According to the keyword trend analysis tool, Google Trends, searches for the terms “non-fungible token (NFT)” and “metaverse” are down.
Google Trends is not a specific tool on the world of cryptography. But we use it as basis of analysis to determine the popularity level of an asset or a market segment. An increase in searches indicates growing interest.
The decrease in the number of searches concerns both NFTs and the metaverse. Less and less interest was granted to these assets. The highest peak of the metaverse term was in late October and early November last year. It was at this time that technology became a global trendafter renaming Facebook to Meta.
The market for non-fungible tokens has experienced a big boom in 2021. Despite the recent drop in searches, 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 is especially seen in the gaming and sports sectors.
Axie Infinity, the play-to-earn game, hit the $4 billion milestone in its NFT sales last month. In addition, in the field of sport, the research of Deloitte predict that over five million fans will have NFTs of their favorite teams, athletes or leagues by the end of this year.
Google Trends: is the metaverse trendy?
Unlike the NFT market, there is still a great difference of opinion regarding the metaverse, especially among large enterprises and the user community. Since the announcement that Facebook would focus on this technology, large companies have begun to study and create their own initiatives in this medium. Apple, Microsoft and McDonald’s are part of.
According to the bank JP Morgan, which already has its own virtual space, this market could generate trillions of dollars in the coming years. However, most ordinary people don’t seem to share that much enthusiasm for technology.
A recent study showed that nearly 80% of respondents are not convinced to take advantage of from a metaverse created by Meta. In social networks, many users still do not see the point of doing so much investments in a virtual reality world. However, NFTs are seen as a key resource to capitalize on the metaverse. And the growth of one market can directly influence the success of the other.