Has the heat of NFTs really surpassed all cryptocurrencies? Make a correct judgment using Google Trends.

The popular Twitter account @9x9x9eth today released findings from observing global search trends using Google Trends. The current data shows that the search popularity of NFTs has surpassed that of Crypto, but it seems to be a different story when compared to Bitcoin.

The renowned Twitter account @9x9x9eth shared a comparison of search popularity between NFTs and Crypto using Google Trends today, the 27th of the month, and made the following assessment:

"For the first time in history on a global scale, the search volume for NFTs has surpassed that of Crypto, and the growing interest in NFTs in the Asian region is evidently crazy."

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From the chart, it can be seen that in Asian regions such as Taiwan, Japan, and South Korea, the search popularity of NFTs is significantly higher than Crypto. However, has the popularity of NFTs truly surpassed that of the overall cryptocurrency market? In reality, it seems not entirely the case.

Details of Google Trends

First of all, it is important to understand that Google Trends compares relative popularity, so the value at the peak of search volume is 100, and other points in time are relative to the proportion of search volume compared to the highest point. In addition, when using it, you can also pay attention to the following points:

1. Are the geographical scope, time period, keyword type the same?
2. Can the selected terms fully represent what you want to compare?
3. If the geographical scope is narrowed, will the selected terms vary due to regional differences?

Under the changes in the above conditions, we may come to completely different conclusions.

For example, in the conditions of global and the past year, if "Bitcoin" is added as a keyword for comparison, it can be observed from the above image that although the search popularity of NFT is indeed still higher than Crypto, it is evidently still a considerable distance away from Bitcoin. This indicates that using "Crypto" as a keyword for market popularity related to cryptocurrencies may not be comprehensive enough, and "Bitcoin" may be a better choice.

Furthermore, taking the example mentioned below the tweet, if the region is limited to Turkey and the local term for cryptocurrency "Kripto" is included for comparison, the conclusion would be that the search popularity of "Kripto" exceeds that of NFT and Crypto, with many places only searching for the keyword "Kripto."

Of course, this encompasses variations in region and language, but it still demonstrates that using "Crypto" as a keyword for search popularity related to cryptocurrencies may not necessarily be the most accurate and could further impact the conclusions drawn.

Significance of Search Popularity in the Cryptocurrency Field

During several instances when the price of Bitcoin reached new all-time highs, the apps of mainstream exchanges such as Binance and Coinbase often ranked highly in downloads or search rankings across various platforms, which to some extent verifies the correlation that when there are a large number of new users wanting to enter the cryptocurrency field, it drives the price up, or serves as a reference point for whether the market has entered a FOMO state.

Google Trends is often used as one of the indicators for search popularity. There have been many studies in the past focusing on the relationship between Google Trends and Bitcoin price changes. Recently, an article was also compiled regarding the idea that "attention is the only scarce resource in the cryptocurrency market," demonstrating that attention indeed can be one of the conditions that drives price changes.