NFTs: The outlook for 2022
2021 was a breakout year for NFTs with trading volume reaching an incredible $19.6 billion spread across 2 million active traders, according to a recent report from 1confirmation. The market was dominated by visual art projects and PFPs (Profile Pictures), with blue-chip NFTs like Bored Ape Yacht Club and CryptoPunks reaching unbelievable prices of up to $500k. The involvement of well–known celebrities and brands in the space, such as Adidas and Snoop Dogg, also helped catapult NFTs into the mainstream.
What to expect in 2022?
Despite the record growth in 2021, many remained sceptical about whether NFTs would continue with this momentum in 2022. A hopeful indication that the asset class has legitimate staying power is the four-month high trading volume on 2 January of $2.3 billion.
Many speculators agree that growth in the market is imminent — fiat onramps are making it easier for investors to purchase their first NFTs, and every week household names — whether celebrities or corporate brands — are entering the space to launch their own collections, introducing newcomers to the thriving space. This can be viewed as an attempt from these brands to position themselves favorably for the growth of the metaverse in coming years. The encouragement of well-known and respected investors such as Kevin O’Leary is also helping to fuel positive sentiment, with the Shark Tank host believing the NFT market’s value could surpass Bitcoin in 2022 — especially if NFTs pegged to physical assets begin to take off.
The launch of the Out of Africa collection
With this potential market growth in mind, the Out of Africa collection is set to launch at a very promising time. The NFT collection is the world’s first curated collection of physical fine art sold via the blockchain and features some of Southern Africa’s top fine artists.
Phase 1 (Ticketing Phase) is set to kick off the Sales Process this January — where anybody stands the chance to win a Poster-NFT (P-NFT) in the free-to-enter lottery. These P-NFTs will act as your ticket to participate in Phase 2 (Auction Phase). More can be learnt about the unique sales process in our previous Medium article. To stay up to date on announcement dates you can sign up to our newsletter and follow us on Twitter.