What is an NFT and What is blockchain technology search research
Wednesday, October 4, 2023
Marketplace Fairness conducted research on the most Googled cryptocurrency questions and included 250 of the most asked crypto questions on Google, and found that the top 3 queried questions were the definition of cryptocurrency, 'What is and NFT', and 'What is blockchain technology'.
A new study has revealed the most Googled cryptocurrency subjects nationwide and in each state.
The research conducted by Marketplace Fairness analyzed search volumes of more than 250 of the most frequently asked crypto questions on Google, to establish the queries that the country is looking to understand.
Simple searches for “What is cryptocurrency?” were huge nationwide, receiving an average monthly search volume of 39,466. While generic questions on the definition of cryptocurrency were excluded from the general body of the study, a brief description of crypto is worth noting:
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates independently of any central authority thus enabling secure, decentralized peer-to-peer transactions.
Away from the basic definition of cryptocurrency, the following terms were the most queried across America.
1. What is an NFT?
Coming in as the most queried topic in the country were NFTs. While not entirely the same as cryptocurrencies, the existence of the two is well intertwined. ‘Non-Fungible Tokens’ exist as cryptographic assets on the blockchain, which is the same underlying technology used for cryptocurrencies like Bitcoin and Ethereum. What makes NFTs distinct from cryptocurrencies is their non-fungibility, meaning each NFT is entirely unique and cannot be exchanged on a one-to-one basis, unlike cryptocurrencies.
The search term “What is an NFT?” came in with the largest monthly search volume of all questions at 39,459, this is 2,575% more than the average volume for the close to 300 questions analyzed. “What does NFT stand for?” had an average monthly search volume of 13,516, which is 816% more than the average.
2. What is blockchain technology?
The topic of the second highest level of curiosity was blockchain technology. In short, the blockchain is a distributed and immutable digital ledger that records transactions across a network of computers, ensuring transparency, security, and trust in data integrity.
“What is the blockchain?” was searched at an average rate of 26,283 nationwide, 1,681% more than the average search volume for the analyzed questions and was (excluding ‘cryptocurrency’ itself) the second most queried phrase nationwide. “What is blockchain technology?” had an average monthly search volume of 5,285, while there were 1,419 for “How does the blockchain work?”
3. How does it work?
Perhaps surprisingly, the question of how cryptocurrency actually works is only third in terms of search interest. Crypto uses cryptographic techniques (communication through use of codes) through a blockchain, to secure and regulate the creation of new units of currency.
The question “How does cryptocurrency work?” was searched at a rate of 4,683 times each month, 217% above the average search volume. The synonymous search term “How cryptocurrency works” had a search volume of 1,173.
4. How to mine cryptocurrency?
The fourth least understood crypto term was mining, which is the process by which specialized computers are used to solve complex mathematical puzzles, verifying and recording transactions on a blockchain. In return, newly created cryptocurrency tokens are rewarded to miners.
“What is cryptocurrency mining?” was a top searched question in every state and had a nationwide average monthly search volume of 6,725, above the average search volume by 356%. “How to mine cryptocurrency” was searched monthly at a rate of 1,866.
5. What is decentralized finance?
DeFi, short for decentralized finance, was the subject of the fifth highest search interest. It refers to a set of blockchain-based financial applications and services that operate without traditional intermediaries such as banks. This allows users to lend, borrow, and trade directly within a decentralized ecosystem.
“What is DeFi?” had an average monthly search volume of 2,850, which is 93% over the average monthly volume of the questions that were analyzed.
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