Global Search Shows NFTs Attracting More Attention than Crypto
One of the latest buzzwords in the crypto space of late is none other than that of non-fungible tokens (NFTs). They have been enjoying significant growth recently, due to which it doesn’t come as a surprise to discover that even Google search results are indicating their increasing popularity. In the week ending on December 25th, the data shows ‘NFT’ managed to surpass the number of searches in global search data as opposed to the word ‘crypto’, which has been the buzzword for quite a while. This incident has occurred for the first time since 2009, when Bitcoin, the world’s first cryptocurrency was introduced.
This increasing interest in non-fungible tokens (NFTs) by the online community is an indication that there is a great deal of global interest in the acquisition of digital collectibles. It also highlights the fact that much like cryptocurrencies, NFTs also appear to be making their way into the mainstream market. There has been immense growth in the NFT space this year and all NFT marketplaces have recorded massive surges in their trading volumes. OpenSea, which is termed as the largest NFT marketplace that exists today, has seen trading volumes that are in excess of 410 billion.
It is interesting to note that the demand for NFTs has gone up in a variety of sectors. They may have started off from crypto projects, but are no longer limited to them. Some of the world’s most renowned and popular brands have also launched their own NFT offerings. Adidas and Nike, which are the two leading brands in the sports industry, have recently announced their decision to venture into the NFT metaverse space. Apart from that, non-fungible tokens have also attracted a great deal of attention from celebrities and influencers, which has further contributed to their popularity. Some of the prominent names include Mila Kunis, Snoop Dogg, Grimes, and Steve Aoki.
These people have endorsed the NFT boom and have gone as far as launching their own NFT collection. As a matter of fact, former first lady Melania Trump is also launching her own NFT as well as the NFT platform. The blockchain gaming sector is another area where NFTs have seen immense growth and popularity. NFT games, like Axie Infinity and Sorare, have helped players in generating a passive income by earning NFTs and cryptocurrencies. Thanks to the NFT boom, a number of charitable projects have also been able to add more funds. These proceeds have been used for making donations to charities and non-profit entities.
As a matter of fact, the funds have also been used for the construction of schools in Africa. One of the best things about NFTs that have made them popular for making donations is that investors in the United States can deduct the donations from the sales of the non-fungible tokens (NFTs), which can be a good maneuver for saving on taxes. In addition, artists have also used these tokens for showcasing their art without having to worry about forgeries. They have also been able to save significant costs associated with physical exhibitions.