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Recent years have seen the blockchain scene coupled with several waves. First came cryptocurrencies, then DEFi, and most recently NFTs and the metaverse. And while many of these waves, like the cryptos and DeFi seem to have withstood the test of time, the same cannot be said about NFTs and metaverses.
Stockapps.com has been following the trends on NFTs and data shows that interest in the digital collectibles is waning. According to data compiled from Google Trends, interest in the search term ‘NFT’ has declined by around 65% since the year started. The search term’s score dropped from 100 in January to 32 on 6th March.
“It seems that NFT skeptics were onto something. It’s not just interest that’s waning- NFT sales have also taken a nosedive. Although this is expected of any new technology, at this point we cannot be sure what direction NFTs will take.” Edith Reads from Stockapps.com commented on the trends.
Initial excitement dies down: where are the concrete plans?
Skeptics have been warning that the NFT craze was just a bubble, waiting to burst and recent data shows that they might have been right.
In March 2021, digital artist Beeple sold his collectionEverydays:The First 5000 Daysfor $69 million through Christie’s auction. Interest in NFTs rose in the following months, hitting an all time high.
Both NFT sales and transactions increased steadily in the following months, before starting on a steady decline early this year. Now, it seems the plummeting isn’t slowing down any time soon.
Stockapps.com noticed a similar trend with the term metaverse. There has been talk of metaverses and the new age of the internet for several months now. Interest spiked late last year with Facebook’s rebrand to Meta. More big tech companies like Apple and Microsoft joining the metaverse craze further fueled global interest in the same.
However, more than four months after the announcement, Facebook is yet to come up with a solid plan for the shift to Web 3.0 and metaverses. The uncertainty on the project seems to have dwindled crypto enthusiasts’ interest and confidence in Meta.
What next for NFTs and metaverses?
As excitement over the latest trends dies down, it’s unclear what the future holds for NFTs.
For many in the scene, NFTs and metaverses hold the key to the new internet age; web3.0. However, going by the latest trends, it’s unlikely that this will happen anytime soon.
That said, we really cannot do much but wait and see what direction NFTs will take moving forward.
Edith is a fintech expert and a trader with over 10 years of industry experience. She is knowledgeable about blockchain, NFTs, Cryptocurrencies, and stocks - all from an informed perspective that will help you make better decisions when it comes time to invest your money.