At the end of January 2022, sales of non-fungible tokens (NFTs) brought in $4.77 billion and NFT sales have been dropping month after month since then. Last month, $549.82 million in NFT sales occurred in September, showing that monthly NFT sales are more than 88% lower than they were in January. Moreover, after the search term “NFT” reached the highest score on Google Trends last January, with a score of 100, the score for the last week of September was 12, which is also lower by 88% in terms of interest.
NFT Slide of Trade Volume and Search Queries – Sales and Interest Down 88%
Non-fungible token technology (NFT) was very popular at the end of 2021 and in the first month of 2022. In fact, in terms of Google Trends (GT) data, worldwide, the term “NFT” has obtained the highest score a search query can access the GT database, which is 100.
In fact, this was the first time the search term used this region according to the GT database, but today the score is 88% lower with a score of 12 during the week of September 25 to October 1, 2022. Today, China is the most active region according to GT metrics and the country is followed by Hong Kong, Singapore, Nigeria and Taiwan.
Sales have also fallen since January, as records show NFT’s sales were just above the half-billion mark, or around $549.82 million. This figure is about 88.49% lower than NFT’s sales of $4.77 billion recorded eight months ago.
May was the last month that NFT sales exceeded the $1 billion mark and that month saw $3.18 billion in NFT sales. The following month was a major drop to $879 million and in July NFT sales hit $682 million. August sales fell after recording $633 million in NFT sales that month, and September sales are 13.27% lower.
So far, the first week of October 2022 has seen $105.22 million in NFT sales via 191,175 unique buyers. The 30-day metrics indicate that the top NFT collection in terms of sales was Bored Ape Yacht Club (BAYC), with the collection generating $30,964,305 in sales last month.
However, this is 37.49% less than the sales recorded by BAYC the previous month. Statistics aggregated by cryptoslam.io show that the QQL Mint Pass project recorded sales of $27.80 million this month and Cryptopunks captured $23.49 million.
Generative art project NFT with artwork by Tyler Hobbs and Dandelion Wist Mané is a new collection with no prior market data, but Cryptopunks’ NFT sales of $23.49 million are up 12.27% from to the previous 30 days.
Four specific projects posted triple-digit gains last month compared to last month’s NFT sales data, including Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, respectively. Over the past month, most of the sales volume came from the Ethereum blockchain as it recorded $345,633,653 in sales.
Ethereum sales were followed by Solana’s $114.32 million, Flow’s $20.61 million, and Immutable X NFT’s $18.95 million. While Ethereum-based NFT sales dominated, month-over-month stats show ETH sales down 21.26%. The 30-day metrics indicate that Solana-based NFT sales increased by 109.23% and Flow NFT sales increased by 40.58%. NFT sales that derive from the Immutable X network saw a month-over-month increase of approximately 125.30%.
Coincidentally, the five most expensive NFTs sold in the past 30 days come from Yuga Labs’ related NFT collections like the Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold in the past 30 days was Bored Ape #8585 for $1.03 million and the second most expensive NFT sold was Bored Ape #441 which sold for $350,991 19 years ago. days.
What do you think of the fact that monthly NFT sales are down 88% from last January’s sales? What do you think of the NFT trading action over the past 30 days? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Google Trends, Cryptoslam.io,
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