Global searches for the term 'non-fungible tokens' have surpassed 'crypto' for the week ending on Christmas, according to Google trends data. The sharp rise in search of NFTs clearly signals that digital collectibles have achieved mainstream adoption, with transactions in OpenSea, the largest NFT marketplace, surpassing $10 billion.
The big increase in the demand for non-fungible tokens is manifested in all aspects of society. First, consumer brands such as Adidas and Nike are making preparations to enter the field of metaverse NFTs. Secondly, top celebrities like Melania Trump, Snoop Dog, Steve Aoki, Grimes and Mila Kunis are promoting their own NFT collections to millions of fans and the general public. Apart from that, NFT games like Sorare and Axie Infinity are making it possible for players to learn about nonfungible tokens, cryptocurrencies and earn income as a side hustle while playing video games and broadcasting their gaming experience to their audience.
The proceeds generated from NFT auctions play an important role as some are being channelled to help charities or nonprofits like building a school for children in Uganda. Besides that, crypto holders can not only purchase artwork but also pay taxes in the US, and this is a win-win situation for everyone. Lastly, NFTs enable artists across the globe to showcase their art without the need for physical exhibitions. Mongol NFT is a good example of a blockchain project that tells stories of nomadic horse riders and the history of the steppes to the public.
Why Are NTFs Worth Millions?
It is Christmas and that means people are buying gifts. One of the new options for this season is non-fungible tokens. While Bitcoin is regarded as the digital answer to currency, NFTs are being considered as the digital answer to collectibles. Nonfungible tokens are digital tokens tied to digital assets like a piece of music, video, meme or a tweet that is uploaded to a marketplace, which creates the NFT to be sold. They are assets in the digital world that can be sold and bought like any other property. The digital tokens can be considered as certificates of ownership for physical or virtual assets. Talented people are tokenizing their work and selling them as NTFs. Recent headlines of multi-million dollars in sales have fueled much interest and demand for such assets. In February, an animated Nyan Cat with a flying pop-tart body was sold at a digital auction for more than $500,000 to an unknown buyer. A few weeks later, musician Grimes sold a collection of her digital art for more than $6 million. In March, Jack Dorsey, the Founder of Twitter, sold his tweet as an NFT for more than $2.9 million. Furthermore, in March, an NTF by a digital artist known as Beeple was sold for$69 million at Christie's auction house.
