Google Searches about NFTs have reached 2017 ICO levels.
Non-fungible tokens searches have reached the similar level as the ICO searches during the 2017 boom.
Curiosity about non-fungible tokens (NFTs) had reached almost the similar level as interest in ICOs in 2017, this is according to Google Trends data that was shared by Unfolded, a crypto analytics website.
ICOs, or initial coin offerings, have surged in popularity in the second half of 2017, along with Bitcoin’s bull run to an all-time high price of just below $20,000. While Bitcoin’s price collapsed in the early 2018, so did the interest in ICOs.
NFTs, the cryptographically-unique tokens that can be used to show media like artwork and music, spiked to prominence in 2020 and 2021 along with a series of high-profile digital art sales. Digital artist Beeple has sold one NFT at an auction for a record-breaking $69 million – making it the third most expensive artwork by an artist – while the celebrities and artists flocked to create their very own NFTs.
That latest rise in interest is shown in Google Trends search data for NFTs, which has shot up visibly and is almost a vertical line in 2021.
What are the ICOs?
An ICO is an initial coin offering – this is a type of crowdfunding that uses cryptocurrencies. In Bitcoin’s 2017 bull run, investors poured around $22 billion into ICOs; many have either failed to live up to their hype, or just failed completely.
Additionally, the US Securities and Exchange Commission has cracked down on several ICOs, claiming that they had conducted unregistered securities sales. Ever since then, the mania for ICOs has cooled for a time – and NFT seemed to have seized the limelight.
To get the latest Cryptocurrency, Blockchain, and Crypto-mining news, please join our Telegram Channel (Note: You may be prompted to install the Telegram App on your Mobile Phone, PC, or Mac – No worries, it’s safe)