According to Google Trends, global search interest in non-fungible tokens (NFT) remains at an extremely low level despite the continued growth of cryptocurrencies.
This term has attracted significantly fewer search queries this year compared to "cryptocurrency", indicating a decline in interest in the sector that was booming in 2021.
In March, the term "cryptocurrency" reached a value of 100, indicating peak popularity. The term "NFT" at that time received a value of only 10, which is significantly lower than "cryptocurrency".
The same trend was observed in May, when interest in NFTs remained low despite rising cryptocurrency prices.
This is a stark contrast to January 2022, when the term "NFT" significantly outpaced "cryptocurrency" (82 vs. 66).
Other indicators also confirm that the NFT sector is going through tough times. According to AltIndex.com, the number of active wallets with NFTs has fallen to the lowest level since the beginning of 2021. The NFT space has lost over 90% of its users since its peak in December 2021.
In 2021, NFTs attracted the attention of celebrities and large companies, becoming a popular topic among investors. They also provided creators with the opportunity to monetize their work. However, crises in the crypto industry and unfavorable market conditions quickly diminished their appeal.
Web3 is already outdated
While NFTs are nearly dead, the term "Web3" can be considered completely obsolete. This term, popular at the end of 2021 and in 2022, now attracts very few search queries.
"Web3" was supposed to denote a new iteration of the internet with an emphasis on decentralization, but it failed to gain significant attention. In May, it generated only minor interest compared to cryptocurrency.
