Monday, September 26, 2022

Google Trends Shows Interest In NFTs Overtakes Crypto This Week | bitcoinist.com

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Google Trends data shows interest in NFTs has overtaken crypto for the first time this week as the digital collectibles boom continues.

Google Trends Shows Interest In Search Term “NFT”, Now More Than “Crypto”

As one analyst As pointed out on Twitter, the latest data from Google Trends says interest in the search term “NFT” is on the rise, and has now surpassed “crypto” for the first time this week.

Here is the data that highlights the trend between the two popular search terms:

Google Trends: NFT vs Crypto

Looks like the interest in non-fungible tokens is now greater than cryptocurrencies | Source: Google Trends

In the graph above, “interest over time” is plotted for the two search terms. This metric measures interest relative to maximum interest for a specific time period.

The value of “peak interest” is taken to be 100, and all other values ​​are assigned relative to it. For example, a point on a curve with a value of 50 would mean that the search term was half as popular as the highest popularity at the time.

Related Reading | Why Iron Man co-star Gwyneth Paltrow wants to gift you $500K in bitcoin for the holidays

Now, as you can see in the chart, interest around the search term “NFT” has been steadily increasing since around August.

This week, for the first time ever, non-fungible tokens have been more trendier than crypto as the curve of the former has outpaced the latter.

What can these trends mean?

The crypto term slowing down could be a result of bitcoin (as well as the market as a whole) which has been mostly in consolidation for some time now.

On the other hand, the NFT market has been in a relatively bullish phase for some time, so it is natural that interest will continue to rise.

Related Reading | Bitcoin Hash Rate Down 8% from ATH, What’s Behind the Decline?

The chart below shows how the non-fungible coin’s weekly trading volume has increased significantly since August, confirming the increased popularity.

nft trading volume

The NFT boom continues | Source: NonFungible

Another factor could be that since crypto (and bitcoin) has already established itself as popular terms, there won’t be many people searching directly for words like these. While NFTs are only getting mainstream exposure right now, many newcomers are looking for this position.

At the time of writing, the price of bitcoin is down 2% over the past seven days, around $48.5k. Below is a chart that shows the trend in the coin’s value over the past five days:

bitcoin price chart

BTC's price surged up a few days ago, but has since moved sideways | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Google Trends, NonFungible.com

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