NFTs approach Bitcoin volumes in Google Searches

NFTs continue to reach new all-time highs in search volume, far outpacing Ethereum in Google searches.

A one-to-one comparison shows that Ethereum worldwide interest is at 47, up from 32 last week, while NFTs are at 100 on a scale of 0 to 100.

The countries most interested in the new phenomenon of non-fungible tokens are Japan, South Korea, Hong Kong, Indonesia, and Thailand (NFTs).

Although bitcoin interest is expected to rise significantly, NFT's popularity has risen to the point where it is not far off from bitcoin level searches.

Taiwan, Ukraine, Japan, and South Korea are among the countries with the most interest.

In Taiwan, 70% are interested in NFTs while only 30% are interested in bitcoin, indicating that NFTs are taking Asia by storm.

Bitcoin is king in Ukraine, indicating that the country's ongoing tensions with Russia are prompting some to hedge or diversify with the easily transportable digital asset.

While bitcoin and Ethereum are currently in a bear market, NFTs continue to rise, with a market cap of $12.7 billion and $150 million in trading volume from 48,000 accounts.

This is the first time, as far as we know, that a new sub-category term has surpassed a 'primary' term.

DeFi, for example, has a score of only 7 out of 100, while NFTs have a score of 99, indicating that they have truly captured the imagination.

This will, you'd think, have an effect on eth at some point, with DeFi booms previously appearing to leave eth in a rout until the crypto fuel responded.

Thus, it is possible that much of the market is ignoring or is unaware of this massive new influx of interest, with many likely believing that NFTs would be falling right now as ETH fell, but the data shows the opposite.

This is similar to DeFi, which used to bull in stealth mode, with the rest of the eth market finding out much later.

For DeFi, it always resulted in an eth bull, but for NFTs, this is the first time they stealth run, so whether it will bull eth or not remains to be seen.

The popularity they're gaining in Asia, on the other hand, is a relatively new development and a sign that perhaps Japan and the rest of Asia are on the way.