Singapore is World’s Most Interested Country in NFTs, Study Shows

Singapore was named as the most interested country in non-fungible tokens (NFTs), with 18,717 NFT-related Google searches per one million population, according to a recent study published by CashNetUSA on June 13.

According to researchers, data for NFT searches was gathered in March 2022 using the Ahrefs tool. Additionally, they leveraged the Twitter API and the Snscrape tool by using matching queries such as "NFT" and "NFTs."

To further analyse the data sentiment, they used the Cardiff University-developed Hugging Face tool to determine the level of positivity or negativity per tweet.

The result shows that Singapore, Hong Kong, and Canada have the most interest in NFT, while Poland, Nicaragua, and Belize are considered “anti-NFT” countries. As per the study, "227 of every 1,000 NFT-themed tweets [in Poland were] found to be negative in sentiment.” In the past week, NFT sales dropped by 23.37% and showed a decline of 63.10% from the previous month due to rising global inflation and higher interest rates in the wider cryptocurrency markets.