Since the beginning of this year, searches for non-fungible tokens have dropped sharply around the world (NFTs). Between January 23 and January 29, the measure was at its highest, at 100. Between August 7 and August 13, it dropped by 85 percent, to 15. Based on a review of Google Trends data by Bankless Times, this is the case.
Even though the economy is getting worse, NFTs are still popular in Asia. This continent is home to seven of the top ten countries where people search for NFT the most. Why is this area so interesting?
To do this, the website looked at a score between 0 and 100 that showed how this interest grew and shrunk over time. A score of 0 meant there was no interest, while a score of 100 meant there was the most interest.
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.
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.