A recent study by Marketplace Fairness reveals that the burning question in the minds of many Americans is: “What is an NFT?”. The phrase tops the list as the most searched crypto-related term, with an astounding 39,459 average monthly queries. The analysis encompassed nearly 300 questions related to cryptocurrency.
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USA learning about NFTs
In the wake of the prosecution of cryptocurrencies by the SEC (Securities and Exchange Commission), U.S. residents have shown an insatiable curiosity about non-fungible tokens (NFTs).
Recent data from MarketplaceFairness indicates that the query “What is an NFT?” was searched a staggering 2,575% more than the average volume for the pool of questions examined. Interestingly, the only term to give NFTs a run for their money was “What is cryptocurrency?”, which registered 39,466 monthly searches.
Besides NFTs, another prominent query was “What does NFT stand for?”. This question was searched an average of 13,516 times per month, which is 816% more than the average for the questions studied.
Blockchain, crypto mining, and DeFi
While NFTs have captured the lion’s share of attention, blockchain is not far behind in piquing curiosity. The phrase “What is the blockchain?” recorded a total of 26,283 searches.
However, the average searches dropped when it comes to blockchain technology specifics, as only 5,285 people queried “What is the blockchain technology?”. The practical query “How to mine cryptocurrency?” managed an average of 1,866.
Rounding out the top queries, the term “decentralized finance”, also known as DeFi, logged an average monthly search of 2,850, a noteworthy 93% above the norm.
What is an NFT after all?
NFTs are unique digital assets representing ownership of a particular item or piece of content on the blockchain. While images are one of the most commonly associated content types for NFTs, they are just the tip of the iceberg.
NFTs can be videos, audio (music), books, domain names, tickets for events, virtual real estate, in-game items, etc. In theory, almost any form of digital content can be tokenized into an NFT.