With the ongoing boom in non-fungible tokens (NFT), people in the Asia Pacific (APAC) region are showing the most interest in NFT, according to Google Trends.
Google Trends data shows that China, Singapore and Hong Kong are among the top three countries in the world for the number of NFT searches on Google over the past year. According to the data, the largest number of such searches were performed in China, with a Google search index of 100 points. This is followed by Singapore and Hong Kong with 67 and 62 points, respectively. Other major countries looking for "NFT" include Venezuela, the Philippines, Cyprus, Canada, New Zealand, Australia and the United States.
The most populous country in the Asia-Pacific region, China, may switch to NFT in order to mitigate the impact of the country's latest whole crypto ban, announced in late September, according to Hashayar Abbasi, an employee of the financial publication Bankless Times.
As Abbasi said, China just restricted cryptocurrency trading, which could drive to cryptocurrency investors switch to NFT. He noted that Chinese e-commerce giant Alibaba launched its own NFT market in August, which could also help boost the popularity of NFT in China.
According to a Bankless Times report, the largest number of NFT searches in China came from eastern Zhejiang, Shanghai and Hubei, now best known as the placement of Wuhan. It should be noted that Google has been technically blocked in China since 2010 by the Great Firewall.
Also, Abbasi said, that Asian countries tend to be more accustomed to cashless and digitized systems than Western countries, which is perhaps why their NFT adoption is so widespread.
According to the report, Google searches for NFT again overtook those for cryptocurrency in September after a major previous surge in March.
As such, Japan has the highest search ratio for NFTs compared to cryptocurrencies, as the popularity of the new market is clearly growing.
In contrast, Nigeria has the lowest NFT search ratio compared to crypto, as the country has the highest cryptocurrency ownership rates in the world, according to Statista.
Abbasi said, that the world has just begun to discover the tip of the iceberg when it comes to NFT use cases, including a new opportunity for wealthy people to showcase their wealth.
As in the past, wealthy individuals purchased costly watches to showcase their capital, and only those who met them in real life could see what they were wearing. Currently, you can purchase NFT, post it on social media, and anyone globally can be completely confident that you have a certain wealth.