- Global search interest for the word ‘NFT’ exceeded that of ‘Crypto’ in the week ending on Christmas.
- The interest in non-fungible tokens has been rising sharply over the last few months amid an influx of celebrities.
- The growing popularity of the metaverse, allowing video game developers to introduce in-game NFTs has also boosted interest in NFTs.
The non-fungible token market has continued to gain traction within the crypto community following an influx of celebrity investors. Recent statistics indicate a rising interest in NFTs, with the word ‘NFT’ global search interest surpassing ‘crypto’.
NFT search activity spiked over the last five months, bouncing back from a slight slowdown to 25 between June and July to 100 in December. Even more promising is the fact that although China continues to impose strong restrictions on cryptocurrencies whilst warning people about NFTs, the Asian country still topped the charts in terms of interest by region.
Chinese companies interested in launching NFTs have taken a different approach to navigating through strict government policies. For instance, JD.com recently launched a digital collectibles platform, with the initial collection drop selling out within a day.
The online retail company was following a similar model used by local internet giants Tencent and Alibaba.
A recent Cointelegraph Research report showed that NFT sales will exceed $17.7 billion this year, after hitting $10 billion in October on OpenSea. OpenSea is the largest NFT marketplace, making it a reliable platform for NFT statistics.
After surpassing ‘crypto’, the surge in NFT interest is also competing with bitcoin, according to Google Trends.
Cryptocurrency experts attribute the recent surge in NFT interest to celebrities and mainstream brands that have joined to augment their revenue stream and engagement with their customers.
Multinational apparel brands like Nike and Adidas have collaborated with leading crypto projects to launch their own NFTs, while celebrities like Snoop Dogg and Melania Trump have also helped to drive traffic to the industry after announcing their own NFT drops.
In addition, Facebook’s rebranding to Meta Platforms, in recognition of the emerging virtual universe called the metaverse, has attracted traditional video game developers that have launched their own in-game NFTs. Ubisoft and Jam City are among the latest video game developers to join blockchain gaming.
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