Singapore Keeps NFT Interest Keen While Europe Tussles with NFT Love Vs. Hate

Europe has been leading the entrepreneurial blockchain space for a while now, but the region is still struggling to decide whether games are worth investing in. While Singapore led its way into cryptocurrencies with ease, it seems that Europe might be going down a different route altogether. However, this doesn’t mean there isn’t plenty of interest and investment opportunities on offer throughout Asia-Pacific as well.

The “nft marketplace” is an interesting new platform that has been created for the digital asset market. It allows users to buy and sell NFTs without having to worry about exchange rates or fees. The platform is currently only available in Singapore, but it will soon be expanding into Europe.

Non-fungible token (NFT) sales fell by 23.37 percent over the last ten days and by 63.10 percent over the previous month. Despite these rather concerning statistics, a recent research has identified certain nations where the NFT fever is still strong.

For instance, Singapore and Hong Kong are two regions in the globe where NFT interest is still as high as ever. Singapore, Hong Kong, and Canada are still showing optimism about what NFTs might provide, according to a research by cashnetusa.com.

The research examined search data for March 2022 in every nation, after which it determined the number of monthly searches per 1,000,000 residents in that country. Additionally, researchers looked through tweets that included the search phrases “NFT” and “NFTs.” The data was then subjected to a sentiment analysis. The researchers then determined the top 100 NFTs of all time on the OpenSea marketplace and scraped the search volumes for those terms across all nations.

Researchers gathered their data using a variety of web resources and programs, including Ahrefs, Twitter API, Snscrape, and a sentiment analysis application called Hugging Face created by Cardiff University.

statistics from the NFT study by cashnetusa.com.

Cashnetusa.com created four separate lists for comparing nations to one another based on the date. The lists included the most popular NFT, NFT Interest, NFT Love, and NFT Hate.

The team learned some intriguing facts from all of it. Singapore, which topped the list of “NFT Interest,” is the country that is “most eager” for NFTs, according to the report. According to the data, Singapore looks for NFTs more often than any other nation (18,717 searches per million residents each month). According to the study’s subsequent findings, Montenegro is the country with the most pro-NFT sentiment, with “862 out of 1000 tweets proving favorable.”

Behind Singapore, Hong Kong, and Canada, Iceland and the U.S. filled out the top 5 list for “NFT Interest,” however for “NFT Love,” Bosnia and Herzegovina, Luxembourg, Cuba, and Curaçao trailed Montenegro.

1657435447_535_Singapore-Keeps-NFT-Interest-Keen-While-Europe-Tussles-with-NFTstatistics from the NFT study by cashnetusa.com.

Poland, on the other hand, was identified as the “most anti-NFT nation” in the survey. Poland was at the top of the “NFT Hate” list with 227 out of every 1,000 tweets with NFT-related content being hateful. Nicaragua, Belize, Trinidad & Tobago, and Barbados came after Poland.

According to the research, the most well-known NFT project worldwide is the blockchain game Axie Infinity. According to dappradar.com, the game has generated enormous $4.23 billion in NFT revenues from 2,115,063 traders. Bored Ape Yacht Club (BAYC) is number one in six countries, Axie Infinity is number one in six, Decentraland is number two in 43 countries, and Axie Infinity is number one in 112 countries.

“As a limited-edition collection with a hefty entrance price, the Apes may be headline news, but they’re not at the fingertips of the ordinary NFT aficionado when Googling for new buys,” the cashnetusa.com study team stated. 

The paper also provided some analysis of the characteristics of NFTs, pointing out that there is a lot of “social, technological, and environmental craziness.” They add, “Divided views follow where money and status lead. NFTs are mired in controversy due to risky investments, frauds, environmental concerns, and difficult-to-understand technology. Commentators on NFTs may be divided into two groups: enthusiasts and skeptics. Everyone among NFT advocates has a side, whether it be Bored Apes or Axie monsters.

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Singapore has been a hot bed for NFTs. The country has seen its share of success in the crypto space, and it is not stopping anytime soon. Europe, however, is struggling with love vs. hate when it comes to NFTs. Reference: nft sales.

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