“NFT” is sweeping the US as the most used crypto slang
The word “NFT” (non-fungible token) is the most popular crypto slang used in the United States, according to a recent study by Crossword Solver.
The word “NFT” emerged as the most used crypto slang in 15 states, including Pennsylvania, Alaska and Minnesota, according to Crossword Solver data. These results support the NFT hype in the market. Recent data showed that the NFT market remained quite resilient heading into the winter and had already returned to pre-Luna collapse levels.
Crypto slang map
The words “Airdrop” and “DAO” (Decentralized Autonomous Organization) followed the word “NFT” as the second most popular crypto slang by appearing as the most used word in six states each.
Appearing in five states as the most favorite, the words “DEX” (Decentralized Exchange) and “Degen” ranked as the third most popular crypto slang across the United States. The word Degen is a short version of Degenerate, which refers to someone who buys into an asset with the belief that others will.
The least popular slang word was “Mooning”, used to describe a significant upward movement in the market.
The popularity of NFTs
The NFT field remained resilient to the coldest winter in crypto history. The NFT market recorded total sales worth $55.5 billion in 2022. This marks a 175% increase from $20.2 billion recorded in 2020 and a 38,903% increase from $142 million in 2020.
ONE CryptoSlate December 2022 report also revealed that the total NFT market value registered an increase of 11,664% from December 2020 to December 2022, rising from $10 billion to $85 million respectively.
This exponential growth gave birth to dozens of NFT marketplaces and attracted corporate giants such as Starbucks, MetaMask, Apple and Reddit into the field.
According to late February data, NFT trading volume returned to pre-Luna crash levels. NFT trading volume recorded a 117% increase from January to February, surpassing $2 billion.
When it comes to why NFTs are so popular, a recent study points to the expectation of high returns as the reason. Over 90% of survey respondents said they saw an advantage in owning NFTs, while 31% said they prioritized NFTs’ ability to earn and save money.
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