NFTs and metaverse exploded in 2021, but in the first three months of 2022, global search interest in the two concepts has dropped significantly.
The hype around metaverse began when Zuckerberg renamed Facebook (NASDAQ:FB) to Meta in late 2021. While NFTs became a popular way to own unique digital objects, especially artworks. Some believe that celebrities and massive NFT drops caused the non-fungible token boom. In December 2021, ‘NFTs’ gained more interest than ‘cryptocurrency.’
Google (NASDAQ:GOOGL) Trends shows the search volume for the keyword ‘NFT’ has been steadily decreasing since mid-January. Over the past year, the word ‘NFTs’ gained the most interest in Singapore, Hong Kong, China, The Philippines, and Canada.
According to Google, people have been losing interest in ‘metaverse’ since the end of January. In 12 months, the keyword was most searched in Turkey, China, Singapore, Cyprus, and Lebanon.
Statistics by NonFungible depict that the sale volume of NFTs is declining too. While at the beginning of February the quantity of NFT sales was over 376,000, in the last few days the number shows less than daily 100,000 sales.
On the Flipside
- Many still say NFTs and metaverse are in an early development stage. The interest in the two keywords might go upwards with new projects and initiatives.
- Russian war against Ukraine could have caused a lot of disruption in financial markets, including cryptocurrency, metaverse, and NFTs.
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