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Asia-Pacific leads the world in NFT searches on Google
Google searches for “NFT” again overtook “cryptocurrency” queries in September after a significant spike in March.
Amid the ongoing nonfungible token (NFT) boom, people in Asia-Pacific (APAC) countries appear to be the most curious about NFTs, according to Google Trends data.
Google Trends data shows that China, Singapore and Hong Kong are the three top countries in the world in terms of the number of “NFT” searches on Google over the past year.
According to the data, China has posted the highest number of such searches, with the Google search index amounting to 100 points. Singapore and Hong Kong follow with 67 and 62 points, respectively. Other major “NFT”-searching countries include Venezuela, the Philippines, Cyprus, Canada, New Zealand, Australia and the United States.
“The country recently banned cryptocurrency trading, which could see crypto-keen investors move over to NFTs,” Abbasi said. He noted that China’s e-commerce giant, Alibaba, launched its own NFT marketplace in August, which could also further fuel the popularity of NFTs in China.
According to a report by Bankless Times, the biggest amount of “NFT” searches in China came from the eastern province of Zhejiang, the city of Shanghai and Hubei province, now best-known as the home of Wuhan. It should be noted that Google has been technically blocked in China since 2010 as part of the “Great Firewall.”
“Asian countries are typically more used to cashless and digitized systems than western ones, so this could be why their adoption of NFTs has been so widespread,” Abbasi added.
According to the report, Google searches for “NFT” again overtook “cryptocurrency” queries in September, following a major previous spike in March.
As such, Japan has the highest ratio of NFT searches over cryptocurrencies, as the new market has been apparently surging in popularity. In contrast, Nigeria has the lowest ratio of NFT searches over crypto, as the country has the highest rates of crypto ownership in the world, according to data from Statista.
According to Abbasi, the world has just started discovering the tip of the iceberg when it comes to the use cases of NFTs, including a new opportunity for wealthy people to show off their wealth.
“Before, wealthy people would buy expensive watches to show off their wealth and only those who met them in real life would see what they were wearing. Now, you can buy an NFT, post it on social media and everyone around the world can verify 100% that it’s yours,” he noted.
Asia Becomes the Epicentre of Global NFT Crypto
Asia is the frontrunner in the NFTs craze with Central and Southeast Asia accounting for 35% of the $22 billion in global trade last year.
When Twitter co-founder Jack Dorsey’s first tweet was sold as a Non-Fungible-Token (NFT) for $2.9 million last March to a Malaysia-based businessman, the world sat up and took notice.
Asia has since emerged as the frontrunner in the global NFT craze with Southeast Asians making up most NFT-based web traffic last year, according to a report by research firm Finder. Central and Southeast Asia accounted for 35% of the $22 billion in global trade of NFTs last year, says research firm Chainalysis Inc.
Three Southeast Asian countries — the Philippines, Thailand and Malaysia – top Finder’s list of web traffic while Global Google trends data for 2021 found that search queries for NFTs came most frequently from China, Singapore, Hong Kong, the Philippines and South Korea.
The Indian cryptocurrency exchange WazirX launched South Asia’s first NFT marketplace in June last year, with 15 NFT creators from across Asia. The platform allowed creators to pay minimal gas fees – payments made by NFT creators to compensate for the computing energy required – for saving them on the blockchain.
Abhishek Kalyanpurkar, a 37-year-old digital artist from Mumbai, is one of the beneficiaries. He says he minted more than 563 NFTs on the WazirX cryptocurrency exchange NFT Marketplace within two months of starting his journey in July. Each is priced at an average of $10.
“It has been life-altering,” he said. “Anyone who is a creator should tap into this growing market. The buyer transfers crypto to my Metamask wallet and I get the money converted through Binance Exchange.”
Metamask is an NFT blockchain and cryptocurrency wallet based on the Ethereum blockchain where users can receive and send crypto.
NFTs (Non-Fungible-Tokens) are tradeable, secure versions of a digital asset, including jpegs and videos, that come in many forms. An NFT can be a cartoon, a game’s digital avatar, a song, or even something as bizarre as the photo of a potato. Any unique creation can be a non-fungible (non-interchangeable) token with monetary value.
Asia NFTs Thriving On Discord and Twitter
The industry has also seen a steady rise in central and south Asian artists on social media channels including Discord and Twitter. NFT Asia, a community for Asian NFT artists, has some 2,700 followers on Discord and over 9,000 followers on Twitter.
Another growth witnessed in the space is through playing NFT paly-to-earn games. One NFT game that saw rapid growth in Asia was the Play-To-Earn ‘Axie Infinity’ game from Vietnamese company Sky Mavis.
