Since the beginning of the year, global search interest in non-fungible tokens (NFTs) has plummeted. The metric he peaked at 100 from January 23-29, but dropped 85% at 15 from August 7-13. this is, bankless times Analysis of Google Trends data.
Despite this decrease, NFTs still high in Asia. The continent boasts that 7 of the top 10 countries have the highest interest in his NFT searches. So what’s behind the interest in this region?
To do this, the site looked at scores from 0 to 100. This outlines how this interest has increased and decreased over time. 0 is no interest and 100 is the most interest.
Interest in NFTs by Country – Dec 2021 – Aug 2022 (Top 20 Countries)
|Country||December 2021||August 2022||Change|
|Hong Kong Special Administrative Region||60||100||66.67%|
|United Arab Emirates||34||44||29.41%|
Influence of Asian gaming culture
According to Jonathan Merry, CEO of Bankless Times, the high interest in NFT searches in Asia may be due to the particular popularity of games in the region. For example, in China, 740 million It is the world’s largest game market.
The CEO adds that Asian companies are leading the development of new gaming platforms and NFTs. This innovation underpins the growing interest in NFT technology and its applications.
Which countries had the highest search interest in NFTs?
China and Hong Kong lead the queue with a search value of 100. The former has maintained high interest in NFTs since December 2021. During that period, its search value remains around 100.
On the other hand, the index has increased significantly in Hong Kong. The search value for December 2021 was 60. As of August 13th, it was 100. This represents a 66.67% increase in topic retention during that period.
Another Asian country that has seen a significant increase in interest in NFT searches is Taiwan. NFT’s search interest value jumped 107% from 26 to 54 in this country. Singapore, Macau, Mongolia and South Korea completed the top ten Asian septets.
Gibraltar, Nigeria and the Cayman Islands are the only non-Asian countries in the top 10.
NFT Search Interest Drops 18% in US
The United States, Canada, and Venezuela saw significant drops in NFT search interest. To better understand the drivers of these changes, let’s take a closer look at each country individually.
The United States is ranked 38th, with a NFT Search Interest Index of 36. This was an 18% decrease from the 44 recorded in December 2021. Rise in US search interest for topics and high profile NFT projects.
NFTs are no longer a novel idea
The motivation behind that interest is always the expected return. However, the high returns that originally characterized this asset class have waned as the novelty wears off. This has led to market corrections and, in turn, decreased search interest.
Like its southern neighbors, Canada saw a significant drop in its NFT Search Interest Index throughout 2022. It recorded a score of 36 in December, but had dropped to 30 by August 2022. As in the US, this decline is due to the lack of notable NFT offers.
33% drop in Venezuela
Venezuela recorded 60 search interests in December 2021, but managed only 40 by August 2022, a decrease of 33%. This decline is likely due primarily to political and economic instability. As the situation worsens, people are less likely to invest in digital assets such as NFTs.
Meanwhile, Nigeria is one of the countries with the largest increase in NFT search interest value in 2021. The country’s score was 27 in December 2020, but rose to 68 by August 2022, an increase of 151%!This increase is a sign of his NFT among Nigerian investors and consumers. This is probably due to increased awareness.
Has the NFT bubble burst?
While interest in NFTs is clearly declining, this does not mean that the NFT bubble has burst. Opportunities still exist in this emerging market. For one thing, the developers who created these assets continue to innovate and discover new applications and use cases.
Additionally, many investors remain bullish on the long-term potential of NFTs and believe the market will recover. So, while there may be some short-term volatility, those who are patient and willing to do research should be able to reap the benefits of investing in NFTs.
redefinition of ownership
Additionally, there are still opportunities in the market as these tokens offer a unique and innovative way to own and trade digital assets. For example, platforms like OPSkins allow users to trade his NFTs in a safe and trustless environment, which could increase market interest.
Additionally, projects like EOS show the potential for NFTs to be used in games and other applications. Additionally, NFTs offer a unique way to engage with your customers. Through them, businesses can create communities around their brands and reward customer loyalty.
For more information on NFTs, see: