'NFT' search volume on Google hits all-time high as platform user count nears 400K
March 15, 2021, 2:59PM EDT
1 min read
The Google search volume for the term "NFT" -- short for non-fungible token -- has reached an all-time high, according to data collected by The Block Research.
Search volumes are relative between 0 to 100, with 100 being the maximum value from a defined time period. The Google search volume hit 100 for the week starting March 8. That figure grew from a rating of 15 in mid-February to 64 by early March.
As The Block has recently reported, the NFT market has seen a significant increase in activity, particularly from celebrities, sports, and companies.
This increase in interest is further evidenced by the number of weekly users of NFT platforms, which reached an all-time high of 398,800 users for the week starting March 8. Crypto-collectible marketplace NBA Top Shot made up the majority of the total with 379,000 users, followed by Ethereum-based NFT game Axie Infinity with 12,260 users.
The weekly trade volume of NFTs has shown a higher degree of volatility, not quite lining up with the above data.
This volume hit an all-time high in the last week of February with a total of $196.35 million traded. NBA Top Shot accounted for $125 million, while NFT marketplace CryptoPunks accounted for $62.67 million.
The Block Research was commissioned by Forte to create “Blockchain-Based Gaming: A Primer” which provides a comprehensive introduction to how blockchain technology is being employed in video gaming experiences.