Google Trends data shows that the volume of searches about NFTs has reached new highs in the last 3-months. What are the reasons? Learn more.
The keyword search data of Google shows that more and more people are searching for nonfungible tokens (NFTs) nowadays. In fact, the traffic from NFTs has beaten the search terms of many other top 10 cryptocurrency assets.
Google Trends shows that interest in NFTs witnessed a major surge at the beginning of 2021 as speculation on NBA Top Shot of Dapper Labs and vintage Ethereum-based NFTs reached frenzied proportions. At that time, analysts thought that it was a bubble and, indeed, the Google search volume on NFTs dropped by around 75% by June-end. However, interest in these non fungible tokens again started to rise in July 2021 and reached new highs at the end of October 2021.
Since then, the amount of traffic searching for NFT related keywords has continued to increase significantly. In fact, in the last three months, the search for NFT related keywords on Google has doubled. This significant rise in the Google search to find out more about "NFT" has overtaken other leading cryptocurrency-related search traffic such as "DeFi", "Ethereum", and "blockchain".
The Google Trends data also shows that the momentum of rising search volume for the "Dogecoin" keyphrase in early May 2021 has now converted into the hype for NFTs. Available data also shows that most of the searches for NFTs are taking place in Asian countries. Report says that the countries where maximum number of people searched for NFT keyword are:
Uganda, an African nation, is also one of the leading countries where the search volume and traffic on NFTs are extremely high.
In China, the search volume for "NFT" from September 5–11, 2021 peaked at all-time new highs. Reports say that two of the major reasons for this trend of an extreme spike in searches for NFT are:
Tencent (a Chinese tech conglomerate) launched Huanhe (an NFT trading platform)
Alibaba launched a marketplace that allows users to trade licenses for creating NFTs from copyrighted content.
However, on September 10, 2021, the ruling Communist Party of China released a series of statements through The People’s Daily (the official state media of China) denouncing NFTs. This spurred the retracement of the search volume of NFTs in China.