Interest in the NFT Sector in Asia Increased Significantly!

Since the beginning of the year, NFT searches worldwide have fallen sharply. Between January 23 and January 29, search frequency was at its highest at 100 out of 100. But between August 7 and August 13, it dropped 85 percent to 15. According to a review of Google Trends data by Bankless Times, the decline continues. While the crypto sector and general interest in NFTs has deteriorated, NFTs remain popular in Asia. The continent is also home to seven of the top ten countries where people search for NFTs the most.

Jonathan Merry, CEO of Bankless Times, explained that the strong gaming culture in Asia may be one reason why so many people in Asia are looking for NFTs. China is the largest gaming market in the world, with around 740 million gamers. Moreover, Asia's growing dominance in NFT search interest is driven by several factors, notably the region's strong gaming culture and growing GameFi audience. Asian countries are home to some of the largest gaming markets in the world, providing a ready audience for NFT-based games. Furthermore, Jonathan Merry, CEO of Bankless Times, argues that Asian businesses are at the forefront of creating new gaming platforms and NFTs. This idea 'comes from a growing interest in NFT technology and how it can be used. Asian countries compete with each other in NFT search frequency. With 100% search value, China and Hong Kong lead the way. The two countries have also experienced a surge in interest in NFTs since December 2021. During this time, the search value has remained around 100. On the other hand, regulatory measures are increasing in Hong Kong. However, despite this, the search value has increased from 60 in December 2021 to 100 as of August 13. This means that NFTs were 66.67 percent more talked about at that time. Taiwan is another Asian country that has seen a huge increase in NFT searches. The NFT search interest value for the country increased by 107 percent, from 26 to 54. The last three Asian countries on the list are Macau, Mongolia and South Korea. Also not in Asia, Gibraltar, Nigeria and Cayman Islands are in the top ten list. US Loses Leadership! The biggest declines in NFT search interest were experienced in the United States, Canada and Venezuela. With an NFT search interest index of 36, the United States ranks 38th. This also represents an 18 percent decrease from December 2021, when it was 44. There is a link between the increase in search interest and the launch of well-known NFT startups. From December 2021 to August 2022, the number of searches for Venezuela dropped by 33 percent, from 60 to 40. However, the decline is largely attributed to political and economic instability in the region. When things go bad, people are less likely to invest in digital assets such as NFTs. On the other hand, NFT search interest values increased the most in Nigeria in 2021. The country's score was 27 in December 2020. However, it increased to 68 within 8 months, an increase of 151 percent. This increase is likely due to Nigerian investors and consumers learning more about NFTs. This interest has always moved in direct proportion to the hope of making money. However, the huge returns that were once typical for such assets have slowed down as people have become less interested in them. This has also led to a decline in the market and reduced search interest. Canada's NFT search interest index fell sharply in 2022. While the score was 36 in December, it was only 30 in August 2022. Source: nfxhaber.com