UFJ Financial
Japan is home to many innovative adult internet users own NFTs. Group (MUFG) is leading the way
tech and crypto firms, and there is with its MUFG utility token, a form
strong interest in crypto trading. The growth of Japan’s NFT market of NFTs that replaces physical
But NFT ownership is surprisingly may also slow during 2022 amid coupons and cards, and represents
low in the land of Hello Kitty and a backlash that has seen gaming access to shareholder rewards.
South Tech-savvy South Korea is a
hotbed of innovation in the digital
At least two South Korean
universities have started issuing
Korea space, with the government,
educational institutes and
NFTs as graduation certificates,
riding the NFT wave while coming
companies leading the way in up with a novel way to guard
■ Total online population: 49.75 exploring new use cases for NFTs. against forgery and alteration.
million
■ Strong Google search interest Candidates for the March 2022
The biggest contribution to
in NFTs NFTs, though, is coming from
presidential election have
■ Government and firms investing the country’s world-famous
identified crypto-friendly stances
heavily in the metaverse K-pop industry and its tech
as key strategies to attract
conglomerates.
■ Entertainment groups younger voters. South Korean
incorporating NFTs into their President-elect Yoon Suk-yeol
HYBE, the company behind K-pop
products issued NFTs featuring videos
boy band BTS, has teamed up with
and images of himself during his
blockchain company Dunamu to
campaign.
15// Forkast | Research Report: State of the NFT Market | Q1 2022
develop an NFT business1 to sell YG Entertainment — K-pop girl South Korean companies are
BTS content in the form of digital group Blackpink’s agency3 — also global leaders in smart TV,
assets. has climbed aboard the NFT with Samsung and LG together
bandwagon, partnering with controlling around 50% of the
Cube Entertainment,2 another cryptocurrency exchange Binance, global market.4 Samsung and LG
major K-pop entertainment agency, which will provide the NFT platform revealed at the 2022 Consumer
has partnered with Animoca and technology support. Binance Electronics Show that their new
Brands on an NFT joint venture to has also partnered with SM line of smart TVs will let viewers
build a music metaverse. Entertainment on NFT projects. access NFT marketplaces directly
from their living rooms.
These moves have, however, met South Korea’s advance in the NFT
resistance among K-pop fans space is supported by the country’s Not all NFTs are permitted in South
concerned about the NFTs’ carbon large virtual reality market, which Korea, with blockchain-based play-
footprint. the nation’s science ministry to-earn games among those that
predicts will be worth over US$2.5 have been banned.5
The K-pop companies have billion by 2024.
nevertheless pressed ahead.
1 K-pop sensation BTS gets ready to sell NFTs, as label looks to cash in on loyal A.R.M.Y fanbase. https://forkast.news/k-pop-sensation-bts-nfts-
label-army-fanbase/
2 Animoca Brands dreams big with K-pop agency Cube to build metaverse and NFTs. https://forkast.news/headlines/animoca-brands-kpop-
cube-metaverse-nfts/
3 Binance, BLACKPINK’s K-pop agency to develop NFTs, other projects. https://forkast.news/headlines/binance-blackpink-kpop-nfts-projects
4 LG to follow Samsung adding NFT features to flagship TVs. https://forkast.news/lg-samsung-nft-tv-line/
5 Popular NFT games made in South Korea, and banned in South Korea. https://forkast.news/south-korea-nft-play-to-earn-games-still-banned/
Image credit: Unsplash
16// Forkast | Research Report: State of the NFT Market | Q1 2022
Interview
Getting Creative
Traditional art and In 2022, I predict that luxury brands,
art institutions, musicians and other
NFTs creators will experiment with NFTs
on a much larger scale than in 2021.
Art collectors have become much
more interested in NFTs over the past Audrey Ou
year. Crypto-native NFT projects, like Copyright conundrums Co-founder and CEO
profile photos, are opening an entirely NFT art platform TR Lab
Many issues remained unresolved
new market to art fans.
in terms of copyright and copyright
infringements. This isn’t something
The ranks of mainstream art
TRLab deals with closely, because
collectors are also expanding, since
many young NFT collectors go on to
we work with artists directly and Outlook for 2022
don’t offer user-generated works
explore other forms of art, including
on our platform. This year, I see NFTs as a blank slate
physical art.
for exploration. What we believe to
Authenticity and legitimacy are be the boundaries of NFT art will be
NFTs as a bridge incredibly important to all artists, pushed and broken by creators. With
and issues around ownership developments such as Coinbase’s
between the physical continue to swirl in the NFT space. NFT marketplace, more people will
and the virtual One example is the controversy raised become more familiar with NFTs,
around an NFT sale planned by Pablo adding to the ranks of NFT buyers.
