Non Fungible Tokens (NFTs) are the most trendy items of search in 2021, the data from Google Trends states that for the first time global searches for NFT surpasses Crypto. As per Google Trends, service which tracks famous combinations which Google users are searching for NFT, greater than ever and crypto on the other hand, isn’t the famous search on Google’s search engine further.
NFTs have the quality of enabling its users for owning rare digital artifacts with the aid of blockchain network which supports cryptocurrencies, is something which one should be aware about cryptocurrency. As the probability of buying and selling of digital assets is way long and to this, various forms are there which could be owned by NFTs as art, tweets, music, GIFs and many more sorts of digital assets.
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People’s Contribution Towards NFT
Inorder to own such collectibles, people tend to bid thousands and some sell for millions. According to current report by Cointelegraph people have spent $9 billion in NFT sales uptil now, whereas total sales could reach to $17.7 billion by end of 2021. Research has mentioned about the sales of NFTs had gone up to from $41 million in 2018 to $2.5 billion in first half of 2021, thereby showing 60 fold growth in three and a half years.
Growth Of NFTs
In comparison with 2020, growth is hampered, total sales went to $340 million and in 2021, sales had crossed $9 billion which was more than 25-fold growth, as per the data received from the NonFungible.com on NFTs. Early sales in NFTs were there in cause of the collectibles as CryptoKitties and CryptoPunks. Such a switch over interest in NFTs had coincided with overall change in the cryptocurrency market, which have shown that the NFT prices would fall in case the cryptocurrency prices fall, according to certain research.
Bollywood Celebrity Interest In NFTs
The Bollywood stars as Amitabh Bachchan, Sunny Leone, Salman Khan are also ready to jump in cryptocurrency, apart from the collectors or investors. To this, Amitabh Bachchan had currently launched NFTs which were holding his autographed vintage posters, mentioning his father’s popular poem Madhushala. This publicity made it sell to around Rs. 7.18 crore ( $966,000) and on the other hand Bollywood fashion designer Manish Malhotra’sNFT series of 5 digital sketches had been sold for around 2.8 lakhs. These are huge amounts which contributed to interest shift in NFTs by people and contributed to its value hike as well.
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