Non-Fungible Tokens (NFTs) have seen a spike in interest. According to Google’s keyword search data, traffic for NFTs have surpassed many of the top 10 crypto assets. Google Trends shows a substantial increase in interest in NFTs in June search volume had dropped by 75%, but interest began to rise once again in July, and by the end of October, the bubble had soared to new highs.
A look at Google Trends will show that Asian countries are now dominating NFT search traffic with many east Asian countries at the top of the search ranks for the topic.
There was a spike in searches for ‘NFT’ on China’s internet between September 5 and 11. Tencent’s Huanhe NFT trading platform and Alibaba’s NFT licensing marketplace both launched in the same month leading up to the rise in NFT trading activity. China’s Communist Party produced a series of remarks criticising NFTs via the People’s Daily on September 10, possibly causing the search traffic to slow.
What are NFTs and how can you own one?
NFT stands for Non-Fungible Tokens. You can use the phrase non-fungible to describe items like your property, a tune, or your computer. Because of their unique attributes, some objects cannot be replaced for other items. Instead of being defined by their distinct qualities, fungible goods can be transferred because their worth determines their value.
Tokens such as NFTs can be used to denote ownership of a certain item. They allow us to tokenise everything, from art to real estate. NFTs can only be owned by one person at a time.
Why this sudden spike in interest for NFTs?
NFTs are spiking interest among investors across the world because of their credibility and verifiability. They cannot be re-made or copied and hence provide security to the owner and they generally increase in value in the long run. Alongside this, large investments from major celebrities and influencers have made NFTs the talk of the town virtually everywhere.
Although NFTs were once limited to images and movies, they are now much more expansive. For the first time in the history of NFT, CryptoTale has created an interactive 3D exhibition of its digital artworks that leverages WebGL technology to provide an immersive Augmented Reality experience.
It is a unique opportunity for cryptocurrency enthusiasts and collectors to buy a piece of history in a still evolving and expanding universe of modern art of all types.
Conclusion
New technology such as NFTs have taken over the world of art and games. It doesn’t matter if you think they’re nothing more than a speculative trend, or a fantastic new opportunity for artists, they keep making news for selling for millions of dollars every day.
NFTs are still flying off the shelves, even though their long-term viability is still largely unknown. Some believe that NFTs are here to stay, and with the rise of Facebook’s Metaverse -“meta”, now is a good time to try and get a piece of the pie before it cools down.
#crypto # cryptocurrency #fintech #blockchain #NFT #opense #Google
Read more: https://www.astralis.ai/blog/google-searches-for-nfts-spike
