The non-fungible tokens (NFTs) market is exploding in popularity. Prior to 2021, only a small group of investors saw the potential for significant earnings in NFTs. Yet, the course of the market took a massive turn at the start of the year, and it does not seem to be slowing down anytime soon.
Blockchain Centre analyzed the Google Trends platform data and found that global interest in NFTs jumped by 426% in August 2021.
The interest in Google queries for the phrase “how to buy NFT” on August 1, 2021, was 19, while at the end of the month – on August 29, 2021, the score increased to 100.
Numbers represent search interest relative to the highest point on the chart for the given region and time. 100 points are the maximum search interest for the time and location selected, while 0 – no interest.
Queries for “how to buy NFT” on Google reached a score of 100, which means this is the highest volume of searches in 2021 YTD.
On July 30, 2021, Coca-Cola has auctioned its first non-fungible token collectibles as a fundraiser to commemorate International Friendship Day. Not to mention that some of the most well-known names worldwide, like Jay-Z and Katy Perry, also jumped into the market.
Such events, among others, are bringing NFTs into the mainstream and spurring unprecedented growth.
We also see a score of 77 at the end of the first quarter. NFTs grew in popularity back then due to many high-profile sales, such as the $208,000 NBA Top Shot video clip of LeBron James, an $11.7 million 3LAU album, and a $69.3 million piece by digital artist Beeple.
These, among many other sales, opened up the doorway to even more investments, as earnings from each sale were sky-high. Some experts believe that NFTs will be one of the most profitable collectibles in the future.
For those who are new to NFTs, they are digital assets commonly associated with digital artwork. Purchasing an NFT gives the investor ownership of the original digital piece. Even though the artwork can be reproduced, similarly to traditional art, most of the value remains with the original work.
Like in most cases, some regions adopt new technologies faster than others.
The research reveals that Singapore is the country most interested in digital assets, with a score of 100 in August 2021. Singapore is followed by Australia (score of 86) and Nigeria (score of 70).
Canada and the United States also make the top 5 list with scores of 69 and 57, respectively. Finally, United Arab Emirates (53), United Kingdom (45), Philippines (43), Pakistan (34), and Malaysia (33) close down the top 10 list.
In short, it is no surprise that non-fungible tokens are taking off on a global scale. People who were late to jump into the crypto market are hoping that this is the next big thing to turn small investments into a lot of money.
“Even though we see huge growth in popularity, NFTs are still unknown to the majority of the population. Investors see this as a massive opportunity for early adopters, as profits could be exceedingly high when these digital assets go mainstream,” says Tadas Maurukas, CEO at the Blockchain Centre.
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