“NFT” sweeps across US as the most used crypto slang

The word “NFT” (non-fungible token) is the most popular crypto slang used in the U.S., according to a recent study by Crossword Solver.

The word “NFT” came forward as the most used crypto slang in 15 states, including Pennsylvania, Alaska, and Minnesota, according to the data from Crossword Solver. These results support the NFT hype in the market. Recent data showed that the NFT market remained quite resilient to the winter and had already returned to its 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 emerging as the most-used word in six states each.

By 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 U.S. The word Degen is a short version of Degenerate, which refers to someone who buys into an asset with the belief that others will do so.

The least popular slang word became “Mooning,” used to describe a significant upward movement in the market.

Popularity of NFTs

The NFT field remained resilient against the coldest winter in crypto history. The NFT market recorded $55.5 billion worth of total sales in 2022. This marks a 175% increase from the $20.2 billion recorded in 2020 and a 38,903 % increase from the 2020s $142 million.

A CryptoSlate report from December 2022 also revealed that the total NFT market cap recorded an 11,664% increase from December 2020 to December 2022, surging from $10 billion to $85 million respectively.

This exponential growth gave birth to dozens of NFT marketplaces and attracted corporate giants like Starbucks, MetaMask, Apple, and Reddit into the field.

According to data from the end of February, the NFT trading volume returned to its pre-Luna crash levels. The NFT trading volume recorded a 117% increase from January to February and exceeded $2 billion.

When it comes to why NFTs are so popular, a recent study points to the expectancy of high returns as the reason. Over 90% of the respondents to the survey said they saw an advantage in owning NFTs, while 31% said they prioritized NFT’s ability to earn and save money.