Consumers from Asia and Oceania were more interested in NFTs than their counterparts from Europe, Latin America, or MENA. This according to information that was compiled from Google Trends, looking at how often people from around the world were searching for the keyword "NFT". Charts to measure whether an NFT hype was still present or not in 2022 started to appear as consumer data was not always available. One global consumer survey on NFT adoption per country, for example, was held in September 2021 – or half a year before the figures shown here. Either way, figures from both 2021 and 2022 suggest that consumers the United States, UK, and Germany were initially less interested in NFTs than those from other countries in the world. Why is that?
NFT interest tied to high-profile announcements
Many heard about NFTs for the first time when news outlets reported the high-value sale of Beeple crypto art piece “The First 5,000 Days” by auction house Christie’s. From that moment on, early adoption became a motivator for several U.S. consumers to acquire NFTS. The main motivation behind buying NFTs in the U.S. by that time, however, was return on investment. The rebranding of Facebook into Meta – by introducing the metaverse, a further application of NFTs, to a large audience – likely caused awareness to grow further. NFT-related announcements did not stop there: Canada’s increase in NFT searches, for example, might be caused by the news of KPMG Canada buying a World of Women NFT in March 2022. Celebrity promotions on Bored Ape Yacht Club (BAYC) in early 2022, whilst sparking outrage from some, may also have added to the growing familiarity of what an NFT could be.
GameFi and the early interest in (Southeast) Asia
Several countries in the top of this ranking are found in Asia. Many believe this is due to the rise of blockchain games and the growing number of GameFi users – especially in this region. Take, for instance, the Philippines: The country hit the news in the summer of 2021 as it decided to make cryptocurrencies earned within NFT game Axie Infinity - originally from Vietnam – taxable. This caused sales made within Axie Infinity – one of the world’s valuable NFT collections - to decline, as many believed the game to be an environment where you could earn money by just playing the game.
Search interest of consumers in the search term "NFT" in 206 different countries and territories worldwide from December 2021 to November 2022
Figures concern the previous 12 months, i.e. "Aug 2022" refers to the period from August 2021 to August 2022
Supplementary notes
The source adds the following: "values are calculated on a scale from 0 to 100, where 100 is the location with the most popularity as a fraction of total searches in that location, a value of 50 indicates a location which is half as popular. A value of 0 indicates a location where there was not enough data for this term. A higher value means a higher proportion of all queries, not a higher absolute query count. So a tiny country where 80% of the queries are for "bananas" will get twice the score of a giant country where only 40% of the queries are for "bananas"."
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Statista. (November 29, 2022). Search interest of consumers in the search term "NFT" in 206 different countries and territories worldwide from December 2021 to November 2022 [Graph]. In Statista. Retrieved October 09, 2024, from https://www.statista.com/statistics/1265980/nft-online-search-interest-country/
Statista. "Search interest of consumers in the search term "NFT" in 206 different countries and territories worldwide from December 2021 to November 2022." Chart. November 29, 2022. Statista. Accessed October 09, 2024. https://www.statista.com/statistics/1265980/nft-online-search-interest-country/
Statista. (2022). Search interest of consumers in the search term "NFT" in 206 different countries and territories worldwide from December 2021 to November 2022. Statista. Statista Inc.. Accessed: October 09, 2024. https://www.statista.com/statistics/1265980/nft-online-search-interest-country/
Statista. "Search Interest of Consumers in The Search Term "Nft" in 206 Different Countries and Territories Worldwide from December 2021 to November 2022." Statista, Statista Inc., 29 Nov 2022, https://www.statista.com/statistics/1265980/nft-online-search-interest-country/
Statista, Search interest of consumers in the search term "NFT" in 206 different countries and territories worldwide from December 2021 to November 2022 Statista, https://www.statista.com/statistics/1265980/nft-online-search-interest-country/ (last visited October 09, 2024)
Search interest of consumers in the search term "NFT" in 206 different countries and territories worldwide from December 2021 to November 2022 [Graph], Statista, November 29, 2022. [Online]. Available: https://www.statista.com/statistics/1265980/nft-online-search-interest-country/