Growing Interest In NFTs Showcased By Its Search Globally Surpassing That Of ‘Crypto’ For The First Time Ever
Google Trends shows that the online search for the term “NFT”, the abbreviated form for non-fungible tokens, surpassed the search for the term “crypto” globally during the week that ended with Christmas. This was the first time that it had happened.
This significantly large increase in the number of times people search for NFTs is evident in the consciousness mainstreaming of digital collectibles and artwork. In addition, the total volume of transactions on OpenSea, arguably the most popular decentralized platform for auctions and of NFTs drops, has recently exceeded $10 billion – indicating the growing popularity of NFTs this year.
The massive surge in demand for NFTs can be seen in practically every facet of society. To begin with, globally known consumer brands like Nike and Adidas are foraying into the metaverse NFT space. Then there are celebrities such as Snoop Dogg, Grimes, Steve Aoki, Mila Kunis, and Melania Trump, who promote their own NFT collections to the general public.
Finally, NFT games like Axie Infinity and Sorare allow users to learn about crypto and NFTs while playing video games and earning a little bit of money as a side hustle.
Additionally, the money generated from the auction of NFTs could also be beneficial for non-government organizations and charities. For example, the technology is being leveraged by Orica, an ethical funding platform that supports artists and social impact-making organizations for creating and selling NFTs. Earlier this month, the platform announced a partnership with an NGO to drop NFTs on its platform and use the money generated from the transactions for building a school in Uganda.
In addition to using this technology to own fine pieces of art, crypto holders in the United States can also use donations made through NFTs to offset tax liabilities against their ordinary income. This helps such crypto owners to save on taxes.
Importantly, NFTs have also allowed artists worldwide to showcase their talent without requiring holding physical exhibitions and exhibits.
For example, artists from remote areas of the central Asian country of Mongolia are making use of the Mongol NFT platform to showcase their talent in the form of non-fungible tokens. This NFT platform was launched in September and has since then amassed over 100,000 users globally. It also provides an online platform for about 400 creators in various stages of their projects. In addition, the platform brings to the world the tales of nomadic horse riders of Mongolia and the history of the steppe leveraging blockchain technology.