Why is the interest in NFTs and Metaverse FALLING?

Nftchick(sneeyeth)
2 min readMar 11, 2022

There has been a fast drop in the interest rate of NFTs and metaverse according to Google Trends

Despite the boom in the search interest of NFTs and Metaverse in the last quarter of 2021, there has been a plunge in these figures over the past two months.

Also, according to nonfungible.com, the number of sales and sales worth in USD has plunged in 2022 when compared to last quarter of 2021.

In the gaming space, where I operate, almost every major publisher seems to have been scared straight on NFTs after being lambasted by fans every time they are brought up, and those have become relegated mainly to purely blockchain based games outside the rest of the industry. As for the metaverse, the term has been repeated so much and so often it’s become almost meaningless, these days most often cited regarding blockchain-based shared worlds that have concurrent player averages outside the top 200–300 games on Steam at any given time.~Paul Tassi (of Forbes)

Also, adding to the decrease in interest in nfts and metaverse in general is the growth in attacks on platforms, one of which is the phishing attack on opensea, the biggest nft marketplace which took place earlier on the 21st of February, 2022, during a contract migration of the platform, this raised so much scare as investors began to question the safety of their assets. Another hinderance to the adoption of blockchain games and the metaverse is the fact that average gamers can’t afford metaverse assets and this is because the average price of obtaining a real estate property(land) in the metaverse is well above 2.5 Ethereum equaling US$6,469 (as at when this article was written).

The last aspect covered in this article is the adverse effects of cryptocurrency to the environment, many people are bullish about cryptocurrencies like Bitcoin, but detractors point to a major flaw — cryptocurrency mining is highly energy-intensive. While mining is just one method available to validate cryptocurrency transactions and mint new crypto coins, it’s the method used by Bitcoin and other leading cryptocurrencies. The environmental concern comes from the estimated carbon footprint generated by the power plants providing that energy. And it isn’t just mining that uses lots of power — a single Bitcoin transaction is estimated to burn 2,292.5 kilowatt hours of electricity, enough to power a typical US household for over 78 days. Now this has led to many environmental agencies fighting the adoption of cryptocurrency and by so doing also hindering the adoption of metaverse and nfts.

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