Google searches for the terms “non-fungible token (NFT)” and “metaverse” are down sharply, according to data from the search engine.
Although it is not a tool unique to the crypto world, Google Trends can be used as a basis of analysis to determine the level of popularity of an asset or a market segment. A growth in the number of searches indicates growing interest, which may reflect an increase in prices or an expansion of the user base for the searched term.
However, in this case, the drop was observed for both NFTs and metaverse. These assets would therefore have aroused less and less interest.
The highest peak of interest in the metaverse was reached at the end of October as well as the beginning of November last year. It was during this period that this technology became a global trend, after the company’s name changed from Facebook to Meta.
The non-fungible token market is in a consolidation phase
The non-fungible token market had a big boom in 2021, brewing around $25 billion during the year. In 2020, according to data from DappRadar, this amount was less than $100 million.
Despite the recent drop in searches for these terms, however, the NFT industry is showing signs of consolidation, indicating that while the euphoria surrounding these assets is cooling, there is already an established market that will continue to function. This phenomenon is particularly visible in the gaming and sports sectors.
Axie Infinity, the popular Play to Earn game, crossed the $4 billion mark when selling its NFTs last month.
In sports, a study by Deloitte predicts that by the end of the year, more than five million fans will own non-fungible tokens of their favorite teams, athletes or leagues.
Is the metaverse just a fad?
Unlike the NFT market, there is still a big difference of opinion regarding the metaverse, especially among large companies and the user community. On the one hand, since the announcement of the Facebook company to focus on this technology, a host of major companies have started to study the subject and create their own initiatives in this environment, including Apple, Microsoft and even McDonald’s.
According to JP Morgan bank, which already has its own virtual space, this market could mobilize trillions of dollars in the coming years. However, most ordinary people don’t seem to share the same enthusiasm for this technology.
A recent study revealed that nearly 80% of respondents are unsure if they can take advantage of a metaverse designed by Meta. On social networks, many Internet users still do not see the point of investing so much in a universe of virtual reality.
However, NFTs are seen as a key resource for capitalizing on this metaverse, and the growth of one market can directly influence the success of the other.
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