Most people have heard of non-fungible tokens (NFTs) for the first time this year, which has caused the price of these tokens to go through the roof. On the other hand, people are still skeptical when we talk about anything in digital space and they even wonder if it is better to keep bitcoin in a crypto exchange or wallet. However, there are articles that discuss cryptos, including NFTs.
This huge rise of more than 500% is due to sales at the higher end. During this time, the number of works sold went from 5.1 million to 10.1 million, which is a 98% increase.
In the past few years, non-fungible tokens, or NFTs, have taken the world by storm. Now, they are the hottest new thing in technology, and everyone is talking about them.
You, the reader, probably have an NFT or know someone who does and can’t stop talking about it. People who like this trend say it’s like the 1990s craze for collecting Pokemon cards. People who don’t like it have called it the new Beanie Babies, a trend that won’t last.
Based on a recent survey with more than 28,000 people worldwide, this article will look at the countries with the most NFT users. This is because the number of NFTs being traded keeps going up.
What does the acronym NFT mean?
“Non-fungible” means something is unique and can’t be changed into something else. The fact that a ten-dollar bill can be changed into anything else shows that the Mona Lisa can’t be changed into anything else.
A “token” is a line of code on a blockchain, usually Ethereum, that says who owns a digital asset. This is like how code on a blockchain proves that someone owns a unit of a cryptocurrency like Bitcoin.
The digital asset could be a painting, a movie, a song, or even a meme, and we might only be scratching the surface of what it could be used for.
Depending on the asset, it might be possible for other people to watch it online for free. This part might feel like looking at the Mona Lisa in a museum, but the token shows that it really belongs to someone.
Lastly, they have become a sign of how well off someone is. People who wanted to show off their wealth used to buy expensive watches, which could only be seen by people who met them in person. You can now buy an NFT and post a picture of it on social media. People everywhere will know for sure that it belongs to you.
- Hong Kong
- South Korea
Abbasi says that because NFT transactions are anonymous, it is impossible to know where most NFT users are worldwide. But Google Trends and how people feel on social media could help answer this question.
Bankless Times looked at the data from Google Trends to find out where people were most interested in “non-fungible tokens.” This analysis took language and character differences as well as other search terms related to the topic, into account.
Abbasi says, “Asian countries are often more used to computer-based systems that don’t use cash than western countries are.” This could be why non-fiat currencies are used so much in Asia. Then, people went to New Zealand. They could only go to Cyprus or the Netherlands when they got to Europe. It’s possible that in the long run, NFTs will be better known than cryptocurrencies.
The market for cryptocurrencies is now much bigger than the market for NFTs, which is expected to be worth $2.60 trillion worldwide. Even though one is designed to work as a unit of digital money and the other as a digital asset, cryptocurrencies, and digital assets have a lot in common. Both are based on blockchain technology, are used a lot as ways to invest, and are proliferating.
Bankless Times wanted to know if people had been searching online for “NFT” and “cryptocurrency” more or less over the past year.