Google users are searching for “NFT” more than ever, according to Google Trends, while “crypto” is no longer the most popular search term on Google’s search engine.
Non-fungible tokens (NFTs) are all the rage in 2021, with NFTs being one of the most popular search terms. According to Google Trends, global searches for the word “NFT” appear to have topped those for “Crypto” for the first time.
According to Google Trends, a tool that tracks the most popular Google searches, people are searching for “NFT” more than ever before, and “crypto” is no longer the most popular search term.
NFTs, for those unfamiliar, allow users to own uncommon digital artefacts via the blockchain network that underpins cryptocurrencies. NFTs can be used to own all types of art, tweets, music, GIFs, and other digital goods. The options for purchasing and selling digital assets are limitless.
Thousands of people are bidding on these artefacts, and some are even selling for millions of dollars. According to a recent study from Cointelegraph, consumers have already spent over $9 billion on NFTs, with total sales likely to reach $17.7 billion by the end of 2021. According to the study, NFT sales increased from $41 million in 2018 to $2.5 billion in the first half of 2021, a 60-fold increase in three and a half years.
The increase is astonishing when compared to 2020. According to data from NonFungible.com on NFTs, total sales in 2020 were $340 million, and sales in 2021 have already crossed $9 billion, a more than 25-fold increase.
Early sales were dominated by collectibles such as CryptoKitties and CryptoPunks, according to a breakdown of transactions by popular NFT categories addressed in the paper. “The increased interest in NFTs has coincided with the overall boom in the cryptocurrency market, implying that NFT prices will fall if cryptocurrency prices fall,” the study said.
Meanwhile, Bollywood celebs such as Amitabh Bachchan, Salman Khan, and Sunny Leone have joined the Bitcoin bandwagon.
Amitabh Bachchan’s recently launched NFTs, which included autographed vintage posters and a recitation of his father’s classic poem Madhushala, fetched Rs 7.18 crore ($966,000). The NFT series of 5 digital sketches by Bollywood fashion designer Manish Malhotra was auctioned for around Rs 2.8 lakh.
