Google search for nft soars to record high

However, by the following week, the price had fallen to as low as 0.55 ETH.

The 3,850 ‘Never Fear Truth‘ NFTs had held a floor price of 0.446 ETH (around $820). On June 2nd, one day after the jury announced the verdict of the case, the collection saw its floor price ascend to as high as $900.

The ‘Never Fear Truth’ NFT Collection

The ‘Never Fear Truth’ collection of generative art on OpenSea was minted on Ethereum, and consists of 3,850 NFTs created by Johnny Depp.

The collection features images of “friends and heroes” from Depp’s past, including Heath Ledger, Tim Burton, River Phoenix, Elizabeth Taylor, Al Pacino, and Hunter S.

This has no legal ground, but is still very romantic and fun) and the Robinhood aspect of pushing governments to change and fighting the traditional art system (cfr. the actions on Robinhood to stop the short-sellers on the share of GameStop).

This being said, NFTs are clearly an excellent real-live experiment, where fundamental questions around ownership, value, digitalization and authenticity are being addresses. The question remains however if ownership can be managed outside governments, i.e. as ownership requires laws to protect the owner, it is very difficult to manage this outside a government. Clearly governments should sponsor some kind of register of such digital ownership.
This will ensure that there is legal ground and also long-term continuity, as unlikely governments will disappear/go bankrupt.

With more and more digital content being produced and some artists even only exclusively producing digital content, there is a need for them to make money and NFTs are a good way to do this. However the too strong focus on the underlying (blockchain) technology and the bullish prices, make it still too much a playground for the (mega)-rich, than a common investment asset class. However even if it remains such a playground, it is still interesting to follow.
As there are as many as 100,000 people who have $1 million or more stashed in crypto-currencies, there is an enormous audience with the means, interest and risk appetite to try out NFTs. For them, there is the cool factor of trying out something new, the potential of making same profits as with crypto-currencies, the emotional and bragging aspect of owning digital arts (compared with owning parts of the moon or owning a star.

Google search for nft soars to record high-z

SARASOTA, Fla., Jan. 10, 2022 /PRNewswire/ — Is 2021 the year that everyone became a collector? While collecting has been a hobby for centuries, never in the history of collectibles has there been such interest as in 2021, when record prices were paid for coins, comics, Pokémon cards, video games, NFTs and even old VHS tapes.

Multiple year-end lists summing up 2021 featured the collectibles boom, most commonly the explosive growth of the NFT (nonfungible token) market. The $69.3 million sale of an NFT by Christie’s marked a turning point for NFTs, digital art and cryptocurrency.

More conventional collectibles, like coins, also experienced a boon in 2021, with many rare coins breaking records, some even multiple times.

Google search for nft soars to record highs

While this transaction cost is marginal for the above record amount NFTs, it does pose an issue for cheaper NFTs (as transaction cost become too significant compared to the NFT price).

  • The whole process of minting, buying and transferring NFTs is not so user friendly, i.e. you need to onboard on an NFT platform, you have to acquire the right crypto-currency (e.g. if the NFT is on the Ethereum blockchain, you need Ether coins, i.e. Bitcoins won’t be usable) and you have to pay with crypto-currencies, which is still not so user-friendly (i.e. typically via a browser plugin, which might be easy for a computer specialist, but still difficult to setup for the common layman).
  • Clearly the concept of NFTs is great, as there is a need for managing ownership of digital content.

    Google search for nft soars to record higher

    A 1937 British coin showing Edward VIII, who abdicated the throne to marry a divorced American socialite, sold for $2.28 million in March and then again for $2.45 million in October, both times setting a record for a British coin.

    Spurred by an internet-driven economy, collectibles have become more accessible, liquid, fungible and high profile, which means more people are entering the market, and they are jumping in, not just dipping toes. The new owner of a 1787 Brasher Doubloon (the first gold coins struck in a newly independent United States) paid $9.36 million for the rarity — the first rare coin that he ever bought.

    On one end of the collectibles spectrum are coins and traditional art; on the other are NFTs and new digital mediums.

    However with blockchains switching more to Proof of Stake-consensus mechanisms this will likely be resolved in the coming years (although Proof of Stake raises naturally other new concerns about centralization and potential manipulation).

