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According to Google Trends, the number of searches in the search engine for the words “non-fungible token (NFT)” and “metaverse” has decreased dramatically
Google Trends cannot be considered a dedicated tool for analyzing trends in the crypto industry, but this web application is often used to determine the level of popularity of an asset or market segment. An increase in the number of search queries indicates a growing interest of people, which ultimately affects the price increase or the expansion of the user base.
But for now, according to Google Trends, people have started to lose interest in NFTs and the metaverse. Less and less percent of the total amount of search queries falls on these technologies.
Source: Google Trends
The maximum interest in the metaverses was recorded at the end of October 2021. It was during this period that technology became a global trend. This happened after the well-known company Facebook changed its name to Meta.
The NFT Market Continues to Grow
In 2021, the non-fungible token (NFT) market boomed, with the total volume of trading in these assets reaching $25 billion. According to DappRadar, this amount was less than $100 million in 2020.
Despite a decline in NFT-related searches, the non-fungible token industry is showing signs of continued growth. And even if the NFT hype ends, the established NFT market has already been formed and will continue to function anyway. This is especially noticeable in the gaming and sports industries.
For example, Axie Infinity, the popular play-to-earn game, sold more than $4 billion worth of NFTs last month.
In sports, more than 5 million fans will receive NFTs from their favorite teams, athletes or leagues by the end of this year, according to Deloitte research.
How do people feel about the metaverse now?
Unlike NFTs, the metaverse is still viewed differently by people, and there is a lot of divergence of opinion regarding this technology, especially among large companies and the user community. Since the announcement that Facebook will focus on this technology, large companies have begun to explore and create their own initiatives in this space. These include Apple, Microsoft and even McDonald’s.
According to JP Morgan, which already has its own virtual space, trillions of dollars could be seen flowing into this market in the coming years. However, most ordinary people do not seem to share such enthusiasm for this technology.
See also: Harassment in the Metaverse: How to Protect Yourself and Punish Offenders
According to a recent study, almost 80% of the people who took part in it are not sure that they will take advantage of the Metaverse created by Meta. On social networks, many users still do not see the point in investing so much in the world of virtual reality.
However, NFTs are seen as a key resource for the capitalization of the metaverse, and the growth of one market can directly influence the success of another.
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