Google sales

NFT: -24% of sales compared to Q1 2022

During the second quarter of 2022 (i.e. the period between April and June), according to last report published by data analysis site, NFT sales fell 24% from the previous quarter.

In the report, it must be taken into account that the blockchains considered in the report are those of Ethereum, Flow and Ronin.

In any case, highlights the differences and the decline that took place in the NFT sector between the first and second quarters, and from this we can see that the active wallets too decreased by 33% in three months.

Many have also decided to sell, albeit at a loss, and this figure rises to 23% in terms of losses on the total purchases.

The only positive numbers are the increase in smart contracts (+30%) and the average holding time of NFTs (55%), a figure which could certainly be dictated by the fact that many preferred to hold their tokens non-fungible rather than to sell them at a loss.

Interest in NFTs remains stable

NFT market: sales decline in terms of volumes, but interest remains stable

Also interesting is the analysis made by the team in terms of interest in the sector, which remains high, according to Google search data. Interest appears to have declined since January 2022, but is returning to September 2021 values, considered the “golden age” of NFTs.

The countries where this interest remains high are mainly Hong Kong, Singapore, China, Taiwan, the Philippines and Nigeria, while Italy is not even among the top 20 countries in the world. Among European countries, only the Netherlands and Switzerland are ranked 17th and 18th respectively, and Romania is 20th.

NFT performance by segment

Leading in the second quarter of 2022 was collectibles, with more than 300,000 active wallets, followed by games and utilities. Art is only in fourth place with 88,000 wallets instead, while Metaverse is last on the list with 65,000 active addresses.

Among the driving projects in the sector are mainly OtherSide, or the collection linked to the Bored Apes metaverse, the Bored Apes themselves, followed then by MoonBirds, Loot, CloneX, and only in sixth position by CryptoPunks.

Highlights of the second quarter of 2022

Through a timeline, the report also highlights the key episodes that characterized the period.

In April, for example, we recall that the announcement of the initiatives related to the NFT market of Starbucks and Line took place, as well as the record sale of a CryptoPunk for 1050ETH. Also in the same month, Coinbase’s non-fungible token market beta was launched.

Then in May came the collaboration between Madonna and the entry of Beeple and Sorare into the world of baseball.

In June, MasterCard decided to allow customers to buy NFTs on different marketplaces, while eBay purchased KnowOrigin.

The Last Week in the NFT Market

Over the past week, NFT market sales on Ethereum have fallen 8% (about $159 million in total) from the prior period, although collections such as Electricsheep, Moonbirds, and Moonbirds Oddities have spikes between 90% and 16,000% in terms of increase in transactions.