Friday, March 29

Searches for the term NFT are about to pass searches for Bitcoin


As pointed out by Google Trend data, searches for the term NFT are about to pass searches for the word Bitcoin. At the moment, worldwide interest in NFT is at 19, on a 0-100 chart, while Bitcoin is at 22.

In Brazil, this difference is still large, although decreasing. As a highlight, the term NFT has already passed Bitcoin in Asian countries like South Korea, Singapore. Philippines and, interestingly, China itself, where cryptocurrencies have been banned.

As for its use as a way to protect the ownership of an item (digital or not), this week Twitter started showing NFTs on its platform, and even Neymar bought a BAYC for R$6 million. Following the wave, Facebook and Instagram are also eyeing this market.

NFT searches begin in 2021

Although the use of a non-fungible token (NFT) started back in 2017 with CryptoKitties, it was in 2021 that public curiosity about the topic began to grow.

As pointed out in a 2021 retrospective on Ethereum, the main blockchain that works with NFT, this use case managed to bring different tribes into the cryptocurrency world.

The NFTs were then able not only to bring but also bring together artists and art collectors, sports clubs and fans, celebrities and fans, as well as game developers and players, in addition to other cases.

Being a new term, it is only natural for people to search for it to understand it. The curious thing is that this growth is being gradual, that is, without a strong explosion. This is great, after all, it shows that people are not entering this market just for fear of being left out.

Searches for the terms Bitcoin (in blue) and NFT (in red). Source: Google

While NFT is at its peak, Bitcoin was most sought after in 2017. That is, although the price of BTC has tripled from its 2017 peak, people are chasing less because they already know what it is about.

Asian countries dominate NFT searches

Among the top five countries looking for the term NFT, China, with a population of 1.4 billion, is in the lead even after the government banned cryptocurrencies there.

Countries with the greatest interest in NFT. Source: Google

In addition to China, the list is made up of Hong Kong, Singapore, the Philippines and South Korea, showing strong interest in NFT in Asia. Already in 6th place is Venezuela, remembered for the recent hyperinflation, where the NFT game Axie Infinity went viral in mid-2021. Brazil is in 49th place.

While it’s too early to say whether NFTs are here to stay, it’s remarkable that such a new technology is making such a splash. However, it is worth remembering that this demand is also a full plate for scammers, so redouble your attention when investing in this sector.





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