Non-fungible tokens known as NFTs are on the rise in the current cryptocurrency market. The NFT craze is so high that the NFT keyword's Google search volume has overtaken decentralized finance (DeFi) and getting closer to Ethereum's interest (quotation ETH).
What is the cause of this craze
As crypto-reporter Wu Blockchain reports: “According to the Google index, the search volume of the NFT keyword has suddenly skyrocketed, has far surpassed DeFi and is close to ETH. The reason could be related to celebrities like Logan Paul and OpenSea, which is the most sought after platform ”.
An NFT (in Italian "non-fungible token") is a type of special token that represents something unique. Therefore, no two NFTs are alike. Recently, billionaire celebrities and investors interested in high-end articles have also joined the NFT craze. Billionaire Marc Cuban has already joined the race and recently shared a digital collectible to commemorate Luka Doncic and Dirk Nowitzki.
The Ethereum blockchain has been one of the most popular destinations for NFTs. It hosts some of the most popular NFT games such as CryptoKitties. However, other NFT markets such as Rarible and OpenSea are gaining popularity at an equally rapid rate.
Main news on the NFT of the last week
Over the past week, the cryptocurrency market has been flooded with news about NFTs and digital collectibles worth millions of dollars. Popular personalities from different categories such as music, digital artwork, sports and others are approaching NFTs.
- Recently, Banksy's original artwork dubbed Morons, worth $ 100.000, was only destroyed after converting it to a non-fungible token (NFT). The destruction of the physical artwork occurred earlier this week in Brooklyn, New York, and was live streamed. The Banksy auction will take place on the OpenSea market. The winning bidder will receive the unique digital code of the artwork.
- Auction house Christie's, on the market for 250 years, recently conducted a sale of digital artwork by Mike “Beeple” Winkelmann using NFT on the MakersPlace digital marketplace.
- Legendary digital artist Ben Mauro recently led the sale of his 21 NFTs which were given in a flash sale of just under 7 minutes, raising a whopping $ 2 million. The sale took place on the VIV3 Marketplace using the Flow Blockchain.
- The NBA has teamed up with Dapper Labs to launch their own digital collectible NFTs. Dubbed the NBA Top Shot, it is a market for NFT. NBA Top Shot Marketplace was created using Dapper Labs' blockchain Flow platform. According to a CNBC report, it has already generated sales worth $ 230 million.
Going forward at this pace, NFTs could soon become a multi-billion dollar market, and they could likely also see explosive growth like the DeFi market. To support NFT investors, Hex Trust launched the first NFT custody service.