4 Main Reasons Behind the Popularity of NFTs

NFTs came to the limelight in the year 2017, with the launch of cryptopunks, later than, it's growth graph kept on rising and risning. Data shows that in the year 2018, the sales volume of NFT is 41 million, later in 2021, it raises up to 2.5 billion. Very recently, the total sales volume of NFTs surged to 12 billion USD. 

Reason behind the popularity of NFTs

NFT business can’t fit in a single box, it is a vast domain. Almost all industries from Art to e-commerce are disrupted by NFTs. There are quite a series of reasons behind this nft craze.

Expensive NFTs

Some NFTs are tagged as most popular and sold out for such a huge price. The most expensive NFT is Beeple NFT, which is sold for 69 million USD. Some other popular NFTs are Crypto Punks.  These expensive NFTs have created a hype for Non Fungible Tokens among people.

Celebrities intervension

Celebrities from all domains have launched their own NFTs, which triggers their fans and followers over the globe to get started with NFTs. Popular Musicians like Justin bieber, A.R,. Rahman have launched their own NFTS. and popular personalities from Sports, Art,etc, have also launched their NFTs.

Play To Earn Games

Play to earn games is the most prominent reason behind the surge of NFTs. Popular games like Axie Infinity, Zed Run are designed in a way to provide passive income for users which invite many more games to NFTs

Global Adoption Of NFT

Many countries seem to welcome Non Fungible Tokens but yet the truth is 66% of the global population have no knowledge about the existence of NFTs. The Shocking fact is that the lack of NFT knowledge is more in developed countries like the USA and Japan. 90% of Japanese have no idea about digital assets and nearly 70% People in the US have not heard about Non Fungible Tokens. Asian Countries are more likely to adopt NFTs than European countries. 

Source >> 10 Countries Love Non Fungible Tokens