by Jamie Redman
During the past seven days, non-fungible token (NFT) sales have dropped 23.37% and 30-day statistics show NFT sales are down 63.10% from the month prior. While NFT interest has been waning, a recent study indicates that global regions like Singapore and Hong Kong lead the pack in terms of 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.
A new study published by cashnetusa.com, says researchers combed through NFT search data in every country in March 2022, and then calculated the number of monthly searches per 1,000,000 members of the population using the Ahrefs tool. 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. Lastly, the team calculated the top 100 NFTs of all time on the Opensea marketplace, and scraped through those specific search volumes via the Ahrefs tool in every country as well.
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.”
Cashnetusa.com’s report also shows that the blockchain NFT game Axie Infinity is the most popular NFT project in terms of countries worldwide. Axie Infinity has seen $4.23 billion in NFT sales among 2,115,063 traders, according to dappradar.com. The study indicates that Axie Infinity commands 112 countries in terms of the magnitude of searches. Decentraland is the second most searched in 43 countries and Bored Ape Yacht Club (BAYC) captures six countries.
“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? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Cashnetusa.com research images
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