The unique number of buyers of non-fungible tokens (NFT) fell below 800,000 in February for the first time since October, and the search volume for non-fungible tokens also fell significantly.
According to CryptoSlam data In February, there were 796,009 NFT buyers in the secondary markets (down 12% from January), representing $2.6 billion in sales (down 40% mom).
But, Note that January was a very intense month for NFTs, suggesting that February’s declines are simply part of a relatively healthy pullback. January saw a record 904,135 unique secondary NFT buyers and OpenSea also saw record total sales volume in January totaling approximately $5 billion before falling to approximately $5 billion last month.
But, Looking at Google Trends, it seems that the global keyword search volume for “NFT” has also decreased significantly. Over the past week, interest rates are down about 60-70% from late January levels (from January 23rd to 29th).
At the time of writing this article, The United States represents the highest interest in NFTs globally, while Japan currently shows the lowest interest in NFTs out of 61 countries. although local tech and telecoms giant Rakuten launched an NFT marketplace late last month.
Andrew Steinwold, Promoter of NFT and managing partner of the investment fund in NFT, He compared the current pullback to the bull market and subsequent crash of 2017-2018 and wondered if interest would pick up again any time soon.
Global NFT search volume fell off a cliff
Reminds me VERY much of the 2017 crypto bull market and subsequent 2018 bear market
How long will the disinterest last before it increases again? Or will it? pic.twitter.com/4iQxcpLuYP
—Andrew Steinwold (@AndrewSteinwold) March 2, 2022
The search volume for NFTs worldwide collapsed. It reminds me VERY much of the 2017 cryptocurrency bull market and subsequent 2018 bear market. How long will the disinterest last before it starts to rise? Or won’t it? pic.twitter.com/4iQxcpLuYP
The specific reasons why general interest has dropped so drastically over the past month are unclear.although the main platform OpenSea was among the victims of a $1.7 million hack in February.
The conflict between Russia and Ukraine may have also turned the spotlight on cryptocurrencies as global attention appears to have shifted to use cases like digital payments, fundraising and storing value amid uncertain times.
March so far
This is also shown by CryptoSlam data 10 of the top 12 blockchains supporting NFT also saw a drop in sales volume over the past 24 hours. The first two, Ethereum and Solana saw losses of 4.24% and 11%, respectively, while Avalanche and Panini saw the largest losses at 27.79% and 36.20%. or.
the third place, Flow and sixth, Arbitrum, are the only networks to have seen gains of 20.89% and 539%, respectively.
Clarification: The information and/or opinions expressed in this article do not necessarily reflect the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial advice or investment recommendation. All investment and trading movements involve risk and it is the responsibility of each person to conduct their proper research before making any investment decision.