Google Trends data reveals interest in NFTs has overtaken that in crypto for the first time ever this week as the digital collectibles boom continues.
Google Trends Show Interest In Search Term “NFT” Is Now Greater Than In “Crypto”
As an analyst on Twitter pointed out, latest data from Google Trends says interest in the search term “NFT” has been going up, and has now overtaken “crypto” for the first ever this week.
Here is the data that highlights this trend between the two popular search terms:
Looks like the interest in non-fungible tokens is now greater than cryptocurrencies | Source: Google Trends
In the above graph, “interest over time” is plotted for the two search terms. This metric measures the interest relative to the peak interest for the specific time period.
The value of the “peak interest” is taken to be 100, and all other values are assigned relative to this. For example, a point on the curve with value 50 would mean that the search term was half as popular at this time as compared to the highest popularity.
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Now, as you can see in the chart, interest around the search term “NFT” has been steadily going up since around August.
This week, for the first time ever, non-fungible tokens seem to have been more trendy than crypto as the former’s curve has overtaken that of the latter.
What Could These Trends Mean?
The crypto term slowing down could be the result of Bitcoin (as well as the market as a whole) being in mostly consolidation for a while now.
On the other hand, the NFT market has been relatively in a phase of boom for a while now so it’s only natural that interest would continue to move up.
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The below chart shows how the non-fungible token weekly trading volume has been quite raised since August, corroborating the increased popularity.
The NFT boom continues | Source: NonFungible
Another factor could also be that since crypto (and Bitcoin) have already established themselves as popular terms, there wouldn’t be as many people directly searching for terms like these. While NFTs are only just now getting mainstream exposure so there are many newcomers looking the term up.
At the time of writing, Bitcoin’s price floats around $48.5k, down 2% in the last seven days. Below is a chart that shows the trend in the coin’s value over the past five days:
BTC's price surged up a few days ago, but has since moved sideways | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Google Trends, NonFungible.com