NFTs Search Trends Report: A Booming Impact On Art & Video Game Markets.

Monitoring NFTs search trends to review how art & video game markets have been shaken by the emergence of these smart contracts.

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NFTs? Cryptocurrencies? Blockchain ? 📈

NFTs (non-fungible-tokens) have never been more searched than in 2021. 

Assets favored by Neymar, Elon Musk, or Balenciaga. They are digital ownership certificates assets, they are not interchangeable and are by nature non-fungible, NFTs are currently the object of a real fervor and their prices have in some cases reached high records. These digital media are part of the family of crypto-assets, just like the famous bitcoin. They are created and sold via a decentralized blockchain system.

They attest to the unique ownership of an asset through a blockchain. Their application has therefore developed naturally in the world of art, for which the title of ownership and the certificate of originality of the work are essential.

Works of art and additional content for video games top the list of possible purchases in this form. And for good reason: the under 35 years old (38%) are the ones who believe the most in this trend, which they believe is likely to increase in value in the long term (compared with 25% for the average French person). In other words, through the younger generation, these assets are gradually becoming more universal.

Today, let’s review what NFTs can change in the boiling fintech environment and how search listening can become a relevant tool to monitor emerging trends.

  • 📈 Today, one French out of forth have heard of NFT.
  • 📈 More than 80% are aware of cryptocurrencies.
  • 📈 For young people, 41% have already invested in it or would be willing to do so.
  • 📈 +400% search volume in the last 6 months.

Cryptocurrency
A digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.

NFTs
Non-fungible tokens or NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from one another. Unlike crypto-currencies, they cannot be traded or exchanged for equivalence.

Blockchain
Blockchain enables the storage and exchange of value on the Internet without a centralized intermediary (Blockchain France definition). They are the technological engine of cryptocurrencies, the Decentralised Web, and its corollary, decentralized finance.

A brand new sandbox in gaming industry 👾

In 2021, 20% of the funds raised by the video game sector went towards projects related to blockchain and NFT. Ubisoft is clearly ahead of the game by supporting many projects with a dedicated team. We know that Sega, Xbox, and Electronic Arts are still working on it. 

The most popular game based on NFT is currently the collection football card game Sorare. It is a fantasy game of football where you can buy, trade, sell and manage virtual teams with digital card games. The game uses blockchain technology using Ethereum and was developed in 2018 by two french.

🕹 More than 2,5 million searches since September 2021

Then, Axie Infinity is an NFT based online video game developed by Vietnamese studio SKyMavis, well known for its in-game economy which uses Ethereum. New players need to purchase at least three axes to begin playing, by December 2021, this starting cost was up to US$1,000.

🕹 436.000 searches in 2021

🕹 +450% on last 6 months

The gaming sector has been shaken by a massive announcement by its main representative: Ubisoft. The international french firm had already precised at the end of the year that they were about to add NFT in their game “Ghost Recon Breakpoint. Now, they achieved to raise 6 million dollars to develop their first game based on NFT technology: Dogami. Dogami presents itself as a play-to-earn game (a game where you can collect and work crypto and NFTs that can then be sold on the market) that reminds us a bit of “Nintendogs” back in the day with a dog breeding 3.0. Even if, for now, search volume is low for Dogami, it appears like a very promising project.

🕹 Dogami +250% growth rate in January 2021

How NFTs are revolutionizing the art market 🖼

The NFT system allows putting propriety right on digital objects. This right is written in a universal, sharable, and omniscient book: the blockchain. It listed all the transaction data made, has the particularity of being shared simultaneously with all its users, and does not depend on any central server, thus it is fast and secure.

With NFTs, the art market is boiling to organize new ways of selling works of art, which guarantee the authenticity and uniqueness of digital works, and to the massive online migration of contemporary art auctions since the health crisis, these public sales will achieve a record of $2.7 billion in the 2020-2021 financial year (+117%). 

