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Google Trends, a tool for assessing general or retail interest in trending topics, currently scores an ideal 100 on the worldwide search query “NFT” over the past five years. This is a sign that more and more people are looking online for information about non-fungible tokens. For comparison, the terms “Bitcoin” and “Ether” in recent weeks have become much less searched for, and their indicators have dropped below 50. A similar picture is observed for dogecoin and shiba inu – cryptocurrencies that are considered by small investors.
Interest in digital collectibles remains robust, perhaps thanks to several high-profile projects announced in the past few weeks, but metrics such as daily transaction volume and daily user count have dropped significantly since August.
“In December and November, daily transaction volume on OpenSea, considered the most popular NFT platform, averaged $ 67 million, up from a record high of $ 303 million in August,” said FRNT Financial, a newsletter published on Monday.
“Google searches for ‘non-fungible token’ are highest in China, followed by Singapore, Venezuela, Hong Kong and the Philippines,” FRNT Financial said.
“Over the past 12 months, the two most popular related search topics are ‘monkeys’, from the Bored Ape Yacht Club collection, and MetaMask.”
Google Trends provides access to a nearly unfiltered sample of search queries and scales them from 0 to 100. A search query value represents search interest relative to the highest point on the graph for a selected region and time.
The price of Bitcoin, the main cryptocurrency by market value, has fallen by 30% over the past five weeks, and altcoins are also falling, and market participants began to feel anxiety. The Cryptocurrency Fear and Greed Index recently dropped below 25, indicating extreme fear.
Interest in digital collectibles may have been fueled by new projects announced in the past few weeks, FRNT Financial notes.
Last week, Former US First Lady Melania Trump announced the launch of the NFT Series and the NFT Platform on the Solana Programmable Blockchain. Sportswear giant Adidas Originals said Friday that it raised $ 23.5 million from NFT sales. And on Monday, basketball player Michael Jordan and his son announced the launch of the athlete-focused NFT program in 2022.
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