Google trends: Searches for the terms ‘non-fungible token (NFT)’ and ‘metaverse’ are falling sharply, according to the search engine.
Although not a specific tool about the crypto world, Google Trends is used as a basis for analysis to determine the level of popularity of an asset or market segment. An increase in the number of searches indicates increasing interest, which may reflect a rise in prices or an expansion of the search term’s user base.
However, the fall has happened for both NFTs and the metaverse. Less and less interest has been placed on these assets.
The metaverse highest peak was at the end of October and beginning of November of last year. But, it was in this period that the technology became a global trend, after Facebook’s name change to Meta.
NFT market in consolidation
The non-fungible token market had a big boom in 2021, moving around $25 billion during the year. In 2020, this amount was less than $100 million, according to DappRadar.
Despite the recent drop in the number of searches, the NFT industry is showing signs of consolidation, indicating that even if the euphoria regarding these assets cools, there is already an established market that will continue to operate. This is especially seen in the gaming and sports sectors.
Axie Infinity, the popular play-to-earn game, passed the $4 billion mark in the sale of its NFTs last month.
In the sports sphere, research by Deloitte projected that more than five million fans will have NFTs from their favorite teams, athletes or leagues by the end of this year.
Google Trends: Is the metaverse a fad?
Unlike the NFT market, there is still a wide divergence of opinion regarding the metaverse, especially among large companies and the user community. On the one hand, since the announcement that Facebook would focus on this technology, large companies began to study and create their own initiatives in this environment, such as Apple, Microsoft and even McDonald’s.
According to JP Morgan bank, which already has its own virtual space, this market could move trillions of dollars in the coming years. However, most ordinary people don’t seem to share that much enthusiasm about the technology.
A recent study showed that almost 80% of respondents are not confident in taking advantage of a metaverse created by Meta. In social networks, many users still do not see the sense in making so many investments in a virtual reality world.
However, NFTs are seen as a key resource for capitalizing the metaverse, and the growth of one market can directly influence the success of the other.