“The NFT Revolution: Cointelegraph Research tells us that nonfungible token sales could eclipse $17.7-B by this Friday, 31 December” — Paul Ebeling
An NFT is a digital object such as a collectable, drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. It cannot be forged or otherwise manipulated.
For the wk ending Christmas Day, global searches for the term “NFT,” which refers to nonfungible tokens, have surpassed “crypto,” according to Google Trends.
The sharp increase in search traffic for NFTs gives us a clear indication that digital collectibles have entered mainstream consciousness, with transactions on OpenSea, the most popular decentralized platform for NFT auctions and drops, surpassing $10-B.
The huge increase in the demand for NFTs is evident across nearly all aspects of society.
1st, consumer brands such as Nike and Adidas are making their own entry into the realm of metaverse NFTs.
2nd, celebrities such as Snoop Dog, Grimes, Steve Aoki, Mila Kunis and Melania Trump are promoting their own NFT collections to the public and,
3rd, NFT games such as Axie Infinity and Sorare make it possible for players to learn about crypto and NFTs, as well as earn a small amount of money as a side hustle while playing video games.
And, the proceeds from NFT auctions could also go to nonprofits or charities. Not only can crypto holders obtain fine pieces of art but in the United States, they can also deduct their donations against their ordinary income to save on taxes, resulting in a win-win for all.
Lastly, NFTs make it possible for artists worldwide to broadcast their talents without the need for physical exhibits. One such example is Mongol NFT, which brings tales of nomadic horse riders and the history of the steppes to the blockchain.
Editor’s Note: Quantum, pictured above is the 1st NFT created and the origin of a craze that is sweeping the art market, was sold at Sotheby’s. The piece is an octagon-shaped animation by New York artist Kevin McCoy became the 1st work to be associated with a NFT-type certificate of ownership in May 2014, 3 yrs before the term NFT was coined.
The NFT boom is being fueled by early investors in cryptocurrencies who became millionaires and billionaires.
In March of this yr, Christie’s sold an NFT for $69.3-M.
Have a prosperous Christmas week, Keep the Faith!