Non-fungible tokens (NFTs) have generated a lot of buzz in 2021, and they have quickly gone from obscure and nerdy to one of the most searched items of digital consumerism.
According to Google Trends, global searches for the term “NFT” have surpassed “Crypto” for the first time. Non-fungible tokens are unique digital assets, or collectibles, which are created using blockchain.
Each NFT has a unique identification and metadata that sets it apart from the others. Every NFT is cryptographically authenticated via the blockchain which guarantees that the owner is always known since they are recorded on the digital ledger.
The sharp rise in search for NFTs clearly signals that digital collectibles have achieved mainstream adoption, with transactions in OpenSea, the largest NFT marketplace, surpassing $10 billion. The huge growth in demand for non-fungal tokens can be seen in all sectors of society.
As per the reports, “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.”
Further, NFT games like Sorare and Axie Infinity are making it possible for players to learn about nonfungible tokens and cryptocurrencies and earn income as a side hustle while playing video games and broadcasting their gaming experience to their audience.
The Ethereum (ETH) cryptocurrency is most commonly used to buy and sell NFTs. But since they are unique digital assets, they do not have a precise equivalent in value to anything else, according to the reports.
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