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Retailers’ interest is decreasing in Metaverse and NFTs

 

A new report suggested that the interest in non-fungible tokens (NFTs) might be experiencing a cooling-off period. Report claimed that Retailers interest is at 5 months low.

Google Trends search data saw both of those things trending downward recently, but the overall NFT trading volume is also supporting that. According to NFT resource NonFungible, the volume per week has been declining for a while now. The retail interest in crypto has also been down, hitting its lowest point since October 2021, leading to lower trading volumes in general.

Metaverse

Credit: Analytics India

Virtual showrooms and stores have come a long way since 2016, when the first virtual store was launched by eBay. Virtual stores are not only convenient and time-saving for consumers, but they decrease returns for sellers and can help expand the customer base.

Customers can discover products faster and the personalisation for each user will be far greater than in physical stores. Online shopping lacks the visualisation and engagement that the metaverse can offer.

A lot of the features are tailor-made for retail companies. Customers can explore different features and try out different models while the time spends in stores (a sales metric) also naturally increases.

The immersive experience gives customers an opportunity to try out products and integrate them into their homes before they buy them. IKEA has launched an AR catalogue app that allows shoppers to see what a lamp would look like in their room before they decide to buy it.

NFTs

Credits: CNBC TV18

A study conducted by Obsess titled ‘Metaverse Mindset: Consumer Shopping Insights’ showed that 70 percent of the consumers who visited a virtual store ended up buying an item.

Data from Google Trends is usually a good way to gauge the retail interest in certain topics. In this case, we take a closer look at the one-year chart of the Google search volume for the keywords “metaverse” and “NFT” on a worldwide scale.

It’s evident that the interest has returned to what it was back in October last year, before the winter hype that saw many collections peak in terms of their floor price.

According to NonFungible – a popular NFT resource – the weekly volume has been declining steadily for quite some time now.

It’s also worth noting, though, that retail interest in the cryptocurrency industry, in general, has been somewhat declining as of late, which has also translated to measurably lower trading volumes across the board. This, of course, has its exceptions

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