  • Are the NFTs currently sold for a lot of money sufficiently time-lasting? This question can be raised for both the digital artworks as for the technology underpinning it:
    • Are the digital artworks not too time-specific, i.e. linked to current, non-lasting hypes? E.g. will YouTube movies which are popular now still be remembered and popular in 5 years? In the traditional art, certain historical artists (like Monet, Van Gogh, Picasso…​) have an established reputation/track record, but for this digital art there is of course no historical records to turn to and as a result it is very difficult to predict future trends.
  • On June 1st, Johnny Depp was announced the winner of the highly publicized defamation suit against his ex-wife, Amber Heard. As the jury’s verdict ruled in favor of Depp, the price of an NFT collection featuring the popular actor soared to new highs.

    Johnny Depp’s NFT Soars

    NFT collection ‘Never Fear Truth‘, which features the art of Pirates of the Caribbean star, Johnny Depp, saw its price improve after the actor won his defamation suit against ex-wife Amber Heard on June 1st.

    Depp’s NFT collection was launched in January, but, failed to gain much traction. However, with Depp being judged the winner of the defamation suit, the collection’s price sprung into an uptrend.

    The collection launched with a starting price of 0.70 ETH, with peak sales being logged on March 11th at 1.64 ETH.

    Some of the biggest figures in pop culture, such as Jay Z and Mike Tyson, have also joined into the fray, as well as popular YouTubers Jake and Logan Paul.

    As a result of occurrences such as these and others, NFTs are becoming more popular and seeing unprecedented growth in the market worldwide. In an earlier report, we indicated that the top 15 NFT sales during Q2 2021 collectively fetched $37.23 million, and in March, NFT sales hit a record $200M, more than the past 12 months combined.

    Singapore and Australia leads the trend

    With a score of 100 by August 2021, Singapore has the highest interest in digital artworks. A score of 86 puts Australia in second place, followed by Nigeria (score of 70).

    Tadas Maurukas, CEO at the Blockchain Centre, stated:

    “Even though we see huge growth in popularity, NFTs are still unknown to the majority of the population.

    Not a single cryptocurrency is featured on the list in 2020.

    It should be noted that Bitcoin (BTC), the most valuable cryptocurrency on the market, is not featured in any “Search Year 2021” category neither worldwide nor in the United States.

    Launched in 2013, Dogecoin has emerged as one of the most successful cryptocurrencies of 2021, entering the list of the 10 largest cryptocurrencies by market cap earlier this year. DOGE prices have skyrocketed this year, thanks in large part to support from Tesla CEO Elon Musk, who started actively promoting DOGE on Twitter in 2020.

    At the time of writing, DOGE is up nearly 5.100% over the past 365 days, compared to 632% for Ether, according to data from CoinGecko.

    In between, there are pop culture collectibles like comic books, magazines, concert posters, trading cards, video games, VHS tapes — the list keeps growing as more items gain the allure of nostalgia. Comic books are the most established collectibles in this realm, with multiple titles selling for over $1 million in 2021. An all-time record was set when an Amazing Fantasy #15 — the first appearance of Spider-Man — sold for $3.6 million.

    The surge in the collectibles industry has led to an extraordinary growth in demand for services that guarantee the authenticity and condition of these collectibles, such as those provided by the Certified Collectibles Group, a Florida-based company with branches in the UK, Germany and China.

    According to Google Trends, interest in NFT saw a dramatic spike at the start of the year as Dapper Labs’ NBA Top Shot and vintage Ethereum-based NFT saw speculation frenzy.

    While the bubble initially seemed short-lived — with search volume drying up around 75% in late June, interest started to bounce back in July before breaking to new highs in late October.

    Since then, Google search traffic for NFT-related keywords has continued to soar, doubling over the past three months.

    The surge in interest has seen “NFT” overtake many of the keywords that have long dominated crypto-related search traffic, including “DeFi,” “Ethereum,” and even “blockchain.”

    While Dogecoin firmly captured the public imagination during the second quarter—with search volumes for “Dogecoin” rising to rival “Bitcoin” in early May, the dog token fever quickly subsided in the third quarter.

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