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Is Interest In NFTs And The Metaverse Waning?

Despite an initial surge in usage of the buzzwords, interest in both the metaverse and NFTs appear to be on the decline. This is according to Google search trends, which have been seeing deep downward turns for both terms.

Interest in the metaverse as a term hit its peak when Facebook changed its name to Meta and started evangelizing about the digital future. But, since then, the term has seen a decline in relevance as Facebook has not presented a coherent vision for the concept, nor have any of its blockchain-based competitors. Video games, many of which are already metaverse-adjacent, don’t really seem to care to call themselves that at all, even if games like Fortnite and Roblox are further down this road than anyone.

NFTs, meanwhile, peaked somewhere around the end of January, and have only dropped since. This should ward off the idea that the global breaking news of Russia invading Ukraine caused this drop in interest for this term and perhaps many others, as we can see this was already beginning to slide a month before the invasion even happened. It has been a smooth decline ever since and shows no sign of slowing.

The same is not true for the entire space. Terms like crypto, blockchain, Ethereum, and Bitcoin may have had a huge surge back in the spring of last year, but now they’re relatively stable. Slight declines in a few, perhaps, but not the same level as what we’re seeing here with the metaverse and NFTs. “Web3” is on an arc more similar to NFTs, however.

(All information was provided by Forbes)

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