NFT: the most searched questions on the web
CoinGecko’s NFT expert answers the world’s most searched questions about NFTs on Google, questions that include whether NFTs are a better investment than cryptocurrencies.
“What is an NFT?” is sought on average 948,000 times per month worldwide. The second most searched NFT question is “How do you make an NFT?” which is searched around 287,000 times per month.
CoinGecko’s study of the NFT landscape
The study of CoinGeckothe world’s largest independent cryptocurrency website, analyzed thousands of NFT-related keywords to see which are the most searched for on Google, of which the most common phrase asks what a NFT is.
The data indicated that the question is searched on Google an average of 948,000 times per month worldwide.
The second most common question is “How do you create an NFT?” which receives an estimated monthly average of 287,000 web searches.
In third place is “Where to buy and sell NFTs?” which is viewed on Google an average of 116,400 times per month.
The top five spots are completed by the “What is the most expensive NFT?” in fourth place with 102,000 monthly searches, followed by 64,000 searches each month for “Why are NFTs valuable?”
“Are NFTs harmful to the environment?” ranks as the sixth most searched NFT question, thanks to an estimated average of 32,000 searches each month globally, followed in seventh by “What does coinage mean?” with 29,800 monthly searches.
The eighth and ninth most asked NFT questions are “Why can NFTs be so expensive?” with 27,000 monthly global searches and “Are NFTs a better investment than cryptocurrencies?” with 19,200 global searches each month.
Zhong Yang Chanhead of research at CoinGecko, provides the definitive answer to each of these key questions for NFT.
What is an NFT? 948,000 monthly global searches
NFTs are unique, non-fungible tokens on the blockchain, often used as digital representations of assets such as art, collectibles, music, video game items, and real-world assets such as title deeds, luxury items, diamonds and more.
How is an NFT made? 287,000 monthly global searches
NFTs can be generated through the implementation of smart contracts. NFT marketplaces such as Open seax2y2 and Magic Eden make the NFT creation process more intuitive, where the user can upload files and create them as NFTs on the blockchain.
Where can you buy/sell NFTs? 116,400 monthly global searches
NFTs can be traded on a number of markets through different blockchain networks such as OpenSea, Magic Eden, LooksRare and even on some centralized exchanges such as Binance or FTX.
What is the most expensive NFT? 102,000 monthly global searches.
While most of the attention on NFTs is focused on collections of profile pictures such as “Bored Ape Yacht Club (BAYC)” or “CryptoPunks,” the most expensive individual NFT is Beeple’s “The First 5000 Days,” an art collage made every day for over 13 years, which sold for $69 million.
The most expensive compilation ever sold on the primary market was Pak’s The Merge, which entered 92 million dollars.
Why are NFTs valuable? 64,000 monthly global searches
As with physical art and other collectibles, an NFT becomes valuable if others perceive it to have value. The creator, the community around the NFT, along with other factors all affect the intrinsic value of the NFT.
In the case of game NFTs, it can represent the ownership of game resources in the game or the metaverse, and the development of the game or the roadmap of the metaverse can increase or decrease the value of the NFT.
Are NFTs harmful to the environment? 32,000 monthly global research
Environmental concerns around NFTs are due to the fact that NFTs are imprinted on the blockchain. However, the most popular chains for NFTs such as Ethereum (mail-Merge), Solanaand Polygon are now all based on the energy-efficient Proof-of-Stake consensus mechanism. Users can choose more energy-friendly networks to create NFTs.
What does minting mean? 29,800 monthly global searches
Minting is the act of generating a record of an object, such as an image or an audio file, on the blockchain as an NFT.
Typically, the record consists of a path to retrieve the item from a database, as well as valuable metadata, such as the original creator, timestamp of when it was created, properties, and more.
Why can NFTs be so expensive? 27,000 monthly global searches
Selected NFTs have commanded sky-high prices due to their exclusivity: through the blockchain, an NFT holder can verify that he or she is the sole owner of an item.
When it comes to NFT collections, NFTs with popular or rare properties are generally more sought after and will fetch higher prices due to higher demand. Some NFTs also provide special privileges or rights, such as access to an exclusive club or community, which may be attractive to some.
Are NFTs a better investment than cryptocurrencies? 19,200 monthly global searches
NFTs are neither better nor worse than cryptocurrencies as an investment. Just like traditional art, luxury goods, stocks, derivatives and so on, NFTs are just one of many available asset classes.
Equal cryptocurrenciesNFT prices can be extremely volatile and we advise everyone to do their own research (DYOR) before investing.
