Most Searched Term on the Internet - NFT (Non Fungible Tokens)

 Non-fungible tokens (NFTs) have made quite a buzz throughout 2021 and have quickly turned from something obscure and nerdy to one of the most desired items of digital consumerism and for the first time global searches for the term "NFT" appear to have surpassed that for "Crypto" as per Google Trends. While the crypto market has seen a dip in transaction volumes over the past few weeks, NFT sales have surged on marketplaces like OpenSea and with mainstream brands collectively contemplating an entry into metaverse platforms, it seems likely that consumer interest in NFTs is set to surge exponentially come 2022.

As first reported by CoinTelegraph, the surge in interest coincides with data provided by OpenSea, an NFT marketplace that controls a large chunk of NFT sales globally. As per data revealed in November, OpenSea sales volumes have shot up by a whopping 14,500 percent when compared to 2020 — amounting to more than $10 billion (roughly Rs. 75,176.91 crore). While OpenSea controls most of the NFT sales volumes, for the time being, it's only a matter of time before non-Ethereum based marketplace burst on to seam.

Why are NFTs so popular?

Non-fungible tokens are unique digital assets, or collectibles, which are created using blockchain. Each NFT has its own unique identifier and metadata which distinguishes it from any other. Every NFT is cryptographically authenticated via the blockchain which guarantees that the owner is always known since they are recorded on the digital ledger.

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