In the ever-evolving realm of digital trends, non-fungible tokens (NFTs) are facing a serious case of the blues, according to the latest insights from Google Trends.
Despite the ongoing cryptocurrency craze, global interest in NFTs remains dismally low. Compared to the fiery buzz surrounding “crypto,” searches for NFT-related terms barely register on the popularity scale this year. It’s a stark contrast to their glory days during the 2021 bull run, when NFTs were the talk of the town.
Back in March, “crypto” hit a perfect score of 100 on the interest scale, indicating peak fascination. Meanwhile, poor old “NFT” struggled along at a mere 10, a clear sign that the hype train had left the station.
Even as crypto prices soared in May, NFTs failed to spark significant curiosity among internet users, further cementing their decline in popularity.
This slump is a far cry from January 2022, when “NFT” led the charge over “crypto” by a substantial margin (82 versus 66).
Digging deeper into the data paints a bleak picture for the NFT sector. AltIndex.com reports a sharp drop in active wallets holding NFT tokens, reaching the lowest levels seen since early 2021. The once-booming NFT space has shed more than 90% of its user base since reaching its peak in December 2021.
In 2021, NFTs were all the rage, capturing attention from celebrities and big corporations alike, and promising creators a new frontier for monetizing their digital art. However, as the crypto industry weathered its share of storms and market conditions turned less favorable, the shine quickly faded from these investments.
Web3: A Ghost Town in Cyberspace
While NFTs cling to relevance, another buzzword from the crypto universe has seemingly vanished without a trace: “Web3.”
Amid the digital cacophony of late 2021 and 2022, “Web3” emerged as the poster child for a decentralized internet revolution. It promised a new era of online interaction and innovation, but it appears the hype has waned considerably.
By May, “Web3” had all but disappeared from the search radars, capturing only a fraction of the interest compared to its older sibling, “crypto.”
The term “Web3” was poised to define a paradigm shift towards decentralized networks and blockchain-powered applications. However, its inability to maintain momentum suggests that while the concept may be intriguing, it has yet to resonate widely outside of niche tech circles.
As the digital landscape continues to evolve, the fate of NFTs and “Web3” serves as a reminder of the rapid rise and fall of digital trends. While they may fade from the limelight for now, who knows what the future holds in this ever-shifting digital frontier?
