Google’s keyword search data shows interest in nonfungible tokens (NFTs) has surged to record levels, with traffic beating out search terms pertinent to many crypto assets ranked among the top ten.
According to Google Trends, interest in NFTs saw a dramatic spike at the start of the year as Dapper Labs’ NBA Top Shot and vintage Ethereum-based NFTs saw frenzied speculation.
While the bubble initially appeared short-lived — with search volume drying up by roughly 75% as of the end of June, interest began to bounce back in July before breaking into new highs at the end of October.
Since then, Google search traffic for NFT-related keywords has continued to surge, doubling over the past three months.
The spike in interest has seen “NFT” overtake many of the keywords that have long-dominated crypto-related search traffic, including “DeFi,” “Ethereum” and even “blockchain.”
While Dogecoin firmly captured the public’s imagination during the second quarter — with search volume for “Dogecoin” rising to rival “Bitcoin” in early May, dog-token fever quickly subsided in the third quarter. As such, the Google Trends data suggests the momentum behind the canine-coin rally was immediately channeled into the hype for NFTs.
Lawmakers from both sides of the aisle are fighting back against changes to tax reporting rules for crypto brokers and transactions over $10,000 in the newly passed Infrastructure Bill.
Ten U.S. Democratic Congresspeople led by Rep. Darren Soto from Florida called for revisions to the definition of a broker in the infrastructure bill that was passed into law on Nov. 15.
The group issued an open letter, signed by Soto along with Representatives Ro Khanna, Stacey E. Plaskatt, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasy, Jake Auchincloss, Al Lawson, and Charlie Crist calling for updates to section 6045(c)(1) in the tax code under the Bipartisan Infrastructure Framework (BIF).
Experts warned that the contentious new rule could see miners, validators, and wallet developers considered as brokers for tax purposes. The letter calls on House Speaker Nancy Pelosi to exclude this group on the grounds that they do not engage in brokerage services.
The letter also addresses concerns over negative market effects and how the United States will sustain its rate of technological innovation if the regulations remain unchanged.
This Daily Dose was brought to you by Cointelegraph.