Tuesday, February 7, 2023

Google NFT Search Queries Surge 300%, Overtaking Defi Queries

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Google NFT search queries surge by 300% and the data shows that they overtook the queries for DeFi while continuing to grow at unprecedented rates so let’s read some more in our latest cryptocurrency news today.

Alongside DeFi, NFTs are on the frontline of the crypto space and caused widespread hysteria which can be compared to an ICO boom in 2017 but for most of the time, NFTs fell behind DeFi in search of interest, but now all this changed. With its connection to real estate, art, collectible enthusiasts, a new space has formed and now the NFT data aggregator reported that the industry grew by 300% from the year before. At the time of the report, the NFT industry was worth about $250 million.

Searches for NFT vs. DeFi. Source Google Trends

The growth since was nothing short of explosive and the enthusiasts doled out millions of dollars for digital artwork, celebrity NFTs, rare collectibles, tweets, and music albums. Many were dumbstruck by the craze and wondered if anyone will splurge a huge amount on digital items but maybe this accounts for the recent surge in NFT searches lately.  The Google NFT search queries surged ahead of DeFi and remained in a shadow for a long time while Defi searches peaked at the start of January and then declined slowly below NFTs. These searches exploded since then and the current count is three times the one of Defi.

The NFT searches eclipsed those of ICOs that were recorded in the peak period so it seems that the NFTs are the biggest phenomenon in the industry and are becoming hard to ignore. While skeptics argued that NFTs are a bubble, enthusiasts remained unfazed and they continue splurging huge amounts to purchase the tokenized assets.

DeFi Gen2 Tokens, market, coins, analyst

We saw Beeple’s auction a day ago for the First 5000 Days artwork and about $69 million emerged as the winning bid for the NFT. The avant-garde features a combination of 5000 artworks on one canvas and the artist Mike Winklemann created each of the digital art that made up the piece in the last 5000 days. non-NFT fans are eager to enter this space but the owners think that the assets can even be worth a fortune in the future. For example, one of the nine CryptoPunks was purchased for $15K in 2018 and it was later sold for $8 million.

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