Non-fungible tokens (NFTs) have exploded in popularity over the past year, with everyone from celebrities to brands getting in on the action. However, it seems that interest in NFTs may have reached its peak, as the interest in NFTs has drastically decreased.
According to data from StockApps.com, interest in NFTs fell to its lowest point ever at 14 in the fourth week of August. This is a stark contrast to the interest in NFTs earlier this year, which reached its peak at 100 in the last week of January.
Speaking on the data, Edith Reads from StockApps said. NFTs have been one of the most talked about topics in the investing world for the past few months. However, it seems that interest has waned significantly. The crypto meltdown could be one reason why interest has decreased, as many people lost money in the market crash. It’s also possible that the novelty of NFTs has worn off. However, it’s still early days for NFTs; thus, interest may pick up again in the future.”
Regarding the number of searches for the term “NFT,” China tops the list under “interest by area.” Hong Kong follows it in the second position, and Singapore is in the third spot. Nigeria and Taiwan take the fourth and fifth positions, respectively.
US, Canada, New Zealand, and Cyprus users continue to find NFT information interesting. Also showing interest in non-fungible tokens are Pakistan, Nigeria, and South African citizens.
Are Nfts Still Significant?
The NFT market remains significant in the context of the geopolitical crisis despite the general decline in interest. For instance, to maintain its military effort, Ukraine is actively gathering money through its NFTs. It released its assortment of NFT for this reason. Besides, a charity platform called “Ukraine’s Angels” and an NFT collection in support of Ukraine were previously introduced by the Ukrainian blockchain developer ElephantsLab.
Since January, the interest in NFT has been declining steadily. Despite the reduced interest, NFTs are still valuable and can be a necessary form of investment.
It isn’t easy to establish if NFTs are a fad or a trend. Artists believe NFTs are the next form of monetization. However, some experts believe that NFTs are a bubble that is about to pop. The prices of virtual assets have been highly volatile, and people are still trying to figure out their way around the industry.
The current situation presents an opportunity for long-term investors. The market will most likely become more stable in the future as more industries adopt NFTs and people get a better understanding of how they work.