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Usha Yadav
May 30, 2022
by Usha Yadav

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

Google Trends for 'NFT'
The global NFT population's interest in digital collectibles has plummeted due to the 2022 crypto market crisis. In May 2022, interest in non-fungible tokens (NFT) reached new lows. According to Be[In]Crypto study and Google Trends data, global interest in NFT-related topics have decreased. The number of Google searches in NFT material over time is represented by a value between 0 and 100. There is little to no interest if the value is 0 or close to 0. A figure of at least 50, on the other hand, indicates that the term is used often by the global population.

In the final days of May, the word "non-fungible token" attained a value of 26. This was a 74% reduction from the January 2022 peak of 100 percent interest over time. Monthly volumes on the significant NFT exchanges reached an all-time high of $16.54 billion in January 2022. The entire monthly volume was around $4 billion in the closing days of May, a 75 percent decrease from January's level. 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's sales volume was $200 million in the latter days of May, a 41% drop in four months.

Axie Infinity and Mutant Ape Yacht Club had around $126.49 million and $252.33 million in January 2022, respectively. In the second quarter of 2022, the adverse market cut these values considerably. MAYC generated $163.96 million in revenue in May, compared to $6.6 million for Axie Infinity. Overall, Axie Infinity saw a 94 percent drop in sales, while BAYC saw a 36 percent drop in volume.

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Google Trends for 'NFT' Shows a 70% Drop in Global Interest
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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