Google Trend Data for ‘NFT’ Shows Global Interest Slashed by 70%

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In Brief
  • The bearish crypto market has majorly impacted the prices of blue chip NFTs.

  • Interest in NFTs reached a low point of 26 in terms of Google data in the last days of May.

  • This equates to a 76% drop in less than six months.

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The crypto market crash of 2022 has led to decreased investor interest in digital collectibles by the global NFT population. 

Interest in non-fungible tokens (NFT) has dropped to new high lows in May 2022. According to Be[In]Crypto research and data from Google Trends, interest in NFT-related topics by the global population has sunk. 

Interest over time comprises the number of Google searches in NFT content represented by a number between 0 and 100. A value of 0 or close to 0 means there is little to no interest. On the other hand, a value of at least 50 means that the term constitutes a huge part of searches by the global population. 

The term “non-fungible token” reached a value of 26 in the last days of May. This was a 74% drop from the peak interest overtime of 100 reached in January 2022. 

Source: Google Trends

In January 2022, the major NFT marketplaces’ monthly volumes reached an all-time high of $16.54 billion. In the last days of May, the total monthly volume was approximately $4 billion, equating to a 75% decline from January’s volume. 

Source: The Block Crypto

Some of the NFTs that contributed to January’s milestone include the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Axie Infinity.

Source: BAYC January 2022 Sales Volume Chart by CryptoSlam

In the last days of May, BAYC NFT sales volume was in the region of $200 million, a 41% decline in four months.

In January 2022, Axie Infinity and Mutant Ape Yacht Club sales volumes were approximately $126.49 million and $252.33 million, respectively.

The bearish market dramatically slashed these values in the second quarter of 2022.

Axie Infinity had a total sales volume of $6.6 million while MAYC had $163.96 million in May. Overall, Axie Infinity saw a decline of 94% while BAYC saw sales volume sink by 36%.

Overall, issues that continue to trend on Google across the globe are inflation, Ukraine/Russia Crisis, gun control, and the overall crypto market crash (with prices and total value locked of digital assets) dominating search patterns.  

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As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.

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