Like most crypto projects this year, non-fungible tokens (NFTs) felt the pain of 2022’s crypto winter as sales are down a great deal and blue-chip NFTs have been slashed in value. For instance, last month, there was roughly $534 million in NFT sales compared to the $2.77 billion in NFT sales sold in Dec. 2021.
The NFT Industry Takes a Hit in 2022 — Sales and Google Searches Down Significantly
2022 hasn’t been kind to non-fungible token (NFT) holders, and statistics show that interest in the subject has dropped a great deal this year. Google Trends (GT) data shows that the search term “NFT” had a score of around 52 during the week of Dec. 26, 2021 – Jan. 1, 2022. The term also skyrocketed to the highest score of 100 on Jan. 16 – Jan. 22, 2022.
Today, however, for the week of Dec. 18 – Dec. 24, 2022, the search term “NFT” has a score of around 16. There’s been a slight rebound in interest recently in NFTs according to GT data, which started around Dec. 4, 2022. GT data shows the most interested region in NFTs today is China, followed by Hong Kong, Singapore, Nigeria, and Taiwan.
Statistics also show that NFT sales volume has dropped a great deal since last year. Cryptoslam.io data indicates that there was $2.77 billion in NFT sales sold in Dec. 2021, and last month only $534 million in NFT sales were recorded. Metrics saved to archive.org indicate that during the week of Dec. 27, 2021, $414.84 million in sales were recorded.
Sales during the week of Dec. 27, 2021 were also down 32.05% lower as the previous seven days saw $610.53 million in sales. In terms of NFT sales by blockchain at the time, Ethereum saw $334.83 million out of the $414.84 million in total sales that week. The week of Dec. 27, 2021, Ronin had roughly $45.65 million in sales and Solana had just over $16 million in sales during the seven day period.
The top five projects or collections in terms of seven day sales during the last week of Dec. 2021, included Mutant Ape Yacht Club (MAYC), Cryptopunks, Axie Infinity, Bored Ape Yacht Club, and The Sandbox. This month, roughly a year later, NFT sales pale in comparison to the purchases made…
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