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  • Ethereum 2.0 can be utilized to counteract energy issues related to NFTs.
  • Personality NFTs offer a new method of expression and interaction.
  • NFT communities are set to become more prominent and give rise to in-person events for members.

Throughout 2021, many new technologies have risen to prominence and paved a way for the latest trends. Although NFTs are a fairly recent concept, its noteworthiness has been proved by a meteoric rise to becoming one of the most talked about topics. As we transition into the new year, the uses for NFTs will continue to expand and further extend their impact on society.

Using Ethereum 2.0 to combat energy issues

One of the biggest concerns regarding NFTs is the large amount of energy required to create and exchange them. The Renewable Energy Hub, an information and consulting service focused on energy, states that a single transaction uses an equal amount of energy as a conventional household over a day and a half.

In its current state, Ethereum's infrastructure is not capable of adequately supporting its large user base, resulting in higher costs for those who want service priority. Ethereum 2.0, a new edition of the technology, will increase output, lower fees, and result in more efficient & sustainable energy usage.

Personality NFTs

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Numerous applications are integrating NFTs into augmented reality filters, allowing users to portray their actions and identity through the NFT instead of their actual appearance. For example, a user can purchase an NFT of a panda then use the filter to “appear” as the panda, which then mirrors the motions and movements of the user in real time.

Personality NFTs are expected to become popular amongst celebrities and social media personalities in the upcoming year. Musicians can utilize the technology to put a fresh twist on virtual concerts and increase viewer interaction. We may even see the introduction of “NFT celebrities” - prominent individuals who choose not to reveal an identity outside of their NFT avatar.

In-person NFT community events

A wide variety of communities exist within the world of NFTs. For many of the communities, members are united by a common interest or attribute, which often takes form in ownership of an NFT belonging to a collection. For example, the Bored Ape Yacht Club (BAYC for short) is an exclusive community where members must own a Bored Ape, which is a unique drawing of a monkey. The various apes wear different outfits and are posed in front of various backgrounds, but all share a similar art style since they are created by the same artist.

In 2021, a couple thousand of the Bored Ape Yacht Club’s NFT holding members convened at an undisclosed location in NYC. During this event, BAYC members enjoyed networking opportunities with each other, an art gallery of BAYC art, and live musical performances. News of the exclusive event made waves throughout social media, thus garnering more interest and ideas for NFT community events.

Overall, NFTs are a relatively fresh avenue of technology, but have already taken the world by storm. These trends pose exciting possibilities for the future, as well as potential prospects for creating new industries and society-changing digital platforms.