Outlook on the state of the NFT market
A recollection of key market activity & inherent conclusions.
This article serves as an outlook & personal observation on the current state of the NFT market. Bringing trends, shortcomings & expectations.
Accelerated Lifecycle
NFTs underwent an accelerated industry lifecycle in a span of over a year, gradually reaching market maturity away from the speculative nature that spurred the vast popularity of NFTs, shifting towards a community-gating & access-orientated tool.
Yearly transition
2021 incurred a PFP dynasty, with 2022 bringing facilitation & market growth, projecting the demise of the dynasty — serving as a litmus test of which ventures can stand the test of time & offer innovation.
Given the prolonged Bear Market, we could experience a progressive prune of projects choosing to inefficiently allocate diminishing funds, with difficulty to bring developments to offset thinning revenues.
Infrastructure, Infrastructure & Infrastructure
*What is missing to achieve market maturity?*
Looking at the missing pieces within the market, there is an inherent need for infrastructure, in order to facilitate onboarding & simplify UX.
Depicting an emergence of solutions tailored to suit both creators & traders being developed through the Bear Market, closely integrating with existing solutions & creating essential partnerships.
Key infrastructure for the NFT market
*NFT Launch Platform*
→Fair.xyz through their proprietary tech enables the creation of a fair, safe & transparent launch platform for creators, from website to contract deployment, completely code-free.
*Marketplaces*
→Blur a marketplace designed for use by traders with 0 creator royalties, favouring speed & cross marketplace sweeps as the primary KPI.
*Wallets*
→Omni wallet tailoring servicing to integrate NFT communities through product offering, UX & security.
Easing the onboarding process through onboarding calls with holders of particular communities, being captive of developments within those communities.
Omni has transformed the ease of staking NFTs, implementing Bored Ape Yacht Club (BAYC) & Mutant Ape Yacht Club (MAYC) NFT staking.
Creator Royalties
Ignition of creator royalties discussion — leading to on-chain royalty enforcement tool development by OpenSea & 0 royalty marketplaces such as Blur.
“Royalties are the Future, not the Past” — Lior.eth (An Ape’s stance on Royalties & The Hounds Mint)
*Royalties Royalties & Royalties!*
Leading the NFT market to be in the position it is today, bringing innovation as creators are incentivised to develop post mint & act as foundational layers of NFTs empowering creators.
L2 Collections
Recurrence of L2 NFT communities.
→ Applied Primate — Applied Primate Engineering is a ‘biological research group’ devoted to understanding the causes of mutation in Mutant Ape Yacht Club (MAYC) and working to find a ‘cure’.
→ Mutant Cartel — A stronghold for Mutants Ape Yacht Club holders to trade, partner, and strategise. Releasing the Mutant Hound NFT collection, the sister collection to the Bored Ape Kennel Club (BAKC).
Collections expanding the ecosystems through unique storytelling, usage & commercialisation of IP.