Asia leads in NFT search interest

Search interest for NFTs have been on the decline since the beginning of the year. According to a Bankless Times analysis of Google Trends data, the metric peaked at 100 between January 23 and January 29. Between  August 7 and August 13, it dropped by 85 percent, to 15.

However, NFTs are managing to remain popular in Asia. The continent is home to 7 out of the 10 top countries where people search for NFTs the most, with China and Hong Kong topping the list.

The website reviewed a score between 0 and 100 that showed how NFT interest shrunk overtime. A score of 0 indicates zero interest and 100 meant there was a high interest. 

According to CEO of Bankless Times Jonathan Merry, Asia’s high NFT interest could be attributed to its robust gaming culture. For example, China has around 740 million gamers, hosting the biggest gaming market in the world. 

Merry also explained the country’s strong gaming culture and spearheading development of gaming platforms and NFTs to cater to the growing interest in NFT technology and applications.

‘Asian countries are home to some of the world's largest gaming markets, which provide a ready made audience for NFT-based games,’ added Merry. 

China and Hong Kong are leading the line with search values of 100. China has shown significant interest in NFTs since December 2021 and its search value has stayed at around 100 throughout this time.

Meanwhile, Hong Kong’s search value stood at 60 on December 13, and reached 100 as of August 13. This indicates that NFTs were talked about 66.67 percent over the period. 

Taiwan has also seen significant growth in its NFT search interest. Its NFT search value jumped 107%, from from 26 to 54. 

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.

Singapore, Macau, Mongolia, and South Korea followed on the list of top ten Asian countries with the highest NFT search interest. While the only non-Asian countries who make it to the top ten list are Gibraltar, Nigeria, and the Cayman Islands.

NFT search interest drops 18% in the U.S.

The United States, Canada, and Venezuela saw significant drops in NFT search interest.

In the case of the U.S., the country ranks 38 in the NFT search interest list, with a NFT search interest index of 36. This is an 18% decline from the 44 registered in December 2021. 

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.

18% less searches related to NFT in the US

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. A link between the rise in search interest and the start of high-profile NFT initiatives can be established. 

Similarly, Canada’s NFT search interest index dropped significantly in 2022. While its score was 36 in December, it was only 30 in August 2022. The same explanation can be attributed to the drop - the lack of clear NFT options.

It appears that NFTs are no longer perceived as a unique concept that promises huge returns as it once was when it was first introduced to the world. This has led to a drop in the market and decrease in search interest. 

Has the NFT bubble popped?

Despite people’s interest in NFTs declining, it doesn’t mean that their bubble has burst. Opportunities to make money in the market still exist. To make this happen, people who create NFTs will have to continue to innovate and discover new applications and use cases for the assets.

Further, many investors are still bullish on the long-term potential of NFTs and that the market will recover.

NFTs have a place in the market because they offer new and unique ways to hold and trade assets. For example, platforms like OPSkins allow users to trade NFTs in a safe and trustless environment, which can lead to increased market interest.

Projects like EOS also hold out promise for NFTs to be used in gaming and other applications. Most importantly, NFTs can be a unique way to engage with customers. Businesses can use the technology to create a community around their brand and reward customers for their loyalty.