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Google Trends shows interest in NFTs down 70% globally

 


Since the crypto crash, investor interest in digital collectibles like NFTs has waned.


In May 2022, interest in non-fungible tokens (NFT) fell to a new low for the year. Research from BeInCrypto and data from Google Trends shows that interest in NFTs has waned rapidly after hitting an all-time high earlier in the year.


Interest over time includes the number of Google searches for NFT content and is represented with a value between 0 and 100. A value of 0 or almost 0 means that there is little interest in the topic. On the other hand, a value above 50 means that the term accounts for a large proportion of searches worldwide.


The term “ Non-Fungible Token ” reached a search count of 26 in the last few days of May, down 74% from the last all-time high of 100 in January 2022.

NFT marketplaces are losing trading volume

In January 2022, the monthly trading volume of the major NFT marketplaces hit an all-time high of $16.54 billion. In the last days of May, the total monthly trading volume was around $4 billion. That's down about 75% from January's volume.


BAYC and Axie Infinity among the most popular NFTs

NFTs that contributed to the high trading volume on some NFT marketplaces in January include the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collections, as well as the blockchain game NFTs Axe Infinity .


In the final days of May, Bored Ape Yacht Club NFTs volume was in the $200 million range. That's down 41% over the past four months. In January 2022, the sales volume of Axie Infinity and Mutant Ape Yacht Club was US$126.49 million and US$252.33 million. In the bear market, these values ​​fell drastically in the second quarter of 2022.


Axie Infinity currently has a sales volume of US$6.6 million, while MAYC's sales volume is around US$163.96 million. Overall, Axie Infinity is down 94%, while MAYC's sales volume is down 36%.


Topics that continue to trend on Google around the world and dominate searches are inflation and the Ukraine/Russia war.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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