Interest in NFT decreased by 74% since the beginning of the year

Analysts have recorded a sharp drop in the number of searches on this topic on Google

30.05.2022 - 10:10

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What’s new? The collapse of the cryptocurrency market has led to a 74% drop in global interest in non-fungible tokens (NFTs) since the beginning of 2022. This is reported by Be[In]Crypto, citing its own research and Google Trends data. In addition, the total monthly sales volumes on major NFT marketplaces fell by 75% to $4 billion in May compared to January. The figure reached an all-time high of $16,54 billion at the beginning of the year. The most popular collections were Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Axie Infinity.

News on the Be[In]Crypto website

What data does the report contain? Interest in the NFT field in Google Trends is measured by the number of searches and can a value from 0 to 100, where 0 represents a complete lack of interest from users, and a value of 50 or more represent a high number of searches. In the last days of May for the term “NFT,” this value was 26, 74% lower than the peak value of 100 reached in January 2022.

Currently, Google search trends are dominated by issues related to inflation, the Russia-Ukraine crisis, gun control, and the overall collapse of the cryptocurrency market (with prices and the total value of digital assets).

What events happened before? Analysts at MarketsandMarkets concluded that the global NFT market could grow from $3 billion in 2022 to $13,6 billion by 2027 (more than 350%). In this, a compound annual growth rate (CAGR) would be 35% over 5 years.

YouTube, the largest international video hosting site, announced plans to integrate NFTs into its platform. The non-fungible tokens would make it easier to identify video authors as well as add another way to monetize content for its creators.

The OpenSea NFT marketplace announced the launch of its new Seaport protocol, which would allow exchanging of non-fungible tokens. The platform’s customers would be able to transfer NFT without using trading tokens.

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