The adoption happening in the non-fungible tokens (NFTs) market is going through the roof, given that unique wallets purchasing NFTs have doubled compared to five months ago.
Research and investment firm Delphi Digital confirmed:
“The number of unique wallets buying NFTs this month has doubled from just 5 months ago (380k now vs. 190k in Aug 2021), showing that interest in the space is booming.”
Source: Dune Analytics
Therefore, this shows that NFT activity continues to be vibrant despite the broader crypto market downturn.
Source: Dune Analytics
The boom in the NFT market has made fees, and royalties exceed $200 million this month. Delphi Digital added:
“With the rise of NFT volumes, OpenSea and NFT projects have been earning massive fees. OpenSea has made $93M in marketplace fees, while projects have earned a cumulative $202M in royalty fees in January alone.”
Source: Dune Analytics
NFTs continue to be the talk of the town, given that their Google searches even exceed those of crypto and Ethereum, as shown by Google trends.
Statistics show that Asian nations lead in NFT Google search, with Japan, South Korea, and Hong Kong taking first, second, and third positions.
NFTs have been trending, given that they are digital assets whose ownership is blockchain-based, and their value is pegged on their uniqueness.
They are also non-divisible because they have to be bought in their entirety. A fraction of them can be purchased for cryptocurrencies like Bitcoin, but this is not possible with an NFT.
Therefore, an NFT is different from a typical crypto token because of fungibility. A fungible token can be exchanged for another, whereas a non-fungible token cannot be based on its finite nature.
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