Last Updated on 25/12/2021 by Sanskriti
Non-fungible tokens (NFTs) are all the rage in 2021, with NFTs being one of the most popular search terms. According to Google Trends, global searches for the word “NFT” appear to have topped those for “Crypto” for the first time.
According to Google Trends, a tool that records the most popular combinations, people are looking for “NFT” more than ever before, and “crypto” is no longer the most popular search term on Google.
NFTs, for those unfamiliar, allow users to possess uncommon digital artifacts via the blockchain network that underpins cryptocurrencies. NFTs may be used to own all types of art, tweets, music, GIFs, and other digital goods. The options for purchasing and selling digital assets are limitless.
Thousands of people are bidding on these artifacts, with some selling for millions of dollars. According to recent research published by Cointelegraph, consumers have already spent over $9 billion on NFTs, with total sales likely to reach $17.7 billion by the end of 2021. According to the study, NFT sales increased by 60 times in three and a half years, from $41 million in 2018 to $2.5 billion in the first half of 2021.
The research further says, “Elevated interest in NFTs has coincided with the overall uptrend in the cryptocurrency market, which indicates that NFT prices will drop if cryptocurrency prices drop.”
Early sales were dominated by collectibles such as CryptoKitties and CryptoPunks, according to an analysis of transactions by popular NFT categories addressed in the paper.
The increase is astonishing when compared to 2020. According to statistics from NonFungible.com on NFTs, total sales in 2020 were $340 million, and sales in 2021 have already crossed $9 billion, a more than 25-fold increase.
The increase is astonishing when compared to 2020. According to statistics from NonFungible.com on NFTs, total sales in 2020 were $340 million, and sales in 2021 have already crossed $9 billion, a more than 25-fold increase.
