According to data company Nonfungible.com, sales of nonfungible tokens (NFTs) increased by $17.6 billion last year — an increase of 21,000% compared to 2020. NFTs exist on a blockchain like bitcoins. But unlike bitcoins, which are identical and can be used for commercial transactions, NFTs have codes and data that make them unique. One example of an NFT is a purely digital artwork. Examples include Beeple’s “Everydays: The First 5000 Days,” which sold for $69 million. Last year, individuals selling NFTs made $5.4 billion in profits. The most popular NFT category was collectibles, with gaming NFTs coming in second. Individuals who bought NFTs in 2021 were banking on the hope that the values of their investments would appreciate. Such optimism reflected the positively trending social mood that fueled last year’s 20% rise in the Dow Jones Industrial Average. To learn more about social mood’s effect on optimism, read “The Wave Principle Delineates Phases of Social Caution and Ebullience.”
If you look closely, you can see patterns in social mood that help you predict social trends. Learn more with the Socionomics Premier Membership.