Google is a great source of information and is the most visited website on the planet. So it’s not surprising that they amass great quantities of information and we can see trends for various search terms.
According to Google Trends, search interest for NFTs recently surpassed searches for crypto in Australia.
Crypto? Yes. NFTs? Hell, yes!
Australians may be passionate about crypto, but according to Google, they are even more passionate about NFTs.
According to recent data from Google Trends, search interest for NFTs briefly surpassed crypto searches. In the first week of February, searches for NFT scored 26, compared to 24 for cryptocurrencies. Although the following week saw a reversal, the trend is clear: Australians are increasingly interested in NFTs specifically and not only crypto.
Of course, that is a development that has been long coming. Australian NFT and gaming startups have been booming. After Illuvium kicked off the trend in NFT gaming (at least in Australia), the popularity and demand for non-fungible tokens is continuously surging. The Australian Open recently even launched its own NFT collection, with the winning match point Rafael Nadal’s record-breaking 21st Grand Slam victory dramatically soaring in value.
For now, search terms suggest that Aussies are NFT-curious. Some of the top search terms are “nft meaning,” “non-fungible,” and “what is nft.” Art is of interest too, with “nft art” ranked second. Search interest was highest in New South Wales (100), followed by the Northern Territory (97), and Queensland (93). Tasmania ranked last (45). NFT search interest has also never been higher than at the end of January, suggesting the bullish sentiment on social media is based on fundamentally growing interest.
NFTs on the march worldwide, too
However, this trend isn’t limited to Australia only.
Transaction volume on OpenSea, the world’s most popular NFT trading platform, surpassed $10 billion ($14 billion AUD) for the first time at the end of December. Unsurprisingly, considering that A-grade celebrities like Snoop Dog, Grimes, Mila Kunis, Steve Aoki, and Melania Trump are promoting their own NFT collections to the public. Brands, too, have caught on to the trend, with Nike, Adidas, Prada, and others entering the NFT realm.
Popularised by play-to-earn NFT games like Axie Infinity and pushed into the crypto mainstream by collections like Sorare, NFTs may be the hero crypto needs. Even though they are commonly known for profile picture (PFP) collections – OpenSea trading volume surged in January and will likely post another record soon – NFTs actually have use cases far beyond avatars.
For instance, instead of ending up in the pockets of both honest and nefarious founders, proceeds from NFT auctions can also go to nonprofits or charities. Furthermore, crypto holders can purchase real-world or digital art with NFTs and deduct their donations to save on taxes, making NFTs a simple tool to do good. Finally, NFTs enable lesser-known artists from emerging economies to broadcast their talents without physical exhibits. For instance, Mongol NFT is a project that puts the history of the steppes and tales of nomadic horse riders on the blockchain.
If NFTs start breaking out of the avatar and art niche into other use cases, the FOMO might really be on. Good times for NFT investors and time for newcomers to learn more. Google is just one click away.