You'll find fewer and fewer new websites use hover effects; on all platforms, not just Squarespace. This is because changes in technology - the popularity of mobile devices - are reshaping the user experience. It is better not to use hover effects unless they are required for desktop visitors and you have an alternative design for your mobile users that does not rely on hover effects.
Why? Because hover effects don't work on mobiles*. Hovering occurs when a visitor puts their cursor over an element but touchscreen devices don't have a cursor. This means that if you add a hover title to an image, your mobile users may never see it.
When you take into account that around 65%-80% of visits to Squarespace websites are now made on mobile devices, you can see how relying on hover effects could make your site unusable for more than half of your visitors.
*Some mobiles can simulate hovering by first triggering a hover state and then triggering a "click". However this "stickiness" can not only confuse visitors, it can also frustrate them when they are required to tap twice to "click" the element.
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