The metaverse and NFTs exploded in 2021, but so far in the 2022 global search rates suggest that interest in the two concepts has significantly dropped.
The hype around metaverse truly took off when Mark Zuckerberg rebranded Facebook to Meta in late 2021, while NFTs became a popular medium through which to own unique digital objects, especially artwork. Some believe that celebrity influence and massive NFT drops were the main causes of the non-fungible token boom as by December 2021, ‘NFTs’ garnered more interest than ‘cryptocurrency.’
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Google Trends shows that the search volume of the keyword ‘NFT’ has been steadily decreasing since mid-January. Over the past year, data shows that the acronym ‘NFTs’ gained the most interest in Singapore, Hong Kong, China, The Philippines, and Canada.
According to Google, people have been losing interest in the ‘metaverse’ since the end of January. Year to date, the keyword was most searched in Turkey, China, Singapore, Cyprus, and Lebanon.
Statistics by NonFungible highlight that the sales volume of NFTs is also in decline. At the beginning of February the quantity of NFT sales was recorded at over 376,000, while over the past few days less than 100,000 daily sales have been noted.
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On the Flipside
- Many say that the metaverse and NFTs are still in their early development stages, and interest in the two keywords may rise with new projects and initiatives.
- Russia’s war against Ukraine is considered to be a prime factor for the disruption in financial markets, including cryptocurrency, the metaverse, and NFTs.Â
