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Tuesday, March 5, 2024

Interest in NFTs drops 70% according to Google

With a crypto market entangled in a downtrend for many weeks, the NFT sector is taking a hit. Interest in NFT collections is dropping day by day according to data from Google Trends.

Considerable decline in interest in NFTs

According to data from Google Trends, interest in NFTs is plummeting . Google’s tool counts the number of searches for a query and categorizes interest in that search from 0 to 100. At the end of May, the term NFT had a score of 26, which is a drop 74% compared to the historical high of January 2022 when the score was then 100.

The figures from the various marketplaces also testify to this growing disinterest of the general public for non-fungible tokens. The major industry leaders had recorded a monthly volume of over $16.54 billion. In comparison, in the last days of May, the monthly volume was around 4 billion. It is therefore a drop of almost 75% in volumes on platforms such as OpenSea, Looksrare, Magic Eden or even Solanart .

This decreasing interest spares no collection. Collections like Mutant Ape Yacht Club, from Yuga Labs, for example, see their trading volume drop drastically. These collections still hold up better, especially in terms of floor price, than more anonymous collections.

How to explain this?

First of all, we can note that the market conditions are very degraded both on traditional assets and on crypto-currencies. NFTs therefore seem to be suffering from the downward trend that the crypto market has been experiencing in recent weeks.

It is certain that investors are rather looking for safe investments and that NFTs are definitely not one of them. It will surely be necessary to wait for a recovery of the crypto market to see the transaction volume and interest in NFTs start to rise again.

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