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Last year cryptocurrencies were at their highs, but now their floor prices seem to drag down on the floor, yet hopes are high
No surprise if you were a supporter of Non Fungible tokens but now think they are on the verge of extinction looking at the ongoing market conditions, or you could be on the other side who thinks that NFTs still have potential. The falling cryptocurrency prices are strong enough to shake anyone’s belief in digital assets, but the number of people with firm hopes of NFTs is also quite high.
Last year, 2021 was one of the peak times for nonfungible tokens when the world saw the emergence of the most popular assets. NFTs were booming in hype, popularity, acceptance, distribution, value, and creation. The craze for digital assets was so high that, for the time being, it felt like every other company across the industry was looking to dive into the NFT space and launch an NFT collection.
But this year, the warmth of the NFT market seemed to be waning. Since the start of this year, the global crypto market and most cryptocurrencies have been experiencing quite a stress and didn’t show any growth. Today, the situation has become worse enough that the global cryptocurrency market capitalization is about $901 billion, which is quite low from its all-time high of $3 trillion in November last year.
Following the crypto market bearish trend, NFTs have also started falling. Many popular NFTcollections that had seen massive success and traded in million have seen a huge decline in prices that led to many experts and analysts saying that it could be an ending phase of the nascent sector.
However, a study published by an American firm that used Google search volume analytics and general public sentiment on Twitter-like social media platforms clarifies the situation in the NFT space.
The report stated that Asian countries are leading in rising interest in NFT space. Singapore and Hong Kong like countries are leading in the worldwide ranking in terms of their interest in NFTs. For instance, about 18,717 per a million searches related to NFTs were found monthly in Singapore.
The Study claims the reason for the popularity of digital assets in the region is that Singapore has a keen interest in embracing the GameFi model using NFTs to support P2E platforms and digital assets. Singapore has a strong gaming culture, and the region’s belief is growing that digital assets have genuine value.
Countries like the United States, Canada, and the EU have also seen a record high interest in nonfungible tokens. Countries in the North American region have more than 22,000 searches, and European Union countries have about 40,000 searches related to NFTs.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
