Tech

NFT searches on Google plummet 75%, investors drop the deal

Non-fungible tokens (NFT) are becoming less and less popular. Searches on Google for digital works certified on the blockchain have dropped sharply in recent months.

NFT
Credits: Unsplash

In early May 2022, the cryptocurrency market contracted sharply. The collapse of Luna and UST, the stablecoin of the Terra ecosystem, caused a sharp drop in all digital currencies. King Bitcoin is also quickly ironed under 30,000 dollars.

The crash in the crypto-asset market is only accompanied by a drop in liquidity in the world of non-fungible tokens (NFTs). Most of the popular collections in the NFT market, such as Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) noted a drop in daily transactions.

Google searches for the term NFT plummet

Certain highly valued works, such as the digital fragments of the Kiss by Gustav Klimt, have lost a significant part of their value. Deprived of part of their funds, investors are abandoning digital works for the moment.

nft google searches collapse

The disinterest of Internet users is also noticeable in Google searches. As can be seen by looking at Google Trends, the number of searches including the keyword NFT dropped by 75% between January and May 2022. The peak of searches was recorded in January, only a year and a half after the appearance of the term in the results. On the trading side, the market peaked in monthly volume at $16.54 billion in January. By May, monthly volume was down to just $4 billion.

Nevertheless, the NFT market is far from dead. Many collections continue to emerge on marketplaces like OpenSea or Magic Eden. Among the latest collections that have been all the rage, we find in particular the monkeys of the Trippin Ape Tribe. Despite the contraction of the market, artists regularly upload new works, in particular on the Solana blockchain.

At the same time, many well-known brands are entering the world of non-fungible tokens. Recently, eBay launched its own collection of NFTs. Tim Stokley, the founder of the Onlyfans platform, even announced a new marketplace for artists and influencers to sell digital trading cards.

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