Google searches for ‘NFTs’ surpass those of ‘crypto’ as the digital collectible industry gains strong footing

  • Google trends have shown that global searchers for ‘NFTs’ have exceeded those for ‘crypto’ in the week ending this Christmas.
  • The digital collectibles have seen massive adoption and numerous use cases, but have not been free of flaws.

For the week ending on Christmas, global searches for “NFTs” or non-fungible tokens have surpassed those of “crypto,” according to Google Trends. Even more, transactions of these digital collectibles on their largest market, OpenSea, have surpassed $10 billion. These occurrences indicate greater mainstream penetration of NFTs, along with heightened trades.

The rising demand for NFTs has also been shown by the pace at which various industries are taking them up. Consumer brands, such as Nike and Adidas have dabbled in these collectibles, and their associated virtual space – the metaverse. Nike joined the metaverse with its acquisition of virtual sneakers and collectibles brand RTFKT. Last month, Adidas purchased a Sandbox metaverse land, while four days ago, it topped OpenSea rankings with its debut NFT collection.

Additionally, public figures from the music and entertainment industry have publicly promoted their own NFT collections. They include Snoop Dog, Grimes, Steve Aoki, and Mila Kunis. Even former US first lady Melania Trump recently announced her own NFT endeavor on the Solana blockchain.

Read More: Former first lady Melania Trump joins NFT wave, chooses Solana to mint and sell her NFTs

Leading social apps such as Instagram and crypto players like Coinbase are also exploring ways to venture into the NFT industry. NFT games like Axie Infinity and Sorare have made it possible for users to learn more about crypto and NFTs. At the same time, they get to earn passive incomes while enjoying their favorite games.

NFTs Take On Mainstream Attention

Moreover, NFTs have brought with them numerous utilities all around. For instance, the Orica platform plans to channel proceeds from its NFT auction into building a school for children in Uganda. Such actions, known as charitable giving, make one eligible for tax deductions in the US. Last but not least, NFTs publicize both new and experienced artists without the need for physical exhibitions. An example of this is the Mongol NFT, which brings tales of nomadic horse riders and the history of the steppes to the blockchain.

Follow us for the latest crypto news!

Certain NFTs and NFT distributing platforms have stood out this year. One such is Larva Labs’ CryptoPunks which have had the highest trading volume ($3.3B) on OpenSea. Bored Ape Yacht Club has closely trailed, with a $1.07 trading volume. Artist Beeple currently holds the record for the first and second-most expensive digital art pieces, according to Art Market Research.

Furthermore, the play-to-earn game Axie Infinity became the first DApp to surpass $2B in NFT trading volume this year, according to DappRadar. NFT game NBA Top Shot also made headlines with a $750.4 million trading volume.

Subscribe to our daily newsletter!

          No spam, no lies, only insights. You can unsubscribe at any time.

But even then, the industry has not fallen short of challenges. These include spoofing, exit scams, and accusations of money laundering and tax evasion.

Still, Cointelegraph Research predicts a staggering $17.7 billion NFT sales by year-end.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

About Author

Let’s talk crypto, Metaverse, NFTs, and CeDeFi, and focus on multi-chain as the future of blockchain technology. I like analyzing on-chain data in search of reliable investment.

Comments are closed.