2021 was the year of NFTs in every sense of the phrase. Be it NFT adoption or entry of big companies into the sector, 2021 saw unprecedented growth in NFTs. Many factors played a role in this development, from blockchain-based gaming to celebrity artists. The Collins Dictionary went on to declare NFT as the word of the year. It reflects the cultural pervasiveness of NFTs and how they will be a tool for cultural preservation and art in the future. The clearest indicator of NFTs success is the global search attention it is getting. Recent data from Google Trends show that NFTs are a more used search query than cryptocurrency, blockchain, or Bitcoin. It goes on to show the number of people interested in this technology and the number of conversations happening around it.
NFTs have changed the way we deal with copyright issues and the originality of art. Artists are increasingly turning towards NFTs to earn better pay for their work and not lose a share of their revenue to intermediaries. Even legendary artists like Mike Shinoda have released their albums on NFTs. Many artists now work exclusively on NFTs and earn much more than they would otherwise.
Keeping all the factors in mind, Cointelegraph has predicted that NFT transaction volume will exceed $17.7 billion by the end of the year. By the end of 2022, the number will be even greater. NFTs show no sign of slowing down and have escaped the wrath of regulators, unlike crypto.