Non-fungible tokens popular as NFTs are soaring in a wild rage currently in the crypto markets. The craze around NFTs is so high that the Google search for NFTs has skyrocketed in recent times thereby exceeding decentralized finance (DeFi) and coming closer to the interest of Ethereum (ETH). As crypto-journalist Wu Blockchain reports:
“According to the google index, the Google search volume of NFT has suddenly skyrocketed since February 7, and it has far exceeded DeFi and is close to ETH. The reason may be related to celebrity NFT, Logan Paul’s NFT has a huge search volume, and opensea is most searched platform”.
A non-fungible token (NFT) s a special type of cryptographic token representing something that is unique. Thus, no two NFTs are mutually interchangeable. These tokens are basically created to represent digital scarcity, and give digital ownership.
Recently, celebrities and billionaire investors interested in high-ticket items have also joined the NFT craze. Billionaire Marc Cuban has already joined the NFT mania and much recently he shared a digital collectible commemorating Luka Doncic and Dirk Nowitzki.
Look what I found! An Exclusive Moment Commemorating Luka Doncic and Dirk Nowitzki collectible https://t.co/ute4TSFJjo? #rarible #ethereum #nonfungible #digitalasset #nft via @rariblecom
— Mark Cuban (@mcuban) March 5, 2021
Ethereum blockchain has been one of the popular destinations for NFTs. It hosts some of the popular NFT games like CryptoKitties that caught massive craze in late 2017. However, other NFT marketplaces like Rarible and OpenSea are catching up with popularity at a quick speed.
Over the last week, the crypto market has been flooded with NFT news with NFTs and digital collectible worth millions of dollars have been sold in the open market. Popular personalities from different frontiers like music, digital artwork, sports and others are warming up to NFTs.
Going ahead at this rate, NFTs could soon be a multi-billion dollar market and probably might also see explosive growth like the DeFi market. To support NFT investors, Hex Trust has launched the first-ever NFT custodial service.
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