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By Alessia Pannone – 17 Oct 2022
CoinGecko’s NFT expert answers the world’s most searched questions about NFTs on Google, questions that include whether NFTs are a better investment than cryptocurrencies.
“What is an NFT?” is searched on average 948,000 times per month worldwide. The second most searched NFT question is “How do you create an NFT?” which is searched about 287,000 times per month.
Summary
The study by CoinGecko, the world’s largest independent cryptocurrency website, analyzed thousands of NFT-related search terms to see which one is searched for the most on Google, of which the most common phrase asks what an NFT is.
The data indicated that the question is searched on Google an average of 948,000 times per month worldwide.
The second most common question is “How do you create an NFT?” which receives an estimated monthly average of 287,000 online searches.
In third place is “Where to buy and sell NFTs?” which is viewed on Google an average of 116,400 times per month.
The top five spots are completed by “What is the most expensive NFT?” in fourth place with 102,000 monthly searches, followed by 64,000 searches each month for “Why are NFTs valuable?”
“Are NFTs harmful to the environment?” ranks as the sixth most searched NFT question, thanks to an estimated average of 32,000 searches each month globally, followed in seventh by “What does minting mean?” with 29,800 monthly searches.
The eighth and ninth most asked NFT questions are “Why NFTs can be so expensive? with 27,000 monthly global searches and “Are NFTs a better investment than cryptocurrencies?” with 19,200 global searches each month.
Zhong Yang Chan, Head of Research at CoinGecko, provides the definitive answer to each of these key NFT questions.
NFTs are unique, non-fungible tokens on the blockchain, often used as digital representations of assets such as art, collectibles, music, video game items and real-world assets such as property deeds, luxury items, diamonds and more.
NFTs can be generated through the implementation of smart contracts. NFT marketplaces such as OpenSea, x2y2 and Magic Eden make the NFT creation process more intuitive, where the user can upload files and mint them as NFTs on the blockchain.
NFTs can be traded on a variety of markets through different blockchain networks such as OpenSea, Magic Eden, LooksRare and even on some centralized exchanges such as Binance or FTX.
While most of the attention on NFTs is focused on collections of profile images such as “Bored Ape Yacht Club (BAYC)” or “CryptoPunks,” the most expensive individual NFT is Beeple’s “The First 5000 Days,” an art collage created every day for over 13 years, which sold for $69 million.
The most expensive collection ever sold on the primary market was Pak’s The Merge, which grossed $92 million.
As with physical art and other collectibles, an NFT becomes valuable if others perceive that it has value. The creator, the community surrounding the NFT, along with other factors all influence the intrinsic value of the NFT.
In the case of game NFTs, it could represent the ownership of game resources within the game or metaverse, and the development of the game or the roadmap of the metaverse can increase or decrease the value of the NFT.
Environmental concerns surrounding NFTs are due to the fact that NFTs are minted on the blockchain. However, the most popular chains for NFTs such as Ethereum (post-Merge), Solana, and Polygon are now all based on the energy-efficient Proof-of-Stake consensus mechanism. Users can opt for more energy-friendly networks to mint NFTs.
Minting is the act of generating a record of an object, such as an image or audio file on the blockchain as an NFT.
Typically, the record consists of a path to retrieve the item from a database, as well as valuable metadata, such as the original creator, timestamp of when it was created, traits, and more.
Selected NFTs have fetched sky-high prices because of their exclusivity: through the blockchain, an NFT holder can verify that he or she is the sole owner of an item.
In the case of NFT collections, NFTs with popular or rare traits are generally more sought after and would achieve higher prices because of its higher demand. Some NFTs also confer special privileges or rights, such as access to an exclusive club or community, which may be attractive to some.
NFTs are neither better nor worse than cryptocurrencies as an investment. Just like traditional art, luxury goods, stocks, derivatives, and so on, NFTs are just one of many asset classes available.
Similar to cryptocurrencies, NFT prices can be extremely volatile in nature and we advise everyone to do their own research (DYOR) before investing.
Graduated in communication sciences, currently student of the master’s degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.
George Michael Belardinelli – 18 Oct 2022
Reporting the future.
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