The Rollercoaster Ride of NFT Interest

It’s no secret that NFTs, or non-fungible tokens for those still pretending they’re in 1999, have been on a wild ride. Google’s keyword search data shines a spotlight on this digital phenomenon, revealing a surge in interest that has left other crypto assets looking like they just got dumped at a prom. The spike began sharply at the start of the year, propelled by Dapper Labs’ NBA Top Shot and a collective obsession with vintage Ethereum-based collectibles.

From Boom to Bust: What Happened?

After the initial frenzy, reality hit harder than a bad first date. Search volume for NFTs plummeted by about 75% by the end of June, leaving many wondering if the bubble had truly burst. But just as 2021’s equivalent of a summer blockbuster seemed to have its closing credits, interest began to rebound in July. By October’s end, it was like the NFTs came back with a sequel that was even worse than the first!

Charting the Course: Analyzing the Data

Recent Google Trends data reveals that not only did search traffic for NFTs return, but it has since doubled within just three months! “NFT” has jumped ahead of longstanding giants in the crypto world, outsearching terms like “DeFi,” “Ethereum,” and even “blockchain.” Who knew the funky, pixelated JPEGs could eclipse the likes of cryptocurrency mainstays? Move over, Bitcoin—there’s a new kid on the block, and it’s wearing pixelated sunglasses!

Dogecoin to NFT: The Transfer of Hype

For a brief moment, it seemed like Dogecoin had everyone barking up the wrong tree. Search interest for “Dogecoin” soared to rival “Bitcoin” in early May, but by the end of the second quarter, the excitement waned faster than a fad diet. Google Trends indicates that when the dog-token hype faded, it swiftly found its way into the rising tide of NFTs. Apparently, people are always ready for the next shiny object.

NFTs Go Global: The Asian Surge

While we’re nodding along to this digital gold rush, let’s check out who’s leading the charger crew. Asian nations dominate NFT-related search traffic, with China, Uganda, Singapore, Hong Kong, and the Philippines topping the charts. Remember that spike in China? It occurred after Tencent launched its NFT trading platform, Huanhe, and Alibaba boldly stepped into the NFT marketplace arena. However, the mood turned sour when state media released warnings against NFTs. Talk about a rollercoaster of emotions!