Google Trends shows interest in nonfungible tokens (NFTs) has surged to record levels.
It has been reported that according to Google Trends, interest in NFTs saw a dramatic spike at the start of the year as Dapper Labs’ NBA Top Shot and vintage Ethereum-based NFTs saw frenzied speculation.
However, while the bubble initially appeared short-lived with search volume drying up by around 75% as of the end of June, interest began to bounce back in July before breaking into new highs at the end of October.
The report said that the spike in interest has seen “NFT” overtake many keywords that have long-dominated crypto-related search traffic, including “DeFi,” “Ethereum,” and even “blockchain.” While Dogecoin firmly captured the public’s imagination during the second quarter, with search volume for “Dogecoin” rising to rival “Bitcoin” in early May, dog-token fever quickly subsided in the third quarter.
As such, the Google Trends data suggests the momentum behind the canine-coin rally was immediately channeled into the hype for NFTs. According to Google Trends, NFT search traffic is currently dominated by Asian nations, with China, Uganda, Singapore, Hong Kong, and the Philippines topping the keyword’s search rankings.
Thus, China’s search volume for ‘NFT’ peaked between Sep 5 to 11 this year. The month before the spike, Chinese tech conglomerate Tencent launched its NFT trading platform Huanhe and Alibaba launched a marketplace allowing users to trade licenses to create NFTs from copyrighted content.