NFTs already represent 2% of the global art market value. This digitalization also opened the demanding world of art to a new public, younger and more likely to have faith in digital products.

🎨  +800% of growth in last six months

🎨 A trend very Parisian with an affinity twice bigger in the capital than in the rest of France (volume of searches per 100.000 inhabitants)

With NFTs, the art market is boiling to organize new ways of selling works of art, which guarantee the authenticity and uniqueness of digital works, and to the massive online migration of contemporary art auctions since the health crisis, these public sales will achieve a record of $2.7 billion in the 2020-2021 financial year (+117%). NFTs already represent 2% of the global art market value. This digitalization also opened the demanding world of art to a new public, younger and more likely to have faith in digital products.

You might have seen a lot of apes’ works of art, they are the results of a very proficient NFT community the “Bored Ape Yacht Club”. These pictures are very valuable and many influencers, sportsmen, celebrities, singers display these expensive pictures on social media. On the night of January 30, 2022, Bored Ape #232 was sold for a galactic amount of money: 1080.69 ETH, that is to say, 2,750,000$

Have we already reached a glass ceiling? 🚫

The emergence of NFTs has shaken many industries, we hear a lot about the impact on social media & press. However, we can already see that concerning NFTs in the gaming sector the search queries seem to stay at a steady level around 350.000 searches per month, while art-related searches are still exploding and follow an exponential increase. 

🎮  300.000 searches in January

🎨  700.000 searches in January

Vizualize how markets are growing month-over-month

Paris: a capital city at the edge of new technology 👨‍🎨

In France, it seems that only Paris took a deep interest in NFTs and cryptocurrencies. The French capital stands out from the rest of the country. In terms of affinity (volume of searches per 100.000 inhabitants), Paris shows an important level with 1,031 affinities while the national mean turns around 440.

🥖 More than 1% of Parisians have formulated queries about NFTs

🥖 This is twice higher than the national average.

Total of online searches for 100k population, in the top-15 cities

OpenSea, the NFT's temple, in great progression 🌊

OpenSea is an American online non-fungible token marketplace headquartered in New York City. The company was founded by Devin Finzer and Alex Atallah in 2017. The platform is the main marketplace considering NFTs exchanges, rare digital items, and crypto collectibles. The platform is booming since this summer with 

📈 +1000% growth rate since last August 

Considering this impressive increase, OpenSea has the ability to become a true leader in the future promising NFT market. However, this impressive bump is not universal for every NFT platform. Other important marketplaces, especially Nifty Gateway, and Solanart already live a true decrease while the sector is boiling. Indeed, we monitored into these art sell platforms a slight decline:

📉 -30% searches for Solanart in the last three months 

📉 -17% for Nifty Gateway in January

What about going further & monitor cryptocurrencies fluctuations 💶

Cryptocurrencies’ values are by definition very fluctuant and unpredictable. Financial speculation is based on trying to foresee the coming trends. Search listening offers you a forecast of low signals emergence that can give you relevant clues about future expensive money 🤑

Interesting fact, the month of May 2021 has been a landmark for searches related to cryptocurrencies. Why? In terms of performance, May ends as one of the darkest months in the history of bitcoin. The data shows a monthly decline of 35.6%, a loss that represents the worst monthly performance for the crypto-currency since September 2011, when the loss was close to 40%. These bad performances must have intrigued many people and pushed a lot of actors to invest in them and so search about it!

As you can see on this chart, sometimes currencies are truly exploding but the hype decreases quickly after the explosion. Let’s catch the opportunity of seeing these signals before anyone else.

→ Drop of 70% for Shiba Inu in the last 4 months

→ Safemoon fall off from searches after may bump

→ Ethereum remains rather stable since May

For all these reasons, Trajaan can become your lighthouse in the dark to detect first the emerging currencies and thus optimize your benefits. What if search listening became an additional indicator for financial speculation?

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