Wednesday, June 12, 2024

NFTs Almost Dead on Google Trends

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Global search interest for non-fungible tokens (NFTs) remains at abysmally low levels despite the ongoing cryptocurrency rally, according to data provided by Google Trends. 

The aforementioned term attracted few search queries compared to “crypto” this year. This indicates cooling demand for the sector that defined the 2021 bull run.  

In March, the term “crypto” reached a value of 100, which indicates peak 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 growing crypto prices. 

This marks a sharp contrast with January 2022 when the term “NFT” was actually ahead of “crypto” by a substantial margin (82 and 66, respectively). 

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Other metrics also confirm that the NFT sector is struggling to recover. According to data provided by AltIndex.com, the number of active wallets holding NFT tokens has now dropped to the lowest level since early 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 plenty of attention from celebrities and major companies, becoming 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, such investments quickly lost their allure.  

“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, went out of vogue, attracting very few search queries. 

“Web3” was supposed to become the go-to term for the new iteration of the web with a strong emphasis on decentralization. It has failed to catch up. In May, it attracted only a tiny portion of search interest compared to crypto. 

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