Asia Leads the Way in NFT Search Interest
Since the beginning of this year, there has been a sharp decline in the global search interest for non-fungible tokens (NFTs). Whereas the metric peaked at 100 between 23rd and 29th January, it stood at 15 between 7th and 13th August, an 85% drop. This is according to a Bankless Times analysis of Google Trends data.
Despite this decline, interest in NFTs remains high in Asia. The continent boasts 7 out of the top 10 countries with the highest NFT search interest. So What’s behind this high level of interest in the region?
To do this, the site looked at a scoring from 0-100 based which outlined how this interest increased and decreased overtime – with 0 being no interest, and 100 being of the highest interest.
Interest in NFTs by Country – Dec 2021 – August 2022 (Top 20 Countries)
|Country||Dec 2021||Aug 2022||Change|
|Hong Kong SAR||60||100||66.67%|
|United Arab Emirates||34||44||29.41%|
The Impact of Asia’s Gaming Culture
According to Bankless Times CEO Jonathan Merry, Asia’s high NFT search interest could be because gaming is particularly popular in the region. In China, for example, there are an estimated 740 million gamers, making it the largest gaming market in the world.
The Effects of Asia’s Long History of Gambling
Jonathan Merry, the CEO of Bankless Times, thinks that the strong gaming culture in Asia may be one reason why so many people in Asia search for NFTs. China is the biggest gaming market in the world because it has about 740 million players.
Asia’s growing dominance in the NFT search interest space is due to several factors, chief of which is the region’s strong gaming culture and growing GameFi audience. Asian countries are home to some of the world’s largest gaming markets, which provide a ready made audience for NFT-based games,” Jonathan Merry, who runs Bankless Times as its CEO said.
The CEO says that Asian businesses are at the forefront of making new gaming platforms and NFTs. This idea came from the growing interest in NFT technology and how it can be used.
Which countries had the most people searching for NFT?
With search values of 100, China and Hong Kong are at the front of the line. Since December 2021, the first one has been very interested in NFTs. During this time, its search value has stayed around 100.
On the other hand, in Hong Kong, the measure has gone up much more. Its search value was sixty in December 2021, but as of August 13, it was one hundred. This means that the topic was talked about 66.67 percent more at the time in question.
Taiwan is another Asian country that has seen a big rise in NFT searches. The NFT search interest value for the country went from 26 to 54, an increase of 107%. The last four Asian countries on the list are Macau, Mongolia, and South Korea.
Only Gibraltar, Nigeria, and the Cayman Islands, which are not in Asia, made it into the top ten.
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18% less searches related to NFT in the US
Some of the biggest drops in NFT search interest have been in the United States, Canada, and Venezuela. Let’s look at each country on its own to learn more about what is causing these changes.
With an NFT search interest index of 36, the United States was ranked 38th. This was an 18% drop from December 2021, when it was 44. There seems to be a link between the rise in search interest and the start of well-known NFT initiatives.
NFTs are No Longer a Unique Concept
This interest has always been driven by the hope of making money. But the huge returns that were once typical of this type of asset have slowed down as people have become less interested in them. This has led to a drop in the market and a decrease in search interest.
Like its southern neighbor, Canada’s NFT search interest index dropped a lot in 2022. The score was 36 in December, but it was only 30 in August of 2022. Similar to the situation in the U.S., this drop is because there aren’t enough clear NFT options.
Venezuela’s 33% Dip
From December 2021 to August 2022, the number of searches for Venezuela went from 60 to 40, which is a 33% drop. This seems to be mostly because of the political and economic instability in the area. When things get worse, people are less likely to invest in digital assets like NFTs.
On the other hand, NFT search interest values went up the most in Nigeria in 2021. The country’s score went up from 27 in December 2020 to 68 in August 2022, which is a 151% increase. This rise is probably because Nigerian investors and consumers are learning more about NFTs.
Has the NFT bubble popped?
Even though it’s clear that less people are interested in non-traded stocks, this doesn’t mean that their bubble has burst. There are still chances to make money in this new market. First, the people who make these assets keep coming up with new ideas and finding new ways to use them.
Also, many investors are still hopeful about the long-term potential of NFTs and are sure that the market will get better. So, there might be some short-term volatility, but people who are patient and willing to do some research should be able to make money by investing in NFTs.
How to Define Property
Also, these tokens still have a place on the market because they offer new and creative ways to hold and trade digital assets. For example, systems like OPSkins let users trade non-fungible tokens (NFTs) in a safe and trustworthy way, which could increase market demand.
Also, projects like EOS have shown that NFTs have the potential to be used in gaming and other areas. NFTs also give businesses a new way to interact with clients. Companies can use them to build a community around their brand and thank customers for sticking with them.
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