According to Google Trends data, people in Asia-Pacific (APAC) countries seem to be the most curious about NFTs amid the ongoing non-fakeable token (NFT) craze.
Google Trends data shows that China, Singapore and Hong Kong are the three countries with the highest number of searches for “NFT” on Google in the past year.
The data shows that China posted the highest number of such searches, with a Google search index of 100 points. Singapore and Hong Kong followed with 67 and 62 points respectively. Other major countries searching for “NFT” include Venezuela, the Philippines, Cyprus, Canada, New Zealand, Australia and the United States.
Khashayar Abbasi said that China, the most populous country in the Asia-Pacific region, may be entering NFTs to mitigate the consequences of the country’s latest super-cryptocurrency ban announced in late September.
“The country’s recent ban on cryptocurrency trading could see keen cryptocurrency investors move to NFTs,” Abbasi said, noting that China’s e-commerce giant Alibaba launched its own NFT marketplace in August, which could also further boost the popularity of NFTs in China.
According to one report, the biggest “NFT” searches in China come from the eastern provinces of Zhejiang, Shanghai and Hubei (now most notably Wuhan). It should be noted that Google has been technically blocked in China since 2010 as part of the “Great Firewall”.
“Asian countries are typically more accustomed to cashless and digital systems than Western countries, so that’s probably why their adoption of NFTs is so widespread,” Abbasi added.
According to the report, Google searches for “NFT” again surpassed queries for “cryptocurrency” in September, following a major spike in March.
As a result, Japan had the highest percentage of NFT searches, surpassing cryptocurrencies, as this new market apparently surged in popularity. In contrast, Nigeria had the lowest ratio of NFT searches to cryptocurrencies, as the country has the highest cryptocurrency ownership rate in the world, according to Statista.
According to Abbasi, the world is just beginning to discover the tip of the iceberg when it comes to the use cases of NFTs, including new opportunities for the rich to flaunt their wealth.
“Before, the rich would buy expensive watches to show off their wealth, and only those who met them in real life would see what they were wearing. Now, you can buy an NFT, post it on social media, and everyone in the world can verify 100% that it’s yours,” he noted.