‘NFT’ is more searched on Google than ‘Crypto’, but what are non-fungible tokens?

The non-fungible token (NFT) has been the most talked about cryptocurrency market this year. It was so much discussed that according to the data of Google Trends, ‘NFT’ has overtaken ‘Crypto’ in terms of search. In simple language, this year more people searched the word NFT on Google than the word Crypto. This figure is global, which means that NFT has been the subject of discussion at the global level, not in select countries. Although trading in the crypto market has seen a decline in the last few weeks, but the sale of NFTs has increased rapidly in markets like OpenSea.

OpenSea is an NFT marketplace that controls a large portion of the global sale of non-fungible tokens. According to the data revealed in November, OpenSea’s sales have increased by 14,500 percent compared to 2020, which is more than $10 billion (about Rs 75,176.91 crore). The news was first reported by CoinTelegraph.

Non-fungible tokens (NFTs) are unique digital assets or collectibles that are created using blockchain. Each NFT has its own unique identifier and metadata, which sets it apart from others. Each NFT is cryptographically authenticated via the blockchain.

Now, just as a rare gem cannot be compared to any other rare gem, the value of NFTs is often fixed either through auctions or by the creators themselves. NFTs are quite different from simple “digital assets”. These fall into several categories, such as artwork, music, photography, VR pieces, etc.

This tremendous increase in demand for NFTs was bound to happen, as big brands like Nike and Adidas are entering the metaverse NFTs. Celebrities such as Snoop Dogg, Grimes, Steve Aoki, Mila Kunis, and Melania Trump have also presented their own NFT collections to the public. Not only this, games based on NFT such as Axie Infinity and Sorare are also included in this, which are explaining to the players about crypto and NFT. Certainly, all these factors are behind the increasing popularity of NFTs.