Interest in NFT’s and the metaverse is starting to decline, according to new data by Google Trends (GT).
According to GT, searches for ‘metaverse’ and ‘NFT’ gained traction from October to December 2021.
However, since the start of 2022, global search for the phrases has dropped significantly, hitting the lowest point in March 2022.
The term NFT nosedived from a score of 100 on GT during January 2022, to a score of 42, in the first week of March, 58% less interest.
‘Metaverse’ also declined from January’s score of 88, to 32 in March.
Singapore has held the top spot in the interest-by-region list for the last 12 months for the term ‘NFT’ followed by Hong Kong, China, Canada and the Philippines.
In December 2021, the term ‘NFT’ also surpassed ‘crypto’ in search queries.
However, sales of NFTs have grown from $41 million in 2018 to $2.5 billion in the first half of 2021, representing a 60-fold growth in three and a half years, according to Cointelegraph.