Google Trends — Searches for terms like ‘non-fungible token (NFT)’ and metaverse are falling sharply according to search engines
Google Trends is a tool that analyzes the popularity of assets and market segments. It is not specific to crypto, but it can be used to indicate an increase in interest. This could be due either to an increase in prices or an increased number of users.
Both the NFTs and the metaverse have experienced a decline in interest.
At the beginning of November, the peak of the metaverse was achieved. This was the moment when technology was recognized as a global phenomenon.
Consolidation and reorganization of NFT market
The non-fungible token market experienced a massive boom in 2021. They were able to move approximately $25 billion that year. DappRadar reported this number was lower than $100 million in 2020.
NFT industry signs of consolidation can be seen despite a recent drop in searches. These signs indicate that, even though there has been a cooling of excitement around these assets, there are still markets that will continue to operate.
AxieInfinity’s earn to-play game has sold for over $4 billion.
Deloitte’s sports research showed that more than five million people will get NFTs from their favorite teams, athletes, or leagues by year’s end.
Google Trends — Is metaverse a trend or a fad?
The metaverse is still a controversial topic, particularly among large companies. After Facebook announced it would be focusing its efforts on this area, many companies began to investigate this subject.
JP Morgan bank already has a virtual space. They estimate that this market will be worth trillions of dollars in the future.
An updated study has shown that almost 80% of respondents aren’t confident about taking advantage of the metaverse maintained by Meta. Many users of social networks don’t see the benefit of investing in virtual reality.
NFTs are a key resource for capitalizing on the metaverse. One market’s success can have a direct impact on another.