There’s still a big gap between the Picasso’s granddaughter and great-
traditional and digital art worlds, grandson: Marina Picasso and her The NFT art market is still in its
but I believe the gap will narrow as son Florian. The collection was not infancy, and this is no time to proclaim
new NFTs pull in new buyers from previously authorized by the Picasso or accept a one-size-fits-all position
the physical market. NFTs are the Administration, and therefore would on how to produce, launch, sell or
gateway to crypto, and what we’re be deemed counterfeit, a complex collect NFT art. Beyond art, I see
seeing now is just the start. copyright issue that can’t be solved gaming and fashion as a big focus
with blockchain technology alone. for NFTs this year.
Image credit: Unsplash
17// Forkast | Research Report: State of the NFT Market | Q1 2022
Metaverse Set
to Boost NFTs
NFTs are widely expected1 to since Facebook said it was going
gain increased popularity as all-in on virtual reality in October
the metaverse becomes more 2021, even changing its corporate
established, thanks to the name to Meta.
technology’s ability to provide
indisputable proof of ownership. Consulting company McKinsey &
Company wrote in a report3 entitled
Ownership of virtual real estate, “The State of Fashion 2022” that
which involves the use of NFTs, digital assets such as NFTs, gaming
has grown rapidly. In Decentraland, “skins” and virtual fashion will edge
one of the most popular closer to the mainstream, with
metaverses, property prices have popular brands expanding into the
risen 400-500%2 in the months metaverse.
1 NFTs: The metaverse economy. https://www.ft.com/partnercontent/crypto-com/nfts-the-
metaverse-economy.html
2 Investors are paying millions for virtual land in the metaverse. https://cnb.cx/3tn5fiC
3 The State of Fashion 2022. https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20
insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf
From the lookout:
Microsoft’s HoloLens is also
Facebook kickstarted big tech’s gaining in popularity despite
recognition of the metaverse by its US$3,500 price tag.
rebranding itself as Meta. The
company’s Oculus 2, priced north The wild card is Apple, which
of US$299, is already one of the has yet to make its VR/AR device
most popular VR/AR headsets. If announcement. As Apple has his-
all goes as planned, the upcoming torically evaded bulky designs, the
Oculus 3 will propel VR/AR head- next generation of VR/AR devices
sets into the mainstream with its will likely operate without having
lower cost and improved features. to dock phones into headsets.
Image credit: Unsplash
18// Forkast | Research Report: State of the NFT Market | Q1 2022
Interview
The Metaverse
Conquest
The Sandbox metaverse is made up the real world where the process
of 166,464 unique land NFTs, digital may take months or years.
pieces of real estate, that players
Sébastien Borget
can own to publish their creations, Land owners also get access to a
Chief operating officer and
monetize their games or rent to other global audience, instantly, and are
co-founder at The Sandbox
creators. These lands will host a no longer limited by the laws of
wide range of experiences, and their physics. The only limits are truly
limited number makes The Sandbox your imagination.
and jobs the metaverse is creating
seem like a virtual Manhattan when it
will transform how we’ll be working,
comes to real estate valuation. Today, We believe that if you offer an even
socializing, playing and earning.
The Sandbox counts over 18,500 richer set of digital opportunities
Brands like Adidas, Snoop Dogg,
unique land owners and generates in a creators’ economy but remove
The Walking Dead, deadmau5, Atari,
a lifetime gross merchandise value barriers to entry — by offering free
Rollercoaster Tycoon, Care Bears,
(GMV) of US$380 million. tools that are intuitive, financial
The Smurfs, Shaun the Sheep,
support for creators to help them
and Binance see the value in what
One of the reasons that explains get started and no buy-in required
we’re creating and have partnered
the interest in virtual lands in The to start creating — a digital economy
us to create voxelized versions of
Sandbox is the possibilities they can spread even faster. That’s our
their worlds and characters in the
offer: Users can publish their own strategy with The Sandbox.
metaverse.
experiences and monetize them or
just rent out the land to other builders. 2022 will certainly be an exciting
A new generation of players and
year for the industry as a whole, as
consumers are interested in virtual
In The Sandbox, players and creators many new blockchain-based games
goods and brand experiences, and
have full ownership of anything they with player-owned economies will
that’s why partners like Snoop Dogg
create or buy, and full authorship of be launched and bring on new
are choosing The Sandbox as the
any NFTs they create. Every creator audiences. We also expect further
space to perform concerts, interact
is free to share, trade or sell their innovations.
with fans and establish themselves
3D creations while retaining full
in the digital space.
ownership and getting all the revenue. We see a transformation in the next
You can bring your own NFTs to The 10 years. The economic opportunities
Sandbox, even if they were created
on another platform. Similarly, you
can sell NFTs made in The Sandbox
elsewhere if you want to. This concept
has powerful appeal, but we expect
competition from those who want to
establish new walled gardens.
