Metaverse and non-fungible tokens (NFTs) grew in popularity in the last quarter of 2021. But as the global economy faces tough times, it seems that interest in both NFT and Metaverse projects is starting to wane. Google Trends data shows that while both Metaverse and NFTs were hot topics for people last year, there has been a massive drop in search volume as of March 2022 and metrics like trading volume and crypto price charts are also pointing in the same direction.
As highlighted by cryptopotato report goodGoogle Trends charts are usually a reliable indicator for retail interest and search queries for the term ‘Metaverse’ have dropped to levels seen in early October 2021, prior to Facebook’s decision to rebrand its name to Meta. Is.
Similarly, NFT resources are nonfungible shows That the trading volume per week for NFT is also decreasing. Industry data tracker average selling price a non-fungible token From an all-time high of around $6,900 (approximately Rs 5.3 lakh) in early 2022, it has come down to less than $2,000 (approximately Rs 1.5 lakh).
open seaThe largest NFT marketplace recorded its best month ever in January. Since then, prices have fallen steadily as concerns about the pandemic-era stimulus and easing of geopolitical tensions loomed large on the broader crypto market. The decline has accelerated since Russia invaded Ukraine.
Another potential contributor to the decline is likely increased regulation. US Securities and Exchange Commission is NFT creators scrutinized and the marketplace where they trade to determine if certain assets violate agency rules.
Sales of some of the most popular brands are falling rapidly. nba top shot NFT is down 26 percent from last week, while popular play-to-earn project axi infinity According to data tracker DappRadar, 15 percent are down. While those major NFT sales are closed, the decline is not across the board. of sale Bored Ape Yacht Club NFTs have grown by 59 percent in the last seven days, while cryptopunk DappRadar data shows, sales have increased by 118 percent.
Despite trends indicating a decline for some NFT and Metaverse projects, it is also worth noting that BTC trading volume in Ukraine and Russia increased last week due to the ongoing war between the two countries. This has given many bitcoin proponents an opportunity to emphasize that the cryptocurrency is an uncorrelated asset.
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