Google Trends for ‘NFT’ Shows a 70% Drop in Global Interest

The negative crypto market has had a significant impact on the prices of blue chip NFTs. According to Google data, interest in NFTs peaked at 26 in the final days of May.

Non-fungible token (NFT) interest has reached new lows in May 2022. According to Google Trends data, global interest in NFT-related topics has declined.

The number of Google searches in NFT information over time is represented by a value between 0 and 100. A value of zero or near to zero indicates that there is little or no interest. A score of at least 50, on the other hand, indicates that the phrase accounts for a significant portion of global population searches.

In the final days of May, the word “non-fungible token” attained a value of 26. This was a 74% decrease from the peak interest rate of 100 in January 2022.

Monthly volumes in the major NFT exchanges reached an all-time high of $16.54 billion in January 2022. The entire monthly volume was roughly $4 billion in the final days of May, representing a 75% decrease from the level in January.

The Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Axie Infinity are among the NFTs that contributed to January’s milestone.

BAYC NFT sales volume was over $200 million in the latter days of May, a 41% decrease in four months. Axie Infinity and Mutant Ape Yacht Club sales volumes in January 2022 were around $126.49 million and $252.33 million, respectively.

In the second quarter of 2022, the negative market drastically reduced these values.

MAYC had $163.96 million in sales in May, while Axie Infinity had $6.6 million. Overall, Axie Infinity had a 94% drop in sales volume, while BAYC saw a 36% drop in sales volume.

In general, issues that continue to dominate search trends on Google around the world include inflation, the Ukraine/Russia crisis, gun regulation, and the overall crypto market meltdown (with prices and total value of digital assets locked in).

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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