Data from Google Search Trends indicate that the global crypto community has started to redirect its interest from Bitcoin to Web3. The studied search trends show that there has been a sharp decline in the buzz surrounding the flagship digital asset and attention is now being paid to the emerging concept, web3.
And in order to keep up with innovations from blockchain technology, crypto investors and enthusiasts rely on searching the web to disclose their true sentiments in real time. Recall that in June, searches for the term “Bitcoin dead” reached an all-time high, due to heightened anxiety among investors amid the ongoing intense sell-offs at the time.
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Bitcoin & Web3: a look at the Google numbers
Interest over time comprises the number of Google searches in content represented by a number between 0 and 100. A value of 0 or close to 0 means there is little or no interest. Meanwhile, a value of at least 50 means that the term constitutes a substantial part of searches by the world population.
Google trend data says interest in Bitcoin currently stands at 28 while Web3 is at 88. This may be owing to the protracted bearish market conditions.
On the flip side, Google searches for Web3 have picked up steam and recorded an all-time high in terms of peak popularity in 2022.
A closer analysis shows that interest in Bitcoin is strongest in El Salvador, the first country to adopt the digital asset as a legal tender (100). Followed by the largest African crypto market, Nigeria (48) and the Netherlands (32).
On the other hand, China (100) leads globally on the search trend list for Web3. With Singapore (22) and Nigeria (20) completing the top 3.
Why the shift of interest?
For those that are familiar with the trends in the blockchain space, it wouldn’t come as a surprise that attention is shifting away from bitcoin to Web3.2022 has been a difficult year for bitcoin and other cryptocurrencies, with major tokens losing around 65-80% of their values from the all-time-high rates.
Although the concept is still loosely defined, web3 broadly refers to initiatives aimed at building a decentralised version of the internet based around crypto networks. That is, the movement proposes overhauling the internet in a way that would move popular online services over to decentralised technologies like the blockchain.
Since buying and selling cryptocurrencies have become an extremely volatile sport and investors are still neck-deep in losses, the reality is setting in. The realisation that the concept of crypto does not just start and end with buying bitcoin and ether with the intention to flip for profit is gradually becoming mainstream.
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Interestingly, Nigeria is in the list of the top three countries for both Web3 and Bitcoin Google searches. This indicates that the decline of the crypto market and unclear regulatory conditions are not hindering Nigerians from learning and tapping from the dividends of blockchain technology.
Recall that the Nigerian government recently conducted early-stage talks for a crypto-friendly economic zone with crypto exchange Binance. This might have contributed to the surge of interest in blockchain-based concepts in a way.
Generally, we are at an inflexion point that will lead to a faster pace of innovation and growth in Web3. The concept is in a speculative boom stage and it’s interesting to see that people are starting to see blockchain technology as a disruption that can affect them in realtime.
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