Google Trends data shows the ‘NFT’ and ‘metaverse’ hype is fading in 2022

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NFT and metaverse hype has started to wear off, shows a new data by Google Trend. Global search for ‘NFTs’ and ‘metaverse’ began to decline this year, with search queries for NFTs dropping steeply in the first quarter of 2022.

According to Google Trends (GT), a service that tracks the most popular combinations, in the last 12 months, searches for ‘metaverse’ and ‘NFT’ gained strength from October to December 2021. However, since the beginning of 2022, the interest search has fallen massively, reaching its lowest point in March.

The term “NFT” plummeted from a GT score of 100 during January 2022 to a score of 42 in the first week of March. This shows 58 percent less interest. A similar case has been observed in the case of the “metaverse”. The term dropped significantly, from January’s high score of 88 to March’s GT score of 32.

Metaverse was the most searched term in Turkey, followed by China and Singapore, which ranked second and third, respectively. Cyprus and Lebanon follow closely in fourth and fifth place, respectively.

Meanwhile, Singapore has ranked first in the interest list by region for the last 12 months for the keyword “NFT”. The country is followed by Hong Kong, China, Canada and the Philippines. Some of the top NFT related topics in March 2022 were: Yacht Club, Bored ape, Safe moon and nft apes.

In early December, the term “NFT” seems to have outgrown that for “Crypto”. People are bidding thousands to own these collectibles, with some even selling for millions. A recent report from DappRadar revealed that people spent more than $24.9 billion in 2021, compared to just $94.9 million the year before.

According to Cointelegraph research, NFT sales have increased from $41 million in 2018 to $2.5 billion in the first half of 2021, representing a 60x growth in three and a half years.

Meanwhile, not only collectors or investors, but also Bollywood stars like amitabh bachchan, salman khan, Sunny they are also jumping on the cryptocurrency bandwagon.

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