Understanding the Interest in the Metaverse and NFT

MetaversePlanet March 13, 2022Last Updated: December 7, 2023

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According to the latest information and Google Trends data, there has been a significant decline in searches related to the metaverse and NFTs.

While not a specific tool within the crypto world, Google Trends serves as a basis for analyzing the popularity level of an asset or market segment. An increase in search volume usually indicates heightened interest, potentially reflecting rising prices or an expanding user base interested in the search term.

Recent statements suggest that the declines are evident in both the metaverse and the NFT field. Analysts speculate that this trend in searches may also be mirrored in the respective market prices.

The Metaverse reached its highest peak in late October and early November of the previous year, coinciding with the global trend sparked by Facebook’s rebranding to Meta during that period.

Conversely, the NFT market experienced a significant boom in 2021, with approximately $25 billion in transactions throughout the year. In contrast, in 2020, this figure was less than $100 million, according to DappRadar. Despite the recent decrease in search volume, the NFT industry is showing signs of consolidation, indicating the existence of an established market that may persist even as enthusiasm for these assets diminishes.

Additionally, in the realm of sports, a study by Deloitte predicts that by the end of the current year, over five million fans will possess NFTs associated with their favorite team, athlete, or league.

Is the Metaverse Different?

In contrast to the relatively unified interest and growth observed in the NFT market, opinions on the metaverse remain widely divergent, particularly among large companies and the user community.

On one hand, the announcement by Facebook (now Meta) to pivot toward this technology has spurred major corporations like Apple, Microsoft, and even McDonald’s to explore and develop their initiatives within the metaverse.

According to JP Morgan, a bank that has already ventured into the metaverse with its own sandbox, this market has the potential to facilitate the movement of trillions of dollars in the coming years.

However, the general sentiment among the average population does not seem to align with the level of enthusiasm seen among these major corporations.