NFTs continue to increase in the Americas

NFTs continue to increase in the Americas

Non-Fungible Tokens (NFTs) have taken the world of digital assets by storm, quickly establishing themselves as a pioneering new marketplace for blockchain enthusiasts, digital investors, and art aficionados.

While there are many forms of NFT, from exclusive music tracks to gamified clubs for members who have a relevant NFT, the type of Most common NFT is visual art.

Under the broad category of visual art, there are a plethora of different niche themes and interests for which NFTs are available, and new research has found that California is the state most obsessed with NFTs in the American continent.

The study led by Los Muertos NFT experts analyzed all fifty states and the District of Columbia on Google Trends to establish which states searched for the most NFTs and NFT-related search terms in the past twelve months.

California ranked first as the state most obsessed with NFTs, with data revealing that Californians searched for the term ‘NFT‘ more than any other state in the last year. California was also the ninth most searched state for the term ‘Buy NFTs‘. California’s high rating can be attributed to the many celebrity endorsements of NFTs.

The second most NFT-obsessed state in America is Nevada. Nevada has the second highest search interest for the term ‘NFT‘ and was also the second highest search status for the term ‘Buy NFTs‘.

New Jersey is the third most obsessed state in the United States, seeking NFTs with the third highest rate. In New Jersey, search interest for the term ‘NFT‘ soared 488% last year.

Florida is the fourth most NFT-obsessed state in the United States. Florida was the eighth state with the highest demand for interest in buying NFTs. In Florida, there was also a 75% increase in searches for the query “What is an NFT?“.

New York is the fifth most obsessed state with NFTs, and the state that searches for NFTs has the sixth highest rate. New York was also the fourth most searched state for the term ‘Buy NFTs‘, which highlights the state’s interest in acquiring them.

The least obsessed with NFTs in the US is Mississippi. Mississippi is the state that searches for at least NFT and related NFT terms. Mississippi was also the fifth lowest search state for the term “What is an NFT?“, implying that Mississippi is not interested in buying NFTs.

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Alabama is the second least obsessed state with NFTs and has the second lowest search interest of all states, while Kentucky searches for the term ‘NFT‘ at the third lowest rate of any US state.

The rise of NFTs has been astronomical, not just in the United States but worldwide, with an 809% increase in global searches for NFTs during this period last year. However, these findings offer a fascinating insight into the geographic disparity of interest in NFTs across the United States, with coastal states being the largest audience for NFTs. It will be interesting to see if that scale changes as NFTs become more popular and common in the future.”, said a spokesman for Los Meurtos.

chain analysis

Another study, this one by Chainalysis, revealed that investment in NFT continues’bombing‘ the cryptocurrency market. Last year, collectors sent more than $40 billion worth of crypto to smart contracts associated with collections and NFT marketplaces.

But this year, another $30 billion has already been sent in cryptocurrencies to NFT-related smart contracts by April 15. Furthermore, the study notes that the number of active NFT collections has grown almost every week since March 2021 and is currently above 4,000.

The study also revealed that the vast majority of NFT transactions are retail, meaning less than $10,000 worth of crypto in each transaction.

Meanwhile, institutional transfers accounted for 33% of all activity since the week of October 31, 2021, when it rose to 73%, due to the purchase of multiple NFTs from the Mutant Ape Yacht Club collection.

Chainalysis points out that while North America and Western Europe were early adopters of NFT en masse, as web traffic suggests, currently no region dominates this market, as all have less than 40% share of global traffic.

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