The past year has not been kind to most cryptocurrencies, affecting other industry verticals in the process. Overall, Google Trends for DeFi, GameFi, and SocialFi reflect that downturn. There is still much work to do to educate people about these terms and their broader implications.
DeFi Struggles In Google Trends
When there is no legitimate market excitement in crypto land, Google Trends will reflect it rather quickly. Although it is not a full overview of the industry or its proceedings, the way people search Google for things is often indicative. Since its peak in early January 2022 – when the DeFi TVL was over $175 billion – overall interest in that search term has dwindled.
More specifically, it has dropped off spectacularly. It is tough to say whether the peak momentum in Google searches indicated the industry’s imminent reversal, but the result remains the same. Fewer people Google for “DeFi” than they have in a while. The momentum dropped off slowly at first but struggles to regain traction today. That is despite the DeFi industry still firing on all cylinders.
Today, decentralized finance is a $60 billion industry. That is a respectable number, but going back to nearly $200 billion or above seems rather unlikely. Even with more networks providing DeFi support, people are less eager to put their money into these smart contract-driven protocols. The collapse of Terra and issues affecting centralized DeFi providers do not offer much investor confidence.
GameFi Is Reversing Too
As more people focus on Web3 and its potential implications for gaming, one would expect GameFi to do well in Google Trends. However, similar to DeFi, it is not performing as expected. If anything, it has lost most momentum recently and is now reversing altogether. It must be said, GameFi has never been as popular as DeFi in Google Trends, nor will that change shortly.
There is much excitement surrounding GameFi from within the crypto community. However, like DeFi, bringing in mainstream users remains an ongoing issue. All the buzzwords in this industry do not help much, either. A term like “GameFi” is “advanced jargon” to most and far from the first thing they would enter into a search engine.
No Google Trends Interest For SocialFi
Another one of those buzzwords, SocialFi, has yet to gain any momentum in Google Trends. Its search curve is as flat as a board and shows no imminent change. Like gaming, social media and content creation can be disrupted by Web3 momentum and infrastructure. There is much hope for empowering the individual, but no one intends to search for SocialFi just yet.
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