Non-fungible tokens or NFTs boomed in 2021. In just twelve months, it evolved from a niche industry to a mainstream phenomenon with a global market value of $22 billion.
Sports and celebrities both take partial credit for the growing popularity of NFTs. The NBA Top Shot alone yielded a monthly trading volume of over $200 million in February and March—a huge leap from $12 million in 2020.
Now, many are curious as to what 2022 has in store for NFTs.
ReBlonde Public Relations, an agency offering PR services for crypto, weighs in on the possible NFT trends for 2022.
The Rise of Music NFT Marketplaces and Streaming Platforms
NFTs operate in a decentralized system that does not require intermediaries. Eliminating the need for a middleman, they enable musicians to sell their songs directly to fans and get full compensation for their work.
For example, Loud Market Ltd. launched the first-ever music NFT marketplace that allows artists to sell their music as collectibles and tradable items, free of charge. This means artists get 100% of their sales revenue.
Music streaming platform Audius is also empowering musicians by giving them 90% of their sales, with the 10% allotted to decentralized operators who secure the network. Additionally, the platform enables artists—even unsigned ones—to distribute and monetize their music. Audius also allows artists to showcase and market their NFT creations on Audius Collectibles, a feature that can be accessed from Audius profiles.
Audius has attracted big-name artist investors such as Katy Perry, Steve Aoki, and Nas. The company has also struck a deal with TikTok to become the app’s streaming partner, beating the likes of Spotify and Apple Music. It’s a safe bet that streaming platforms built on the blockchain might be the next big thing.
Creating Fundraising Opportunities for Charities
NFTs aren’t just for sports, art, and music—they’ve made their way to the charities sector as well. NFTs enable nonprofits to set up fundraising events without the overhead that comes with organizing traditional auctions. Also, charity donations made with cryptocurrency are fast and secure transactions.
NFTs also promote transparency. They use a blockchain-based technology that allows users to trace whether funds are credited to the right charity organizations.
A fundraising event by Macy’s was able to sell NFTs for tens of thousands of dollars. All proceeds were donated to the Make-A-Wish foundation. On top of that, 10% of the NFTs’ value will also be credited to the foundation should they be resold in the future.
Successes such as this may mean more charitable organizations will make use of NFTs in their fundraising efforts in 2022.
An Era for NFT Personalities
NFTs offer new ways for celebrities to interact with their fans while also enabling them to monetize their personality rights. Also known as the right of publicity, these are an individual’s right to control the commercial use of their identity, including their name, likeness, and image.
For instance, musicians could organize exclusive performances in the metaverse. The musician Teflon Sega is already doing it by performing digital shows to select fans. In 2022, expect the development of more apps that enable renowned artists to go on live shows as NFT personalities.
Powerful Marketing and PR Services for Crypto
Despite their growing popularity, NFTs are still met with skepticism by some people—poor marketing is partly to blame. At ReBlonde Public Relations, we provide the support you need to properly market and promote your NFT brand to the right audience. Our team will create a customized NFT marketing plan suited to your company’s goals and objectives.
Our experience working with hundreds of crypto-based clients has equipped us with the knowledge and expertise to handle NFT projects of any size or complexity.
Position your company as a global leader in the NFT realm. Reach out to us today to book a free consultation about NFT marketing.