The Huobi Global 2022 Research is aimed at the crypto industry and provides essential insights for analysts around the globe. One of their findings is particularly interesting.
The research team analyzed Google search trends to identify crypto sectors that generate the most interest in people. Surprisingly, NFTs are dominating in this metric.
Search volumes were compared for multiple items that are related to the web3 concept. Cryptocurrency, DeFi, GameFi, BTC, and NFT were all compared to each other.
The year of impactful NFT projects
When the concept of NFTs first appeared on the radars, it was quickly overtaken by a host of questionable products that do not have any practical use cases. The term non-fungible token was immediately mixed with “blockchain JPEGs” and other weird comparisons, driving NFT enthusiasts crazy.
It is true that the concept of NFTs was misrepresented, and many people decided to make it their mission to bring down the whole industry.
Their efforts were unnecessary as the NFT market collapsed on its own, thanks to the general bear sentiment around major tokens and the doubtful usefulness of many NFT projects.
Just a couple of months later, huge brands started announcing their NFT projects. These were not some game developers that wanted a quick buck.
Disney, Starbucks, Nike, FIFA, and many other brands have announced their web3 platforms, loyalty programs, and other products powered by NFT technology. The rollout of Starbucks alone gave a huge boost to the search volume of NFTs on Google.
We won’t build the entire industry around the concept of non-fungible tokens, but they do have a distinct utility, and people seem to be interested in them more than in other things that are being pushed by the industry’s spokespersons.
It is a good change of pace
Since the market is not enjoying good word of mouth right now thanks to efforts from Sam Bankman-Fried and his “colleagues”, the crypto industry could use a break. If the public switches its attention to NFTs for a while, it could give a bit more wiggle room for crypto projects.