Hello my fellow bloggers! Do you also feel we hear about NFTs more and more these days? Do you wonder if this new hype train? Let’s dive in and investigate!
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In February and March each day brings more and more news about NFTs. We see artists, content creators, celebrities selling NFTs. Sometimes these are memes, twits, music or game items. Some are sold at a small price, some a sold for millions of dollars. All these makes me wonder if this is a new trend? Can it surpass DeFI in marketcap one day?
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As you can see, the market cap of 7 leading NFT projects reached 4.4 billion used. On the one hand this is nothing compared to DeFi. On the other hand, a month ago it was below 1 billion USD. It is obvious NFT market is growing rapidly just like DeFi at the beginning of its trend. There is no doubt NFT will grow faster than DeFi in upcoming weeks as it is relatively small. The price growth is well supported by overall hype. See media trend chart below.
As you can see, media mentions of NFTs are skyrocketing nowadays. More and more celebrities join NFT market bringing more media mentions and more hype. Ordinary users, subscribed to these celebrities, start googling what NFT is.
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You can see how quickly NFT searches surpassed DeFi. In the peak we see 4 times more searches of NFT than DeFi. As we know in cryptoland hype means a lot. If NFT hype will be able to sustain itself for a month or two, NFT projects will climb up in crypto ranks.
I believe NFT hype is here to stay for 2021. Yet I don’t really believe we ready for digital property. Internet is not built to support digital property. At this point of time, digital ownership doesn’t give you much. Anyone can use a copy of your property illegal and you can’t really fight digital piracy. For buying something digital for a large sum of money doesn’t seem to be great idea. How can you be certain, you will be able to sell it in the future to get your money back? What do you think about NFTs? Let me know in the comments below.
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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