NFTs and the budding arm of the crypto sector have become the talk of everyone in the crypto market. While retail investors and traders have been doing the little they can to put the arm in the news, the high-value investors have been making the news due to the huge amount of money they are paying to buy arts and other things in the sector.
A new report has claimed that the NFT has skyrocketed to become the most searched word in the crypto space. Before now, DeFi had previously held this record, coming off the back of the surge that took place in the sector. Reports have also claimed that this recent search is only coming behind the ICO that got fame in 2017.
Traders are still collecting NFTs
The love for digital collectibles has been in abundance in the last few months, with entities trying to get their hands-on art, real estate, and some other collectibles in the sector. According to a report from an analysis firm, Non-Fungible, the sector saw a massive growth of 300% in last year compared to the figure it held in the year before.
When the report was made, the sector was said to have been worth close to $300 million at the time. Since that period, the NFT space’s growth has been remarkable as investors and traders have continued to show their interest in arts, music, and some other collectibles, as mentioned above.
With the craze in the arm evident, many have been left wondering why people would choose to spend huge sums of money on digital collectibles. This has been one reason why NFTs has seen its searches upset that of DeFi, which was still at the top at the beginning of the year. Currently, the search count of NFT has tripled that of DeFi.
Beeple art sold for $69 million
Going by analysis, NFT is now the most searched afterword in the digital asset space, as its cumulative searches so far have eclipsed that of the ICO boom in 2017. While analysts have branded NFTs as bubbles, investors and traders are not deterred as they have continued to dole out huge amounts of money to acquire rare pieces of collectibles.
Yesterday also saw the bidding for Beeples art end in the sector as a pseudonymous trader could go with the art after winning the bid. With winning the bid, the trader had to part with about $69 million for owning the collectible. The artwork is a special one, with the artist mentioning that it has about 5000 works of art on just one canvas.
The artist also said that each piece of art on the canvas stood for the last 5000 days that have been spent. While Non-NFT holders have still not understood why people are buying collectibles, it looks like the holders understand that their worth might triple in the future, hence the collectibles’ buy-up.