Thanks to the accessibility of VoxEdit,
our 3D Editor for modeling and
animating content, and Game Maker,
our #nocode tool, the possibilities are
amplified as anyone can build content
in a matter of hours or days, unlike in
Image: https://www.sandbox.game/
19// Forkast | Research Report: State of the NFT Market | Q1 2022
From the lookout: The Boost from
Unbeknownst to those Blockchain Gaming
outside the NFT space,
there’s a mammoth The rise of blockchain play-to-earn NFTs are transforming gaming and
blockchain game on the gaming1 has been a catalyst for are entering this arena. Microsoft
horizon. the adoption of NFTs. According in January 2022 announced that it
to games market analytics firm was buying gaming giant Activision
Even before the launch of Newzoo2, the global games market Blizzard5 in a US$68.7 billion push
Star Atlas, which promises will generate revenues of US$218.8 to grow its gaming business and
cinema-quality graphics, billion in 2024. A third of the world’s position itself as a developer of
investors are already pouring population are gamers and the metaverse platforms.
millions of dollars Asia-Pacific region is the largest
to purchase in-game NFT market for video gaming, Cryptocurrency platform Binance
items. The unreleased according to Statista.3 Gamers in October 2021 launched its new
game’s leaderboard shows are accustomed to interacting in Initial Game Offering arm to enable
a player with US$4 million a virtual world with game assets investments in NFT gaming projects.
worth of assets. This player’s such as skins or power-ups. Players Helen Hai, head of NFT and fan
in-game faction’s assets are can potentially win tokens or NFTs token at Binance, predicts that with
worth US$68 million dollars. and trade them or sell them on the rise of GameFi, traditional free-
marketplaces for fiat money. to-play developers will go into
The combined asset value of blockchain games.
the three Star Atlas factions Gaming is seeing an increase in
is currently over US$166 the use of NFTs.4 Popular NFT- “This game genre will not be driven
million dollars — enough for based blockchain game Axie Infinity by crypto native developers anymore
the game to be in the top 20 clocked more than US$126 million and we will see big developers and
NFT collections even before in sales in January 2022 and is the publishers enter the space,” she said.
the launch. top NFT collection by all-time sales
volume, ahead of the avatar NFT As with collectibles, the shift to NFTs
Star Atlas may become one collection CryptoPunks which had has faced pushback due to concerns
of the most valuable games around about their carbon footprint, as
of all time or it may fail half the sales. gaming giant Ubisoft found out in
spectacularly because of all December 2021 when it launched
the hype. Nevertheless, it will Businesses and game developers Ubisoft Quartz, an NFT platform on
be an important milestone in have seen how blockchain and the Tezos blockchain.
the history of NFTs.
1 Animoca CEO Yat Siu: Ownership economy ‘will be worth trillions’. https://forkast.news/atari-yat-
siu-nft-gaming-blockchain-adoption
2 The Games Market and Beyond in 2021: The Year in Numbers. https://newzoo.com/insights/arti-
cles/the-games-market-in-2021-the-year-in-numbers-esports-cloud-gaming/
3 Number of active video gamers worldwide from 2015 to 2023. https://www.statista.com/statis-
tics/748044/number-video-gamers-world/
4 Gaming’s new tipping point into metaverse matters. https://forkast.news/gamings-new-tipping-
point-and-why-metaverse-matters/
5 Microsoft to acquire gaming giant Activision Blizzard in metaverse bid. https://forkast.news/
headlines/microsoft-acquire-activision-metaverse/
20// Forkast | Research Report: State of the NFT Market | Q1 2022
Popular blockchain games
Axie Infinity Farmers World Alien Worlds
An NFT-based blockchain An NFT-based blockchain An NFT metaverse in which
game in which players battle, game in which players can farm players compete using unique
breed, collect, raise and NFTs, pick tools, breed animals, digital items (NFTs), earn
build kingdoms for pet cultivate crops, buy land to build in-game currency Trilium and
creatures called Axies farms and fight jungle monsters travel on missions
Launched Launched Launched
March 2018 August 2021 December 2020
Blockchain Blockchain Blockchain
Ronin (previously on WAX Binance Smart Chain,
Ethereum) Ethereum, WAX
Created by Created by Created by
Sky Mavis G. JIT Japan Dacoco
2022 Sales Volume 2022 Sales Volume 2022 Sales Volume
US$209 million US$23.7 million US$2.7 million
Source: CryptoSlam 2022 sales volume refer to estimates for January and February.
