The crypto market crash has slashed investor interest in digital collectibles, and the number of searches for non-fungible tokens (NFTs) has plummeted to new lows in May 2022. Google Trends data shows that global interest in NFTs has declined by 70% in May 2022. In May, Prada launched a new NFT collection.
Interest in non-fungible tokens (NFT) dropped to new lows in May 2022
A look at Google Trend Data for non-fungible token (NFT) searches reveals that interest in NFTs has decreased significantly since the market crash of January 2022. Search volume for ‘NFT’ has fallen by more than 50% since that time. It’s no wonder, then, that NFTs’ interest in the market has declined dramatically, according to the NonFungible website.
As interest in NFTs has waned, some have suggested that they will lose their appeal in the near future. The NYT and Quartz have begun selling articles and tweets in NFT form. Likewise, Twitter’s Jack Dorsey has reportedly been selling an NFT of his tweet.
Google Trend Data shows global interest slashed by 70%
A sluggish crypto market has slashed investor interest in digital collectibles such as Non-Fungible Tokens (NFTs), which has lowered prices for blue chip NFTs. The Google Trend Data for NFT shows a 70 percent decline in global interest, down from a high of 26 in May of 2018. According to Google Trends, the number of searches for NFT content has decreased by 72%, to a new low of just under 50 in 2022.
Inflation, the Ukraine/Russia crisis, gun regulation, and the overall crypto market crash continue to dominate the search trends. This is due in part to the general bearish sentiment reflected in the decline in interest. Similarly, the total value of digital assets locked in and prices have plummeted, making for an overall crypto market crash. As a reminder, all information presented on this website is provided solely as general market commentary and does not constitute investment advice.
Prada launches new NFT collection
The luxury fashion house Prada has launched a new NFT (non-fungible token) collection, which will be represented by a black or white pill capsule. Each NFT will have a unique serial number linked to a Prada shirt. The Prada Crypted community on Discord will be the first to share the new digital art form. This new NFT is unregulated on the secondary market, but it could create a huge demand.
The Timecapsule NFT collection is a unique way for people to collect and exchange cryptocurrencies. Each NFT has a unique serial number and is backed by the Ethereum blockchain. There will be limited editions of each NFT, and each one will carry a unique item number. These exclusive items will be available exclusively on Prada’s website. The Prada Crypted community server will be launched on Thursday.