News Report
June 08, 2022

Monthly NFT sales have dropped over 65%, Google queries sink

falling
Photo by Bruce Christianson on Unsplash

Based on a 30-day observational statistical study, NFT sales have plummeted by an incredible margin. In fact, sales have gone from $4.6 billion to $1.59 billion in a span of one month. This is a whopping, unprecedented  65.43% fall in global NFT sales. 

Moreover, the data points from Google Trends seem to indicate that global interest in the purchase of NFTs has waned and dropped to its lowest since early October of last year. 

NFT sales drop more than 65 percent – from $4.6 billion to $1.5 billion

The fact that NFT sales are down by nearly 65.43 percent from the previous month is a cause for concern in the industry. This metric was obtained from a 30-day NFT sales statistics released on the global analytics website cryptoslam.io. In early May, the recorded sales figure was about $4.6 billion in NFT sales across 17 separate blockchains. That number has since fallen to just $1.59 billion which is only a third of its sales from the previous month. 

A deep dive into the NFT sales statistics

The sales of NFTs were not spread equally across the different blockchains. In fact, a major proportion was primarily attributed to the Ethereum blockchain’s NFT sales. The ETH-based NFTs accounted for nearly $1.31 billion of the total $1.59 billion. This does not bode well for the future of NFT sales as the number of people buying ETH-based NFTs has dropped by 67.99 percent with only 250,925 people out of the 1,047,363 from 30 days ago buying the NFTs.

This trend of a massive sales decline was consistent across other blockchains as well. 

  • Polygon-based NFT sales fell by 70.86%
  • Ronin’s NFT sales dipped by 70.26%
  • Wax NFT sales dropped by 43.89%
  • Avalanche NFT sales took a hit after falling by 91.43%

Since last month, Palm-based NFT sales have dropped 60.59 percent, Cronos non-fungible token sales have down 76.09 percent, and Arbitrum NFT sales have dropped 66.74 percent. In terms of overall sales volume, Otherdeed’s $143,562,582 was the greatest NFT collection last month, however, that metric is down 82.25 percent from the month before.

According to Google Trends (GT) data from all around the world, the search volume for the term “NFT” has dropped to its lowest point since the first week of October 2021. With the search for the phrase “NFT” having decreased to a score of 23 out of 100, the last time NFT interest was this low was during the week of October 3 through October 9. The search phrase “NFT” hit a peak of 100 during the week of January 16 to January 22, 2022, but since then, search interest has been dropping.   

Where things go from here is unclear but it seems the bloom is off the boom.

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Amogh is a content writer with a burning passion for writing, communication, technology, computer science, and storytelling. He published his first poetry book in 2021 and loves using the power of words to narrate a story or convey a thought.

More articles
Amogh Sundararaman
Amogh Sundararaman

Amogh is a content writer with a burning passion for writing, communication, technology, computer science, and storytelling. He published his first poetry book in 2021 and loves using the power of words to narrate a story or convey a thought.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Malta Embraces Crypto Future As Gate.MT CEO Highlights Next Wave Of Blockchain Evolution
News Report Technology
Malta Embraces Crypto Future As Gate.MT CEO Highlights Next Wave Of Blockchain Evolution
November 1, 2024
Hedera Introduces Bonzo Finance Liquidity Layer To Catalyze DeFi Growth On Its Network
News Report Technology
Hedera Introduces Bonzo Finance Liquidity Layer To Catalyze DeFi Growth On Its Network
November 1, 2024
Aave’s Proposal To Add wstETH To Aave V3 On BNB Chain Opens For Voting
News Report Technology
Aave’s Proposal To Add wstETH To Aave V3 On BNB Chain Opens For Voting
November 1, 2024
BounceBit Gears Up For CeDeFi V2 Launch, Set To Close V1 On November 4 
News Report Technology
BounceBit Gears Up For CeDeFi V2 Launch, Set To Close V1 On November 4 
November 1, 2024