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As searches ‘fall off a cliff,’ monthly NFT buyers drop below $800K

In February, there were 796,009 NFT buyers in secondary marketplaces, totaling $2.6 billion in sales. The data show a considerable drop from the previous record-breaking month.

In February, the number of unique NFT buyers fell below 800,000 for the first time since October, and nonfungible search volume fell dramatically.

According to CryptoSlam data, there were 796,009 NFT buyers in secondary markets in February (down 12% from January), accounting for around $2.6 billion in sales (down 40 percent on the month before).

However, given that January was a record-breaking month for NFTs, it’s possible that the February declines are merely part of a healthy retreat. In January, there were a total of 904,13 unique secondary NFT purchasers, and OpenSea had a record sales volume of over $5 billion in January, before dropping to around $3 billion last month.

However, according to Google Trends, the global keyword search volume for “NFTs” has also decreased dramatically. Interest rates have decreased by 60-70 percent in the last week, compared to late January highs (Jan. 23- Jan.29.)

Despite local tech and telecommunications giant Rakuten launching an NFT marketplace late last month, the United States has the most interest in NFTs globally at the time of writing. Japan, on the other hand, has the least interest in NFTs out of 61 countries.

Andrew Steinwold, a supporter of the NFT and managing partner of the NFT investment fund Sfermion, compared the current decline to the bull market and subsequent crash of 2017/2018, and questioned whether interest will start up again anytime soon.

 

Although leading platform OpenSea was the victim of a $1.7 million hack in February, among other problems, it is unclear why general interest has fallen so substantially in the last month.

The crisis between Russia and Ukraine may have altered attention to cryptocurrencies, since the focus appears to have turned to use cases like digital payments, fundraising, and keeping value in uncertain times.

So far in March,

According to CryptoSlam’s, 10 of the top 12 NFT-supporting blockchains have seen a drop in sales volume in the last 24 hours. Ethereum and Solana, the top two coins, have lost 4.24 percent and 11 percent, respectively, while Avalanche and Panini have lost 27.79 percent and 36.20 percent, respectively.

Flow, rated third, and Arbitrum, ranked sixth, are the only networks to gain ground, with advances of 20.89 percent and 539 percent, respectively.

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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