21// Forkast | Research Report: State of the NFT Market | Q1 2022
Collaterals, Vaccine Certificates
and Other Use Cases
The next 12 months will see an while NFTfi provides market making Although NFTs, for now, are mostly
increase in NFT use cases beyond services for borrowers and lenders. images and short video clips, Hai
gaming and collectibles. expects to see dynamic NFTs being
Universities, governments and integrated with real-world data such
One of the more novel shifts in institutions have already started as changes in the weather or stock
NFT usage comes from DeFi. In issuing NFTs to counter fraud and prices. “Any real-world data can flow
January 2022, digital asset trading forgery, while experts have proposed into NFTs and have an impact on the
group Genesis started accepting using NFTs as vaccine certifications NFT itself,” she said.
NFTs as collateral for loans and as well.
derivatives deals, in a sign that Rachel Mayers, VP of product at
digital art has found its way into Binance’s Hai believes traditional Circle, expects the use cases for
the booming market for complex markets such as music, ticketing, NFTs to continue growing at a
crypto financial products. entertainment will also look to NFTs. rapid pace. “Brands and creators
Of particular interest is the possibility will reinforce loyalty community
Drops.co provides a platform for retail of revenue participation via smart behavior by using NFTs… eventually,
investors to secure instant loans on contracts that involve all parts of a everything will be an NFT.”
NFT and Metaverse assets, value chain including composers,
artists, musicians, producers and
collectors.
NFT Use Cases
22// Forkast | Research Report: State of the NFT Market | Q1 2022
Interview
NFTs Behind
the Pictures
1. What are eco-friendly, decentralized HECO
programmable NFTs? Chain blockchain. Reeve Collins
Co-founder of BLOCKv,
Programmable NFTs are completely Themed around the Chinese Year a platform for creating,
customizable digital objects that of the Tiger, this specific release minting and distributing
can be programmed to change their allows users to snap a picture programmable NFTs
appearance and purpose over time, wearing a virtual tiger mask or add
allowing for the creation of unique a New Year photo frame and mint
objects and collectibles that can the moment into an NFT in seconds. transmittable objects could be
change in response to future events. This NFT can then be shared with transformed. This technology
friends and family across the globe. potentially holds the answer to
Picture a massive multiplayer online solving enterprise problems like event
role playing game like World Of We’re hoping that this is the sort of ticket fraud and the secure transfer
Warcraft, where you can complete vibrant, cross-cultural experience of sensitive data, so in my view,
your existing armor set by heading that will become more abundant this approach can and should most
out into the real world and collecting in the world of blockchain, as the certainly be the future.
a helmet dropped near your home, metaverse is ultimately about
Pokémon Go-style. connecting people, regardless of
3. Do you see NFTs as
physical location.
Or, using the Super Bowl as an asset class in 2022?
another example, consider a digital
collectible released by your favorite
2. Are NFTs a fad I do, but then again I have been
team mid-season that changes to or the future? stating that they would become
a VIP playoff ticket if your team an entirely new asset class since
qualifies! The digital nature of NFTs While I can’t definitively predict 2015, I’m very happy to see it
allows us to build these kinds of how the future will unfold, NFTs finally coming to fruition!
things, moving beyond the static, certainly have a huge amount
unchanging nature of items in the of potential and a wide variety We have still only scratched the
physical world and transcending of use cases that bring a ton of surface of what is possible with
what was previously possible. value. Right now, of course, the these digital objects, and there is
market is largely centered around still a tremendous number of use
One recent initiative involved pairing digital art and collectibles, but the cases that have yet to be unlocked.
the power of BLOCKv’s interactive power of blockchain technology The revolutionary and unique nature
programmable NFTs with Huobi’s means that any number of digitally of NFTs denotes them as a unique
form of asset that will continue to
grow and expand as they become a
This technology potentially holds the answer
more integral part of our daily lives.
to solving enterprise problems like event ticket
fraud and the secure transfer of sensitive data,
so in my view, this approach can and should
most certainly be the future.
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