As a seasoned crypto investor, I’ve seen my fair share of market trends come and go. The recent data on NFTs and “Web3” is disheartening, to say the least.
As a data analyst, I’ve observed that despite the surge in cryptocurrency markets, global search interest for non-fungible tokens (NFTs) remains surprisingly low based on the data from Google Trends.
The term mentioned earlier received relatively low search volume in contrast to “crypto” during the year, signaling a potential decrease in interest for the market that fueled the 2021 cryptocurrency bull market.
In March, the crypto market experienced peak popularity with a value of around 100, while NFTs had a much lower profile at only 10 in value.
As a researcher observing the digital art market in May, I noticed that NFTs failed to generate significant buzz despite rising cryptocurrency prices.
In January 2022, the search volume for “NFT” surpassed “crypto” significantly with a difference of 16 units (82 for NFT and 66 for crypto).
As a crypto investor closely monitoring the NFT market, I’ve noticed concerning signs that suggest the sector is finding it difficult to bounce back. According to data from AltIndex.com, the number of active wallets holding NFT tokens has hit a new low not seen since the early months of 2021. To put this into perspective, the NFT space has experienced a substantial decline, losing over 90% of its user base since peaking in December 2021.
As a crypto investor, I’ve witnessed firsthand the meteoric rise of NFTs in 2021. They captured the spotlight not just among celebrities but also major corporations, generating buzz within the investment community. NFTs offered creators an unprecedented opportunity to monetize their work. However, as the crypto industry faced crises and market conditions turned unfavorable, the allure of investing in NFTs began to wane.
“Web3” is dead
The popularity of NFTs seems to have waned significantly, while the term “Web3,” which emerged as a buzzword towards the end of 2021 and continued into 2022, now appears to be hardly used. Few people are searching for it these days.
The term “Web3,” which signified the upcoming decentralized version of the internet, was anticipated to gain widespread adoption. However, it has fallen short of this expectation. In comparison to crypto, Web3 garnered minimal search interest in May.
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2024-06-10 18:39