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NFTs are Driving Blockchain Adoption

November 18, 2021

NFTs are Driving Blockchain Adoption

NFTs (Non-Fungible Tokens) have become a key driver of hype in the cryptocurrency space – This is due to their lack of complexitygrowing accessibility, and varied use cases.

The blockchain industry is rife with grand designs, lengthy development timelines, and confusing technical jargon...Although much of this technology holds promise, there are scant few blockchain products that the average person would care about, and fewer still have experienced meaningful adoption.

Conversely, NFTs are relatively simple to understand and are experiencing widespread adoption, largely as digital collectibles and in-game assets.

The number of consumers talking about buying, selling, or investing in NFTs demonstrated promising growth in the first quarter of 2021 but pulled back as the year progressed.

In recent months, underlying consumer Mentions have exploded to new all-time highs, trending +240% QoQ on a 30-day moving average.

Consumer Adoption has more than tripled over the past few months.

Furthermore, the uptrend has yet to show any signs of slowing, which means there’s an incredible amount of value that has yet to be realized.

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LikeFolio analyzes social media data to accurately predict shifts in consumer behavior. We sell data and insights to professional investors, corporate research teams, and software providers.

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