NFTs are also more and more used in games, to describe ownership of virtual plots of land or unique weapons or armors. This makes the NFT practically usable, but what is the value in a few years when the game is no longer popular?

  • Is the technology sufficiently robust? Not only is there a risk due to the above-mentioned dependency on blockchains and the platforms for storing the digital asset, but besides that you also have to ensure the file format of the digital content can still be read or ensure you can still access your digital wallet.
  • Due to popularity of the underlying blockchains (like Ethereum), NFTs are confronted with high transaction costs (high gas fees to get your NFT on the blockchain).
  • Doge and Ether Enter Top 10 News searches on Google in 2021 – Major cryptocurrencies Ether (ETH) and Dogecoin (DOGE) list the world’s most searched terms in 2021 on Google

    On Tuesday, Google released its traditional annual top search list for the year, breaking it down into categories, including search, news, people, games, movies, and more.

    According to Google Trends’ Year in Search 2021, Dogecoin was Google’s fourth most popular news search term in 2021, both globally and separately in the United States. News related to the query “Ethereum Price” is ranked 10th.

    Cryptocurrencies are listed among the most searched news items, including topics like Afghanistan, AMC stocks, COVID-19 vaccines, GME stocks, stimulus checks and more.

    • What do you actually own? The NFT is just a digital certificate on a blockchain. The blockchain does not even contain the digital artwork, but just a link to a location where the digital artwork is stored.
      This raises automatically questions like:

      • What is the legal ground of an NFT? Can you claim the ownership in court, i.e. will the courts consider the blockchain as sufficient proof of ownership? Will the judge even understand it? Will it have the same legal basis in any country in the world? Can I win at court if someone exploits commercially the digital content owned by me?
      • What happens if the link to which the NFT refers is no longer available? Does the NFT lose its value? Can the link be adapted?
      • What is the exact digital asset I am owning? On the blockchain a hash of the digital asset, together with some ownership info, is stored.

    Google search for nft soars to record high-z

    Now the question is, what do you collect?

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    Google search for nft soars to record highs

    NFTs are at the moment a real buzz. The word NFT stands for non-fungible token, which means a unique, irreplaceable cryptographic object. It aims to manage ownership of digital content (digital collectible items) by storing the ownership in the form of a digital certificate on a blockchain (usually on the Ethereum blockchain, but other blockchains can also be used).

    This way the buyer can prove that he is the owner of a certain digital item.

    The fact that the NFT token is unique and irreplaceable, generates traceability of the owner, but also ensures authenticity and (digital) scarcity, thus resulting in its value (via its uniqueness it becomes a collectible item). This makes it an attractive asset for both buyers and sellers.

    Google search for nft soars to record higher

    Nevertheless, the market’s direction changed dramatically at the beginning of the year, and it doesn’t appear to be slowing down any time soon.

    By way of illustration, how to purchase NFT queries on Google have reached 100, which indicates this is the greatest volume of searches in 2021 YTD for “how to buy NFT.”

    NFTs are apparently popular because their ownership and uniqueness can be verified. They can be used in various applications developed by a range of artists and businesses, and they can be traded easily on secondary markets.

    Existing business models and use cases can be expanded using these capabilities.

    When NFTs first became popular, numerous high-profile sales, like LeBron James’ $208,000 NBA Top Shot video clip, an $11.7 million 3LAU album, and a $69.3 million work by digital artist Beeple, contributed to their growing popularity.

    Global interest in non-fungible tokens (NFTs) increased by 426% in August 2021, according to the Blockchain Centre’s analysis of Google Trends data.

    As of August 1, 2021, the number of Google searches for the keyword “how to buy NFT” was 19, but by August 29, 2021, it rose to 100. The numbers reflect search interest relative to the chart’s highest point based on a specific location and time period.

    Search interest is measured in points, with 100 being the highest and 0 being the lowest.

    Indeed, in 2021 we have experienced unprecedented growth in the NFT market. Before 2021, only a small number of investors believed that NFTs could provide large returns for investors.

    Blockchain – Beyond the hype), i.e. although the blockchain entry can be perfectly trusted, the end-to-end user journey is much more extensive, thus requiring still trust in a central party.

  • How future-proof are the blockchains? With blockchains in full evolution, will the Ethereum blockchain (or other blockchain on which an NFT is held) still be around in 5 years or in 10 years (or not be replaced by a more popular and more modern blockchain)? Will it be possible to keep the decentralized nature of this blockchain while volumes increase enormously? Beginning of June 2021 the Ethereum blocksize (of the full blockchain) was over 800 GB, an increase of more than 100% compared to the year before.
  • These NFTs have become the digital equivalent of the paper sports collection cards.

    While those transactions get the news headlines for their record amounts, thousands of NFTs are also sold for a few thousand euros. E.g. a selfie of Lindsey Lohan was sold for $59.000, Bad Luck Brian yearbook photo for $36.000 or the “Charlie bit my finger!” YouTube clip was sold for $761.000, not to mention the thousands of transactions that do not get any media attention at all.

    These enormous prices definitely attract a lot of media attention and investors, but nonetheless NFTs remain difficult to grasp.
    While for traditional art, the owner has the physical artwork in his possession, this is not the case at all for NFTs. For example, the NFT for the Beeple picture sold for the record amount can perfectly be downloaded on the internet at no cost.

    EVERYDAYS: The First 5000 Days” (see picture of this blog) of the digital artist “Beeple” (Mike Winklemann), which was sold at Christie’s for $69.3 million. Of the same artist also a video was sold for $6.6 million.

  • Christie’s auctioned recently also an NFT of 9 virtual rare CryptoPunks for a record amount of $16.9 million
  • The first tweet on Twitter of the co-founder and CEO of Twitter Jack Dorsey was sold for just under $3 million
  • The Canadian singer-songwriter Grimes (also known as the partner of Elon Musk) sold for around $6 million of digital artworks, including an NFT of about $400.000 for a 50-second video.
  • NBA’s Top Shot has generated more than $230 million in selling NFTs of NBA highlight videos, with a top transaction for a movie of Lebron James dunking, which was bought for over $200.000.
  • This raises a number of questions about the trustworthiness of those platforms:

    • Will they ensure the link to the artwork remains available (i.e. not lost or broken)? Even if they go bankrupt? More and more decentral IPFS network or blockchain based storage is used to mitigate this risk.
    • Does the platform ensure an artist does not create multiple NFTs of the same (or slightly changed) digital asset?
    • Do they ensure that the NFS is minted by the real artist (creator) of the content and not by an imposter? Which procedures do they have in place for verifying that?
    • Even though the decentralized nature of the underlying blockchain ensures trust, buyers and sellers still need to trust the platforms facilitating these NFT transactions. This is for me a general issue of blockchain use cases (cfr.

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