Non-fungible token sales are expected to exceed $17.7 billion by the end of 2021, as per research
According to Google Trends, global searches for the phrase "NFT," which indicates non-fungible tokens, have exceeded "crypto" for the week concluding on Christmas. With transactions on OpenSea, the most famous decentralised platform for NFT auctions and drops, exceeding $10 billion, the rapid rise in search traffic for NFTs is clear evidence that digital collectables have infiltrated mainstream awareness.
The massive surge in demand for NFTs can be seen in almost every aspect of society. To begin, consumer firms such as Nike and Adidas are looking to enter into the metaverse NFT space. Thereafter, celebrities like Snoop Dogg, Grimes, Steve Aoki, Mila Kunis, and Melania Trump promote their own NFT collections to the general public.
Furthermore, the revenue from NFT auctions could be given to non-profit organisations or charities, such as the development of a school for children in Uganda. Crypto holders can not only buy artwork, but they can also reduce their donations from their usual income to save on taxes in the United States, making it a win-win situation for everyone. Finally, NFTs enable artists all over the world to showcase their art without the necessity for physical exhibitions. Mongol NFT, for example, is a blockchain project that tells stories about nomadic horse riders and the history of the steppes.