Global search interest for non-fungible tokens (NFTs) remains at abysmally low levels despite the current rally in cryptocurrencies, according to data provided by Google Trends.
Global search interest for non-fungible tokens (NFTs) remains at abysmally low levels despite the current rally in cryptocurrencies, according to data provided by Google Trends.
The aforementioned term attracted few search queries this year compared to “crypto.” This indicates a cooling in demand for the sector that defined the 2021 bull run.
In March, the term “crypto” reached a value of 100, indicating its maximum popularity. The term “NFT” paled in comparison to “crypto” with a value of just 10.
The same trend could be observed in May, with NFTs failing to attract any substantial interest despite rising cryptocurrency prices.
This marks a stark contrast to January 2022, when the term “NFT” was actually ahead of “crypto” by a substantial margin (82 and 66, respectively).
Yuri MolchanOther metrics also confirm that the NFT sector is struggling to recover. According to data provided by AltIndex.com, the number of active wallets containing NFT tokens has fallen to the lowest level since the beginning of 2021. In fact, the NFT space has lost more than 90% of users since reaching its current peak in December 2021. .
In 2021, NFTs attracted a lot of attention from celebrities and major companies, and became the talk of the town in the investment community. They also allowed creators to monetize their work. However, due to crypto industry crises and unfavorable market conditions, these investments quickly lost their appeal.
“Web3” is dead
While NFTs are almost dead, the term “Web3” appears to be completely dead. The term, which gained traction in late 2021 and 2022, fell out of fashion and attracted very few search queries.
“Web3” It was supposed to become the preferred term for the new version of the web with a strong emphasis on decentralization. He hasn’t been able to catch up. In May, it attracted only a small portion of search interest compared to cryptocurrencies.
