Global search interest for “NFT” surpasses “crypto”
Global searches for the term “NFT” appear to have surpassed those for “Crypto” for the first time. Non-fungible tokens (NFTs) have quickly gone from obscure and nerdy to one of the most sought-after items in digital consumerism.
While transaction volumes in the crypto market have dropped in recent weeks, NFT sales have soared on marketplaces like OpenSea, and with major companies considering forays into metaverse platforms, it appears that consumer interest in NFTs is expected to skyrocket in 2022.
According to figures released in November, OpenSea sales volumes have increased by 14,500 percent since 2020, totalling more than USD 10 billion (~Rs 75,176.91 crore). While OpenSea now controls the majority of NFT sales, it’s just a matter of time before a non-Ethereum-based marketplace emerges.
Non-fungible tokens are one-of-a-kind digital assets or collectables produced with blockchain technology. Each NFT has a unique identification and information that sets it apart from the others. Every NFT is cryptographically validated through the blockchain, ensuring that the owner is always known due to the digital ledger’s record of ownership.
The Ethereum (ETH) cryptocurrency is most commonly used to buy and sell NFTs. However, because they are one-of-a-kind digital assets, they do not have an exact monetary equivalent.
An NFTs’ worth is typically established through auctions or by the makers themselves, just like a rare gem is not equal to any other rare gem since it is unique.
Consumer companies such as Nike and Adidas are making their own forays into the domain of metaverse NFTs, demonstrating the exponential surge in demand for NFTs. Celebrities like Snoop Dogg, Grimes, Steve Aoki, Mila Kunis, and Melania Trump are all pushing their own NFT collections to the general public as well.