CoinGecko’s NFT Expert answers the world’s most searched questions about NFTs on Google, questions that include whether NFTs are a better investment than cryptocurrencies.
“What is an NFT? » is searched on average 948,000 times per month worldwide. The second most searched NFT question is “How do you create an NFT?” which is searched approximately 287,000 times per month.
CoinGecko’s study of the NFT landscape
The study by CoinGeckothe world’s largest independent cryptocurrency website, analyzed thousands of NFT-related search terms to see which one is searched the most on Google, whose most common phrase asks what is a NFT is.
The data indicates that the question is searched on Google an average of 948,000 times per month worldwide.
The second most common question is “How do you create an NFT?” which receives an estimated monthly average of 287,000 searches online.
In third place is “Where to buy and sell NFTs?” which is viewed on Google an average of 116,400 times per month.
The top five spots are completed with “What is the most expensive NFT?” in fourth place with 102,000 monthly searches, followed by 64,000 searches each month for “Why are NFTs valuable?” »
“Are NFTs harmful to the environment? ranks as the sixth most searched NFT question, thanks to an estimated average of 32,000 searches each month worldwide, followed in seventh by “What does typing mean?” with 29,800 monthly searches.
The eighth and ninth most asked NFT questions are “Why can NFTs be so expensive?” with 27,000 global monthly searches and “Are NFTs a better investment than cryptocurrencies?” with 19,200 global searches each month.
Zhong Yang ChanHead of Research at CoinGecko, provides the definitive answer to each of these key NFT questions.
What is an NFT? 948,000 monthly global searches
NFTs are unique, non-fungible tokens on the blockchain, often used as digital representations of assets such as art, collectibles, music, video game items, and real-world assets such as title deeds, luxuries, diamonds and more.
How is an NFT created? 287,000 monthly global searches
NFTs can be generated through the implementation of smart contracts. NFT marketplaces such as OpenSeax2y2 and Magic Eden make the NFT creation process more intuitive, where the user can upload files and create them as NFTs on the blockchain.
Where can you buy/sell NFTs? 116,400 monthly global searches
NFTs can be traded on a variety of marketplaces through different blockchain networks such as OpenSea, Magic Eden, LooksRare and even on some centralized exchanges such as Binance Where FTX.
What is the most expensive NFT? 102,000 monthly global searches.
While most of the attention on NFTs focuses on collections of profile pictures such as “Bored Ape Yacht Club (BAYC)” Where “CryptoPunks“, the most expensive individual NFT is “The First 5000 Days” by Beeple, an art collage created every day for more than 13 years, which sold for $69 million.
The most expensive collection ever sold in the primary market was Pak’s The Merge, which fetched $92 million.
Why are NFTs valuable? 64,000 monthly global searches
As with physical art and other collectibles, an NFT becomes valuable if others perceive it to be valuable. The creator, the community surrounding the NFT, as well as other factors all influence the intrinsic value of the NFT.
In the case of game NFTs, this could represent ownership of game resources in the game or metaverse, and the development of the game or metaverse roadmap may increase or decrease the value of the NFT.
Are NFTs harmful to the environment? 32,000 monthly global searches
The environmental concerns surrounding NFTs are due to the fact that NFTs are minted on the blockchain. However, the most popular channels for NFTs such as Ethereum (Publish-Merge), Solanaand Polygon are now all based on the energy-efficient Proof-of-Stake consensus mechanism. Users can opt for more power-efficient networks to hit NFTs.
What does typing mean? 29,800 monthly global searches
Minting is the act of generating a record of an object, such as an image or audio file on the blockchain as an NFT.
Typically, the record consists of a path to retrieve the item from a database, along with valuable metadata, such as the original creator, creation timestamp, characteristics, etc. .
Why can NFTs be so expensive? 27,000 monthly global searches
Some NFTs have reached exorbitant prices due to their exclusivity: thanks to the blockchain, an NFT holder can verify that he is the sole owner of an item.
In the case of NFT collections, NFTs with popular or rare traits are usually more sought after and would fetch higher prices due to their higher demand. Some NFTs also confer special privileges or rights, such as access to an exclusive club or community, which may be attractive to some.
Are NFTs a better investment than cryptocurrencies? 19,200 monthly global searches
NFTs are neither better nor worse than cryptocurrencies as an investment. Much like traditional art, luxury goods, stocks, derivatives, etc., NFTs are just one of many asset classes available.
Similar to cryptocurrenciesNFT prices can be extremely volatile in nature and we advise everyone to do their own research (DYOR) before investing.