More and more popular NFTs despite the distrust of the market
Google Trends, a tool for measuring general or retail interest in trending topics, is currently returning a perfect score of 100 for the worldwide “NFT” search query for the past five years. This is a sign that more and more people are crawling the web for information on NFTs. By comparison, searches for bitcoin and ether have dropped significantly in recent weeks, with scores hovering below 50.
However, while interest in digital collectibles has remained resilient, possibly due to several projects announced in recent weeks, usage metrics such as daily transaction volume and daily users show activity across major NFT platforms. It has slowed down considerably since August.
Google Trends provides access to a mostly unfiltered sample of search requests and scales them across a range from 0 to 100. The search value represents the search interest relative to the top of the chart for the area and the time you select. The price of bitcoin, the leading cryptocurrency by market value, has fallen by 30% in the past five weeks, dragging the broader market down and instilling a sense of unease in market participants. The Fear & Greed cryptocurrency index recently dropped below 25, signaling extreme fear.
Interest in digital collectibles may have been bolstered by new projects announced in recent weeks, FRNT Financial noted. Last week, former First Lady Melania Trump announced the launch of an NFT series and NFT platform on the Solana programmable blockchain. On Friday, sportswear giant Adidas Originals said it earned $ 23.5 million from NFT sales. And on Monday, basketball giant Michael Jordan and his son announced the launch of an athlete-focused NFT program in 2022.
The widespread interest in NFTs represented by web search data could still decrease once the recently announced news loses interest. After all, a perfect score of 100 marked major price highs in bitcoin, solana and other cryptocurrencies as well.