Search interest in non-fungible tokens (NFTs) peaked at 100 for the week 19 to 25 June 2022. Fast forward to a year later, and the score has plummeted to a low of 32 during the week of 4 to 10 June 2023 – a massive 68% fall in the measure.
BanklessTimes CEO Jonathan Merry identifies the cooling down of the initial hype surrounding NFTs as one of the primary factors behind the trend.
He argues that, as with any new technology, public interest in NFTS surged initially, only to taper off as the novelty wore thin.
Merry explains: “As the hype around NFTs has cooled, people’s interest in them has also waned. NFTs experienced an unprecedented surge in value before, attracting speculative investors. But the market would always correct itself, and that’s what we’re seeing now.”