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❕NEWS While Europe wrestles with NFT Love Vs. Hate, Singapore Maintains NFT Interest

Vallentin9

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

For instance, Singapore and Hong Kong are two regions in the world 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 study 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 contained the search phrases "NFT" and "NFTs."

Statistics from cashnetusa.com’s NFT research.


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.

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 frequently 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.

Statistics from cashnetusa.com’s NFT research.


Poland, on the other hand, was identified as the "most anti-NFT country" 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 opinions 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.
 
It is only people who have not been affected in one way or the other by the present NFT scams that go ahead and give support to NFTs. There are indeed some legit NFT projects but the fact remains that the number of fake ones is on the high side.
Nevertheless, if they have good reasons for supporting the NFT projects then it is ok especially if it involves regulations, otherwise sooner or later they will see the negative aspect of NFTs
 
I don't know what is driving the interest else behind the authorities not taking it as serious as they should be , and are more reliant and that is why you see investors moving to the Singapore and this is one reason why do anything but pay you taxes on times to avoid inconvenience is a good strategy used by them to increase tourism and capital reserves that are now in good position .
 
The Nft space is just similar to the crypto currency space. There are good project like Bayc, pixels, degods that have returned great returns to their owners. Others have led to high rate of loss to their holders. Nfts dump to zero in a space of few minutes just like some crypto tokens, there's several rugs in Nfts too and the current bear market is affecting them terribly too.
 
Since many sectors are only now beginning to incorporate NFTs into their business models, I believe that the destiny of NFTs will be very different from what we currently anticipate. Since they have so many potential applications, they may one day rule the globe, but only if they are formally recognized and supported by governments.

Because of the potential for NFTs to upend established industries like real estate and the arts and antiques, they will open up a plethora of new avenues for economic growth.
 
I think NFT would be really big if integrated with Virtual Reality technology .. otherwise what it is just a jpeg so i cannot really find the value still unless there's a utility even if it's just gaming. I wouldn't be surprised if people find NFT a scam or something.. it was trending on twitter before and many people think so
 
NFT is the market's newest trend. People are enthusiastically embracing it. However, scams and fraud cases associated with it are undermining its reliability.
 
NFTs are just like exotic pieces of artwork or vehicles. For example, I believe most people who buy BAYC NFTs do so for the prestige and status. The lower priced ones are the ones that small investors who are interested in trading and making profits go for.

Despite the controversy around this niche, it will most likely survive and even bloom well in the next bull market when euphoria is high.
 
Nft is losing its value since beginning of the year. I doubt if nft will surge again as my creators continue to junk out irrelevant and low quality nfts. The supply have become excess thereby dropping the values of nfts.
 
The Nft space is just similar to the crypto currency space. There are good project like Bayc, pixels, degods that have returned great returns to their owners. Others have led to high rate of loss to their holders. Nfts dump to zero in a space of few minutes just like some crypto tokens, there's several rugs in Nfts too and the current bear market is affecting them terribly too.
That is so much similarity between cryptocurrencies and the non fungible tokens. They are so related as new developments that people are still trying to rap their heads around them. It is normal to find both interested parties and others who criticize them.
 
That is so much similarity between cryptocurrencies and the non fungible tokens. They are so related as new developments that people are still trying to rap their heads around them. It is normal to find both interested parties and others who criticize them.
Yes the bear market is affecting both Nft and crypto projects negatively. Almost all have seen a decline in money value. However a few have experienced spikes in price especially those launched newly.
 
It is true that investors are drawn to Singapore for its favorable tax policies and investment opportunities. This has led to an increase in tourism and growth in capital reserves for the country. However, it's important to note that the lack of regulatory enforcement on NFTs globally may also be contributing to the growth in this market.
Yes Asian countries like Singapore, UAE are leading the race in crypto adoption. They have easier startups regulation and very low tax on crypto. It'll be shocking to the western world that they'll be behind when crypto comes to light fully.
 
It's definitely interesting to see how different countries are approaching cryptocurrency and blockchain technology. It's not surprising that countries like Singapore and the UAE are ahead in adoption, given their favorable regulations and tax policies.
One funny thing is that those friendly hub are popular migration spots for Europeans and US citizens. They're getting more economic opportunities due to the failure of these Western governments to adopt modern trends.
 

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