Last 2021, NFTs exploded in popularity when celebrities, singers, and other well-known personalities like Paris Hilton, Steve Aoki, Shawn Mendes, Jimmy Fallon, Justin Bieber, and Steph Curry joined the NFT bandwagon.

According to a new estimate from blockchain analytics Chainalysis Inc., two types of Ethereum smart contracts associated with NFT marketplaces and collections from early 2021 through mid-December received nearly $41 billion worth of cryptocurrency. The NFT market surpassed $40 billion as the craze for digital collections turned into major investment assets. According to Chainalysis spokesperson Maddie Kennedy, the metric revised an estimate the firm had first released that was based on data through mid-October. This new estimate is essentially an update to its December NFT report.

NFTs are just so hard to ignore as they have successfully taken over the tech world. In fact, NFT has been crowned word of the year (2021) by the Collins Dictionary.

“It’s unusual for an abbreviation to experience such a meteoric rise in usage, but the data we have from the Collins Corpus reflects the remarkable ascendancy of the NFT in 2021,” says Alex Beecroft, Managing Director of Collins Learning. “NFTs seem to be everywhere, from the arts sections of the financial pages and in galleries and auction houses and across social media platforms. Whether the NFT will have a lasting influence is yet to be determined, but its sudden presence in conversations around the world makes it very clearly our word of the year.”

Google searches for NFTs have spiked to record highs as well. So high that searches for ‘NFT’ have become more popular than searches for ‘blockchain’, ‘DeFi’, and even ‘crypto’ at some point.

Each day, lots of people are becoming more interested in learning NFTs despite all the skepticisms expressed by many. NFTs have succeeded in capturing the attention of several big investors, businesses, and brands like D&G, Adidas, Pepsi, and more. All these big brands are trying to understand how they could utilize NFTs and how they could get involved in the ever-growing metaverse.

NFTs went totally gangbusters in 2021. So the question now is, what will happen in 2022? Will NFT sales continue to reach new highs?

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