Here’s Why The NFT Landscape May Have Changed For Better During Bear Market | Bitcoinist.com – Bitcoinist
The NFT landscape has shifted towards utility-based projects during the bear market of the past year. Here’s why this may be good for the sector.
New NFT Project Mints Have Shifted Away From Speculation In The Past Year
According to a report released by Ark Invest, the NFT market has gone through a shift in the bear market. For tracking how the sector has been changing, the report has used the data for the NFT mints taking place in each quarter of the year.
The share of the total mints contributed by each of the different project types is considered here. The “project types” are made up of art, avatar, collectibles, gaming, utility, and virtual worlds.
Here is a chart that shows how the percentage dominance of each of these project types has changed over the last few years:
Looks like utility took over during 2022 | Source: Ark's Big Ideas 2023
As shown in the above graph, way back at the start of 2019, the NFT market was mostly made up of collectibles and gaming-focused projects. Utility-based tokens took the lead around the end of the year, but it wasn’t long before their dominance fell again.
2020 saw collectibles no longer making much of the total percentage of the NFT mints, while utility and gaming remained strong. Art-based tokens also started becoming popular in 2020.
Collectibles made a huge comeback in 2021 as the wider cryptocurrency market saw a bull run. Gaming projects, however, saw a pretty low percentage of the mints during this p