There is a high demand for non-fungible tokens.
Based on the Google trends data, the term “non-fungible tokens” is searched on google more than the term “crypto”. This significant rise shows digital collectibles’ adoption by mainstream people, especially with the transactions surpassing $10 billion in OpenSea, an online marketplace for NFT.
The huge increase in the demand for NFTs manifests itself in all areas of society. For example, the huge brands Adidas and Nike prepares to enter the field of metaverse non-fungible tokens. Also, some famous people like Snoop Dog, Steve Aoki, Grimes, Melania Trump, and Mila Kunis promote their own NFT collections to the public. Apart from that, with the help of Axie Infinity and Sorare, two NFT games, people learn about NFT and cryptocurrencies and also they earn money while playing video games and broadcasting their gaming experiences to their audience.
The money obtained from NFT auctions play a significant role since some of the earning is being used for nonprofits. For example, building a school for children in Uganda. In addition to that, cryptocurrency holders can not only buy artwork but also pay taxes in the US, which is a win-win for all. Finally, NFTs enable artists across the globe to showcase their work without physical exhibitions.
Why is NFT that much valuable?
This Christmas people are considering non-fungible tokens as a gift. NFTs are digital tokens tied to digital assets like a video, tweet, piece of music, or meme that is uploaded to a marketplace, which creates the NFTs to be sold. They can be bought and sold like other properties.
Talented people are tokenizing their work and selling them as NFT. The multimillion-dollar sales have increased demand and interest for such assets. For example, an animated Nyan Cat with a flying pop-tart body was sold in February at a digital auction for more than $500,000. Musician Grimes has sold her digital art collection for more than $6 million.