Global search interest in non-fungible tokens (NFTs) remains at a dismally low level despite the ongoing cryptocurrency rally, according to Google Trends data.
The aforementioned term generated few searches this year compared to ‘crypto’. This signals a cooling demand for the sector that defined the 2021 bull run.
In March, the term “crypto” reached a value of 100, indicating peak popularity. The term “NFT” paled in comparison to “crypto” with a value of just 10.
The same trend could be observed in May NFTs failing to generate any substantial interest despite rising crypto prices.
This is a sharp contrast to January 2022, when the term ‘NFT’ actually had a significant lead over ‘crypto’ (82 and 66 respectively).
Other figures also confirm that the NFT sector is struggling to recover. According to data from 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 more than 90% of users since reaching its current peak in December 2021. .
In 2021, NFTs attracted a lot of attention from celebrities and major corporations, becoming the talk of the investment community. They also allowed creators to earn money with their work. However, due to crises in the crypto industry and unfavorable market conditions, such investments quickly lost their appeal.
“Web3” is dead
While NFTs are almost dead, the term “Web3” seems to be completely dead. The term, which gained popularity in late 2021 and 2022, fell out of fashion and attracted very few searches.
“Web3” It should become the go-to term for the new version of the web, with a strong emphasis on decentralization. It was not possible to catch up. In May, it attracted only a small portion of search interest compared to crypto.
