According to Google trends data, the hype surrounding non-fungible tokens (NFTs) and the metaverse is now dwindling. The two concepts became highly popular in 2021. NFTs saw record volumes in 2021 despite much scepticism.
The metaverse mania happened towards the end of 2021 after Facebook announced it would rebrand into Meta. Other tech giants followed suit with their own metaverse plans, fuelling the hype further. However, in 2022, there seems to be reduced interest in the metaverse and NFTs.
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NFT and metaverse hype fizzles
The global search interest for metaverse and NFTs has fizzled out in 2022. The search for the two terms remained relatively high during the last quarter of 2022, but this is no longer the case. The search interest died down in February 2022.
The Google trends data shows that the search terms for the metaverse picked up between October and December 2021. However, since the beginning of this year, the interest for this search term has dropped significantly, and it is currently sitting at the lowest levels.
Besides the metaverse, it seems like the global interest for NFTs is also no longer high. The search interest for NFTs was significantly high in 2021. However, the interest has steeply declined during the first quarter of 2022.
The Google trends data also categorized the survey according to regions. It showed that during the past year, users based in Turkey have been leading the charts in terms of search interest in the metaverse. China and Singapore ranked as the second and third countries respectively in terms of interest in the metaverse.
The metaverse has also become of interest in Cyprus and Lebanon, ranking as the fourth and fifth regions respectively with the highest search interest for the term.
In terms of NFT interest, Singapore is taking the lead, and it has held this top position over the past 12 months. The other countries with a high interest in NFTs are Hong Kong, China, Canada and the Philippines.
NFTs came into the limelight in 2021. During the year, billions of dollars were spent on a wide range of NFTs. Some of the most popular collections, such as Crypto Punks, NBA Top Shot and Bored Ape, were launched during the year, which propelled the hype further.
Last December, the global search interest for the term “NFT” was higher than the search interest for “crypto.” The hype spilt over to 2022, and as cryptocurrency prices started tumbling, NFT volumes went in the reverse direction to reach new highs. In January, OpenSea, the largest NFT marketplace, hit an all-time high in monthly trading volumes.
The NFT hype has attracted mainstream attention, evidenced by the rising search interest and trading volumes. Celebrities have also been drawing attention towards NFTs in terms of buying and launching their own NFT drops. Snoop Dogg has launched his own NFT collection that has attracted huge interest. Justin Bieber also bought Bored Ape NFT for more than $1 million.
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