Asia leads the way in NFT search interest
Since the beginning of this year, there has been a sharp decline in global search interest for non-fungible tokens (NFT). While the metric peaked at 100 between January 23 and 29, it was at 15 between August 7 and 13, a drop of 85%. This is according to a Bankless Times analysis of Google Trends data.
Despite this decline, interest in NFTs remains high in Asia. The continent has 7 of the top 10 countries with the highest NFT search interest. So what is behind this high interest in the region?
To do this, the site looked at a score from 0-100 based that outlined how this interest increased and decreased overtime – with 0 being no interest, and 100 being the highest interest.
Interest in NFTs by country – December 2021 – August 2022 (top 20 countries)
| Country | December 2021 | August 2022 | Change |
| China | 100 | 100 | 0.00% |
| Hong Kong SAR | 60 | 100 | 66.67% |
| Singapore | 75 | 89 | 18.67% |
| Gibraltar | 66 | 71 | 7.58% |
| Macau | 36 | 69 | 91.67% |
| Nigeria | 27 | 68 | 151.85% |
| Taiwan | 26 | 54 | 107.69% |
| Cayman Islands | 66 | 51 | -22.73% |
| Mongolia | 51 | 51 | 0.00% |
| South Korea | 43 | 50 | 16.28% |
| Andorra | 56 | 50 | -10.71% |
| Cyprus | 42 | 49 | 16.67% |
| Lebanon | 31 | 49 | 58.06% |
| Caribbean Netherlands | 27 | 48 | 77.78% |
| The Philippines | 51 | 47 | -7.84% |
| French Polynesia | 20 | 47 | 135.00% |
| Bermuda | 41 | 45 | 9.76% |
| United Arab Emirates | 34 | 44 | 29.41% |
| Sint Maarten | 48 | 44 | -8.33% |
| Georgia | 18 | 42 | 133.33% |
What are NFTs?
The impact of Asia’s gaming culture
According to Bankless Times CEO Jonathan Merry, Asia’s high NFT search interest may be due to gambling being particularly popular in the region. In China, for example, there are an estimated 740 million players, making it the largest gaming market in the world.
The CEO adds that Asian companies are leading the way in the development of new gaming platforms and NFTs. This innovation feeds off the growing interest in NFT technology and its applications.
Which nations had the highest NFT search interest?
China and Hong Kong lead the queue with search values of 100. The former has maintained a high level of interest in NFTs since December 2021. The search value has remained around 100 throughout this period.
On the other hand, Hong Kong has seen a more significant increase in the calculation. In December 2021, the search value was 60; as of August 13, it was 100. That represented a 66.67% increase in the subject’s holdings during that period.
Another Asian country with significant growth in NFT search interest is Taiwan. The country saw NFT search interest jump 107% from 26 to 54. Singapore, Macau, Mongolia and South Korea complete the Asian septet in the top ten.
Gibraltar, Nigeria and the Cayman Islands were the only non-Asian countries to make the top ten list.
NFT search interest fell by 18% in the US
The US, Canada and Venezuela have experienced some of the biggest drops in NFT search interest values. To better understand what is driving these changes, let’s take a closer look at each country individually.
The US ranked 38th with an NFT search interest index of 36. This was an 18% drop from the 44 it recorded in December 2021. There appears to be a correlation between an increase in US search interest in the topic and the announcement of high-profile NFT projects.
NFTs are no longer a new idea
The motivation behind that interest has always been the expected return. But the high returns that initially characterized the asset class have waned as their novelty has waned. This has led to a market correction and, in turn, falling search interest.
Like its neighbor to the south, Canada saw a significant decline in its NFT search interest index throughout 2022. In December it recorded a score of 36, but by August 2022 it had fallen to 30. As in the US case, this decline was. is due to a lack of stated NFT offers.
Venezuela’s 33% drop
While Venezuela recorded search interest of 60 in December 2021, the country could only manage 40 by August 2022 – a drop of 33%. This drop seems to be largely due to political and economic instability there. As conditions worsen, people are less likely to invest in digital assets such as NFTs.
On the other hand, Nigeria experienced one of the biggest gains in NFT search interest values during 2021. While the country’s score was 27 in December 2020, it had risen to 68 in August 2022 – an increase of 151%! This gain is likely due to increasing awareness of NFTs among Nigerian investors and consumers.
Has the NFT bubble burst?
Although it is clear that interest in NFTs is declining, this does not mean that their bubble has burst. There are still opportunities in this emerging market. First, the developers who created these assets continue to innovate and discover new applications and use cases.
In addition, many investors are positive about the long-term potential of NFTs and are confident that the market will recover. So while there may be some short-term volatility, those who are patient and willing to do their research should be able to reap the benefits of investing in NFTs.
Redefining ownership
Furthermore, there is still an opportunity in the market for these tokens, as they provide unique and innovative ways to own and trade digital assets. For example, platforms like OPSkin allow users to trade NFTs in a secure and trustless environment, which can help increase market interest.
In addition, projects such as EOS have shown the potential for NFTs to be used in games and other applications. In addition, NFTs offer a unique way of communicating with customers. Through them, companies can create a community around their brand and reward customers for their loyalty.
NFT statistics
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