Nfts
NFTs almost dead on Google Trends
Alex Dovbnya
NFTs struggle to regain relevance after peak in 2021
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Global Search Interest in Non-Fungible Tokens (NFTs) remains at extremely low levels despite the ongoing rally in cryptocurrencies, according to data provided by Google Trends.
The aforementioned term attracted few search queries compared to “crypto” this year. This indicates a slowdown in demand for the sector that has set the 2021 uptrend.
In March, the term “crypto” reached the value 100, indicating a spike in popularity. The term “NFT” pales in comparison to “crypto” with a value of only 10.
The same trend could be observed in May, with NFT failing to generate substantial interest despite rising crypto prices.
This marks a stark contrast to January 2022, where the term “NFT” was actually far ahead of “crypto” (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 the lowest level since early 2021. In fact, the NFT space has lost over 90% of users since it reached its current peak in December 2021.
In 2021, NFTs have attracted a lot of attention from celebrities and major companies, becoming the topic of conversation 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 all but dead, the term “Web3” seems completely dead. The term, which gained traction in late 2021 and 2022, has fallen out of fashion, 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. He failed to catch up. In May, it attracted only a tiny fraction of the search interest compared to crypto.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.