The global interest in non-fungible tokens (NFTs) has significantly decreased despite the ongoing cryptocurrency rally, as shown by data from Google Trends. Compared to the term “crypto,” NFTs attracted very few search queries this year, indicating a decline in demand for the sector that was once the defining trend of the 2021 bull run. In March, “crypto” reached peak popularity with a value of 100, while “NFT” only had a value of 10. This trend continued into May, with NFTs failing to generate substantial interest despite the rising prices of cryptocurrencies.
The decline in interest in NFTs is further confirmed by data from AltIndex.com, which shows a significant drop in the number of active wallets holding NFT tokens. In fact, the NFT sector has lost over 90% of its users since reaching its peak in December 2021. While NFTs were heavily promoted in 2021 and attracted attention from celebrities and major companies, the current crises in the crypto industry and unfavorable market conditions have led to a decrease in investments in NFTs. This has caused the once-thriving sector to struggle to recover.
Similarly, the term “Web3,” which gained popularity in late 2021 and 2022 as the next iteration of the web with a focus on decentralization, appears to have lost its momentum. “Web3” is now attracting very few search queries compared to crypto, indicating a decline in interest in this concept as well. Despite initial expectations that “Web3” would become a prominent term in the tech industry, it has failed to catch up with the expected growth and has now fallen out of favor with search engine users.
In conclusion, the decline in interest in both NFTs and “Web3” signifies a shift in the cryptocurrency and tech sectors. While NFTs were once the talk of the investment community and allowed creators to monetize their work, the current market conditions and industry crises have led to a decrease in investments and interest in the sector. Similarly, “Web3” has failed to gain the traction that was expected, indicating a slowdown in the adoption of decentralized technologies. As the global interest in these concepts continues to decline, it remains to be seen whether they will be able to regain popularity in the future.
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