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NFTs are all but dead on Google Trends
Alex Dovbnja
NFTs struggle to regain relevance after peaking in 2021
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Global search interest for non-fungible tokens (NFTs) remains at abysmally low levels despite the cryptocurrency’s ongoing rally, according to data provided by Google Trends.
This year the aforementioned term attracted fewer search queries than “cryptocurrency.” This indicates cooling demand for the sector that has defined the bull run of 2021.
In March the term “crypto” reached the value of 100, indicating the peak of popularity. The term “NFT” pales in comparison to “cryptocurrency” with a value of just 10.
The same trend could be observed in May, with NFTs failing to attract any substantial interest despite cryptocurrency price growth.
This marks a stark contrast to January 2022, when the term “NFT” was actually ahead of “cryptocurrency” by a substantial margin (82 and 66, respectively).
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 fallen to its lowest level since early 2021. In fact, the NFT space has lost over 90% of users since reaching its current peak in December 2021.
In 2021, NFTs have attracted a lot of attention from celebrities and large companies, becoming the topic of discussion in the investment community. They also allowed creators to monetize their work. However, due to the crisis in the cryptocurrency industry and unfavorable market conditions, such investments quickly lost their appeal.
“Web3” is dead
While NFTs are all but dead, the term “Web3” appears to be completely dead. The term, which gained traction in late 2021 and 2022, has fallen out of fashion, attracting very few search queries.
“Web3” it was supposed to become the go-to term for the new iteration of the web with a strong emphasis on decentralization. He failed to catch up. In May it attracted only a small fraction of the search interest compared to cryptocurrencies.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.