Which country uses NFT the most?
According to Google trends, citizens of China and Singapore are the most interested in NFTs, as of 2021.
Web3 is a revolutionary phenomenon that operates in a decentralized manner, setting it apart from traditional infrastructures and institutions. Its unique nature enables it to function seamlessly and effectively across international borders, catering to a global audience. This feature has enabled creators and developers worldwide to leverage blockchain-based technologies like NFTs and turned it into a highly profitable industry with a trade market size measuring in the billions. The shift introduced by NFTs in terms of culture and finance is only expected to increase, with estimates predicting a value of $13.6 billion for the global NFT market size by 2027.
Despite its continued mainstream adoption and huge market impact, NFTs remain widely misunderstood and regarded with fear, leading to countless memes depicting the frustration of community members in explaining its basics to those who wish to own a JPEG. Furthermore, the international reception of NFTs varies widely due to its significant financial impact leading to both success and ruin. Using Web3 technology also comes with a wide array of emotions, including FOMO and FUD. However, with the changing times, there is a shift towards a better understanding of the technology on an international level.
NFT sentiment around the world
Recently, CashNetUSA conducted a comprehensive analysis aimed at breaking down the global sentiment towards NFTs by using various metrics. To achieve this feat, they employed cutting-edge tools for keyword research, rank tracking, and site audits. Essentially, they analyzed NFT-related searches across every country throughout the world. After tallying the search volume, they calculated the monthly searches per million people in the population of each country, ranking the countries accordingly.
The team also gathered information from Twitter, analyzing millions of tweets using sentiment analysis models developed by Cardiff University. Specifically, tweets that had a higher probability of being negative were labeled as such (i.e., negative sentiment) if the probability surpassed 0.5. The team only worked on data from countries that had at least 50 NFT-related tweets.
To cap it all off, the researchers also compared NFT project search volumes with OpenSea’s list of the top 100 NFTs of all time. By doing this, they could determine which NFT projects were the most sought-after by country. Ultimately, the analysis offers unparalleled insights into the global perception of NFTs.
Countries most interested in NFTs
After conducting thorough analysis, the results were somewhat surprising. It was interesting to see that Singapore is among the countries that are most interested in NFTs, as it came out on top with a monthly search volume of 18,717 per one million in population. This could indicate that there is a high level of interest and awareness of NFTs amongst the population in Singapore.
Following close behind Singapore, on the list of countries most interested in NFT, we have Hong Kong, Canada, Iceland, and the United States rounding out the top five spots. This shows that NFTs are gaining popularity across the world and are not limited to a single region. It will be fascinating to see how the interest in NFTs continues to grow and evolve in different countries over the next few years.
Countries that like and dislike NFTs the most
According to recent research, Montenegro has been named the top country showing significant interest and appreciation towards NFTs. The study found that for every 1,000 tweets about NFT, Montenegro had 862 positive posts, indicating its strong support for the new trend in digital art.
The study also revealed that other countries such as Colombia, France, Lebanon, and Vietnam also showed a high enthusiasm for NFTs. However, it is essential to note that not all countries have a positive view on NFTs, as some nations such as Poland, Nicaragua, Ireland, Jamaica, and Kosovo have exhibited a more negative sentiment towards this new technology.
Understanding these different perspectives on NFTs among different countries can provide further insights into the evolving digital art scene and how it is resonating with people in diverse global communities.
The most popular NFTs in every country
The article delves into the fascinating topic of the most-searched NFT projects in the world. It was discovered that Axie Infinity was the top search result in an astounding 112 countries, followed by Decentraland, Sorare, and Bored Ape Yacht Club. Interestingly, the study also explored the popularity of these projects in individual countries, shedding light on regional differences.
Moreover, it’s worth noting that these NFT projects are primarily part of the thriving play-to-earn metaverse realm. This finding isn’t surprising considering gamified projects seem to have more global recognition and appeal in the early days of Web3 when compared to projects focused purely on art or those integrating other forms of utility.
If you’re keen on discovering more in-depth information about these projects and their impact on different regions, be sure to check out the fascinating graphics below. Regardless of personal beliefs about NFT, it’s undoubtedly a positive development that we’re finally gaining a better understanding of the global impact of this technological innovation.