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Non-fungible tokens (NFTs) have recorded immense growth of late, and this growth has been reflected in Google search results. Data on the week ending on December 25 shows that the global search data for the term “NFT” has surpassed the search for the term “crypto.”
This is the first time this has happened. The increased interest in NFTs by the online community shows that digital collectibles are attracting much interest globally. It also shows that NFTs are entering the mainstream market.
Non-fungible tokens boom not over
The growth of NFTs this year has seen immense trading volumes on NFT marketplaces. The largest NFT marketplace, OpenSea, has recorded trading volumes that have surpassed 410 billion.
The demand for NFTs has been reported across different sectors. Not only are crypto projects demanding NFTs, but some of the largest brands in the real world have also unveiled NFT offerings. Two of the leading sportswear brands, Nike and Adidas, have announced their venture into the NFT metaverse sector.
NFTs have also attracted celebrities, who are further adding to their popularity. Snoop Dogg, Melania Trump, Steve Aoki, Mila Kunis and Grimes are among the celebrities who have endorsed the NFT boom and launched their own collection.
The NFT sector has also gained adoption in the blockchain gaming sector. NFT games such as Sorare and Axie Infinity have allowed players to generate passive income by earning crypto and NFTs.
NFT proceeds find adoption in charities
The Non-fungible tokens boom has also added to the funds available for charitable projects. The proceeds have been donated towards non-profit entities and charities. They have also been used to build schools in Africa.
One of the best features of Non-fungible tokens that make them useful in making donations is that in the US, NFT investors can deduct the donations made from the NFT sales, which helps them save on taxes.
Non-fungible tokens have also made it possible for artists to showcase their art without worrying about people forging it. Moreover, NFTs help artists save on the costly process of physical exhibitions. Hence, some of the world’s most renowned artists have ventured towards NFTs.
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