Interest in non-fungible tokens (NFTs) and metaverses is declining on the internet. According to the data analysis tool Google Trends, the search for these terms has plummeted considerably in recent months.
The data reveals a major shift in the search for the two terms related to the crypto market. The word metaverse, for example, has been on the decline since the end of 2021.
The concept of a digital universe went viral soon after Facebook changed its name to Meta. With the name change, the search for the term metaverse exploded on the internet.
With cryptoasset projects targeting metaverses such as decentraland (MANA), gala (GALA), and the sandbox (SAND), the search for the term has also echoed in the crypto market.
NFT slowed down in 2022
Google Trends shows that between October 24 and 30, 2021, the word metaverse recorded its best moment on the internet. Since then, the search for the term is falling, as is the search for NFTs.
According to Google Trends, the acronym NFT has been on the decline since the beginning of 2022. Furthermore, the word has stopped being searched for by users in the past three months, which may signal a slowdown in the market for non-fungible tokens.
Other data confirm the loss of interest in NFTs in the crypto market observed in Google Trends. Just as Panorama Crypto previously reported, the volume of non-fungible tokens on the market has plummeted by 80% at OpenSea, for example.
The Financial Times report shows that the number of users in the NFT market has also experienced a slowdown. If in November 2021 there were about 380 thousand active users on this market, there are currently only 194 thousand people trading NFTs.