A Market Research Future (MRFR) study report projects that the NFT market is expected to hit $343 billion by 2032. This substantial growth is attributed to factors such as the rising popularity of NFTs among the general public, increased adoption of NFTs by businesses and the ongoing development of NFT applications.
In 2021, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) stood out as two of the most well-received NFT collections. Created by Yuga Labs, these collections feature a diverse array of unique and collectable apes. Celebrity endorsements from figures like Justin Bieber, Eminem and Paris Hilton further contributed to their widespread recognition.
Recent times have seen the emergence of new NFT projects aiming to surpass the success of BAYC and MAYC. Leading this charge are Ethereum, Avalanche and Meme Kombat, each bringing unique offerings to the expanding NFT market.
Ethereum: The NFT Standard-Bearer
Ethereum holds its ground as the leading platform for NFTs. This is because Ethereum is a decentralised platform that allows for the creation of secure and transparent NFTs. Ethereum is also home to many popular NFT marketplaces, such as OpenSea and Rarible.
Prominent NFT collections on Ethereum include Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), CryptoPunks and CryptoKitties. These collections have been sold for millions of dollars and have become status symbols among celebrities and collectors.
In addition to these popular collections, Ethereum is also home to a growing number of NFT projects that are tapping into different markets. For example, the NBA Top Shot marketplace allows fans to buy and sell NFTs of NBA highlights.
Platforms like Decentraland offer users opportunities to partake in the trading of virtual land and assets, while games like Axie Infinity present avenues for cryptocurrency earnings through interactive gameplay.
Avalanche’s Gaming and NFT Landscape
Avalanche (AVAX), a recent entrant in the blockchain realm, boasts a remarkable transaction speed of 6,500 transactions per second (TPS), making it one of the fastest networks. AVAX is gaining popularity as a viable alternative to Ethereum and Cardano, particularly for developers venturing into decentralized app (DApp) development.
A prominent category of DApps thriving on the Avalanche network is Play-to-Earn (P2E) games. In these games, players are incentivized with cryptocurrency and Non-Fungible Tokens (NFTs). NFTs within these games represent digital assets like avatar accessories or luxuries, enabling trade between players.
Currently, several noteworthy P2E games are making waves on the Avalanche network, including:
- Crabada: Players engage in mining, looting, exploration, battles, and crafting to earn rewards.
- Step App: A gamified fitness application where users accumulate rewards through activities like walking, jogging, running, and more.
- Gods of Asgard: Set in a Norse-themed open world, this story-based game invites players to explore and battle to earn rewards.
- DeFi Kingdoms: A Massively Multiplayer Online Role-Playing Game (MMORPG) characterised by a pixel-art style.
These P2E games represent a vibrant gaming sector within the Avalanche ecosystem, providing users with engaging experiences while contributing to the broader adoption of blockchain technology.
Meme Kombat NFTs: Where Meme Magic Meets Combat Action
Meme Kombat (MK) distinguishes itself as an Ethereum-based meme coin currently in its presale phase. Unlike typical meme coins, Meme Kombat is evolving into a crypto ecosystem centred around gaming, DeFi and memes.
Meme Kombat introduces “Meme Kombat Arena” a blockchain-powered game that combines the beloved internet meme culture with the thrill of combat. Here, players utilise the Meme Kombat token (MK) to mint exclusive meme NFTs, each powered with unique attributes for epic showdowns. These NFTs, representing popular memes from the internet, engage in real-time battles in the Arena.
In Meme Kombat Arena, MK tokens take centre stage as players upgrade their meme NFTs by fusing or using special items. The game aims to offer diverse modes, including the Arena for real-time player battles, the Campaign for exploring different levels and fighting enemies and the Meme Factory for creating custom meme NFTs using the Meme Generator tool. Overall, the features and content variety bring strong incentives and use cases for MK tokens.
The decentralised Meme Market serves as the hub for trading these meme NFTs, utilising MK as the primary currency.
NFT Prospects Ahead
Ethereum and Avalanche emerge as go-to platforms for NFTs, each with distinct strengths. Ethereum is known for its established position, while Avalanche, a newer crypto, gains traction with its faster and cost-effective transactions. Both platforms host a range of NFT collections and marketplaces.
A noteworthy contender in the space is Meme Kombat, currently in the presale phase on the Ethereum network. Meme Kombat strategically integrates popular Doge memes, Pepe memes and more into its gaming and NFT offerings, catering to the pop-culture market.
Early indicators point to growing interest in Meme Kombat NFTs, presenting a potentially lucrative investment opportunity.
The NFT market is still in its early stages, but it is clear that there is a lot of potential for growth. As the NFT market continues to mature, we can expect to see even more innovative and exciting NFT projects being launched.
Presales offer the lowest entry points for cryptocurrencies, allowing early supporters to potentially capitalise on future growth. It’s worth noting that MK tokens are currently available for purchase on their website during its presale phase.
