The past 7 days have seen a drop in non-fungible tokens (NFTs) sales of 23.37%. In addition, 30-day statistics shows that NFT sales were down 63.10% over the same period last month. Recent research shows that NFT interest is declining, but global regions like Singapore or Hong Kong are leading the charge in NFT interest. The research further suggests that “Poland is the most anti-NFT country.” The most searched NFT project worldwide, according to search volumes by country, is Axie Infinity, which commands 112 countries in terms of the top searches by collection.
Singapore, Hong Kong, and Canada Have the Most NFT Interest — Poland, Nicaragua, and Belize Are the Most Anti-NFT Countries
Cashnetusa.com has published a study that shows how researchers searched through NFT search data for every country from March 2022. They then used the Ahrefs tool to calculate the monthly searches per 1,000,000 people. Furthermore, cashnetusa.com researchers also leveraged the Twitter API and Snscrape tool to go through tweets matching the queries “NFT” and “NFTs.” From here they used the Cardiff University-developed Hugging Face tool to run a sentiment analysis on the data. The team also calculated the 100 most popular NFTs on Opensea and scraped the data using the Ahrefs tool for each country.
A number of interesting findings show how NFTs have affected each country and researchers highlight that Singapore is the “most hungry” for NFTs. “Singapore searches for NFTs more than any other country, with 18,717 searches per million inhabitants per month,” the study details. Researchers explain that currently, Montenegro is considered the most pro-NFT country worldwide as it captured “862 out of 1000 tweets proving positive.” The European country Poland is anti-NFT according to the research, with “227 of every 1,000 NFT-themed tweets found to be negative in sentiment.”
Global Searches, NFTs by Decentraland and Axie Infinity
Cashnetusa.com’s report also shows that the blockchain NFT game Axie Infinity is the most popular NFT project in terms of countries worldwide. According to dappradar.com Axie Infinity was able to sell NFT products worth $4.23 trillion among its 2,115 063 traders. According to the study, Axie Infinity is the most searched in 112 countries. Decentraland comes in second place with 43 searches, and Bored Ape Yacht Club is able to capture six.
“As a limited-edition collection with a steep entry price, the Apes may be headline news — but they’re not at the fingertips of the average NFT enthusiast when Googling for new acquisitions,” the cashnetusa.com researchers detail.
Cashnetusa.com’s research adds that NFTs involve a whole lot of “social, technical, and environmental weirdness,” and stresses that the subject can be controversial as well. “Where money and prestige lead, divided opinions follow. Wild investments, scams, environmental fears, and hard-to-fathom technology shroud NFTs in controversy — NFT commentators fall into two camps: evangelists and skeptics. And among NFT evangelists, everyone has their allegiance, be it to Bored Apes or Axie monsters,” the report’s author concludes.
What do you think about cashnetusa.com’s recently published NFT research report? Please comment below to let us know your thoughts on this topic.
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