O Internet’s most searched top NFT queries on Google is “What is an NFT?”, new research has revealed.
the study of CoinGeckotthe world’s largest independent cryptocurrency place, analyzed thousands of search terms related to NFT to see which one is most searched for on Google, with the most common phrase asking what an NFT is.
The data indicated that the question is Googled on average 948,000 times every month all around the world.
The second most common phrase is “How do you create an NFT?”, who receives an estimate 287,000 average monthly searches connected.
Third is “Where to buy and sell NFTs?”, which is on Google 116,400 times a month on average.
The top five is completed by “What is the most expensive NFT?” in room with 102,000 monthly surveys, followed by 64,000 search monthly for “Why are NFTs valuable?”.
“Are NFTs bad for the environment?” ranks sixth most searched NFT issue, thanks to an estimated average of 32,000 surveys every month globallyfollowed in seventh by “Which mintage means?” about 29,800 monthly surveys.
Rounding out the eighth and ninth most asked NFT questions is “Why can NFTs be so expensive?” eighth with 27,000 monthly global searches and “Are NFTs a better investment than cryptocurrencies??” with 19,200 global searches each month.
Zhong Yang Chan, head of research at CoinGecko, provides the definitive answer to each of these key NFT questions:
1. 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 deeds of ownership, luxury goods, diamonds, and more.
2. How do you create an NFT? – 287,000 monthly global searches
NFTs can be generated through the deployment of smart contracts. NFT markets such as Open seax2y2 ad magic eden makes the NFT creation process easier to usewhere user can upload files and create them as NFTs on blockchain.
3. Where can you buy/sell NFTs? – 116,400 monthly global searches
NFTs can be traded in a variety of Marketplace es on different blockchain networks, such as Open seaMagic Eden, Rare Appearanceand even on some centralized exchanges such as Binance or FTX.
4. What is the most expensive NFT? – 102,000 monthly global searches
While most of the attention on NFTs is focused on collections of profile pictures like the ‘Bored Ape Yacht Club (BAYC)‘ or ‘CryptoPunks‘, tThe most expensive individual NFT is beeps ‘O First 5,000 days‘an art collage created daily for over 13 years, which sold for $69 million.
the most expensive collection ever sold on the primary market was The Merge by Pak, which grossed $92 million.
5. 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 have value. The creator, the community around NFT, along with other factors influence the inherent value of NFT. In the case of gaming NFTs, it could represent ownership of game assets within the game or metaverse, and development of the game or metaverse script may increase or decrease the NFT value.
6. Are NFTs bad for the environment? – 32,000 monthly global searches
Environmental concerns around NFTs are Why NFTs are minted on the blockchain. However, the most popular chains for NFTs such as Ethereum (post-Merge), Solana and Polygon are now all based on Proof-of-Stake consensus mechanism, which are energy efficient. Users can opt for greener networks to mint NFTs.
7. What does coinage mean? – 29,800 monthly global searches
Coinage is the act of generating a record on one article, as a image or audio File on the blockchain as an NFT. Typically, the record consists of a path to retrieve the item from a database, as well as valuable metadata – for instance, the original creator, timestamp of when it was created, features and more.
8. Why can NFTs be so expensive? – 27,000 monthly global searches
Some NFTs were fetched rising prices because of its exclusivity – through the blockchain, an NFT holder can verify that he is the sole owner of an item. Inside in the case of NFT collections, NFTs with popular or rare features are usually most wantedand would command higher prices, due to it is greater demand. Some NFTs also confer special privileges or rights, such as access to an exclusive club or community, which may be attractive to some.
9. Are NFTs a better investment than cryptocurrencies? – 19,200 monthly global searches
NFTs are neither better nor worse than cryptocurrencies as an investment. Like traditional art, luxury goods, stocks, derivatives and so on, NFTs are just one of many available asset classes. Equal to crypto, NFT prices can be extremely volatile in nature, and we advise everyone to do their own research (DYOR) before investing.
This study and the answers given were provided per CoinGeckothe biggest ind in the worldIndependent cryptocurrency aggregator.