For the week ending on Christmas, global searches for the term «NFT,» which refers to nonfungible tokens, have surpassed «crypto,» according to Google Trends. The sharp increase in search traffic for NFTs offers a clear indication that digital collectibles have entered mainstream consciousness, with transactions on OpenSea, the most popular decentralized platform for NFT auctions and drops, surpassing.
The huge increase in demand for NFTs is evident across nearly all aspects of society. First, consumer brands such asand are making their own entry into the realm of metaverse NFTs. Then, celebrities such as , , and are promoting their own NFT collections to the public. Thirdly, NFT games such as and make it possible for players to learn about crypto and NFTs, as well as earn a as a side hustle while playing video games.
Moreover, the proceeds from NFT auctions could also go to nonprofits or charities, such as building a. Not only can crypto holders obtain fine pieces of art, but in the United States, they can also deduct their donations against their ordinary income to , resulting in a win-win for all. Lastly, NFTs make it possible for artists worldwide to broadcast their talents without the need for physical exhibits. One such example is Mongol NFT, which brings and the history of the steppes to the blockchain.