At the end of January 2022, non-fungible token (NFT) sales hit $4.77 billion and NFT sales have been declining month after month since then. Last month, $549.82 million worth of NFT sales took place in September, showing that monthly NFT sales are down more than 88% from what they were in January. Furthermore, after the search term “NFT” reached the highest score on Google Trends last January, with a score of 100, the last week of September’s score was 12, which is also 88% lower in terms of interest.
NFT Trading Volume & Search Queries Slide – Sales & Interest Drop 88%
Non-fungible token (NFT) technology was very popular at the end of 2021 and during the first month of 2022. In fact, in terms of Google Trends (GT) data, the term “NFT” achieved the highest score globally in a search query can come up on 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 down 88% 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 statistics and the country is followed by Hong Kong, Singapore, Nigeria and Taiwan.
Sales have also fallen since January, as records show NFT sales were just above the half-billion mark or about $549.82 million. The number is about 88.49% lower than the $4.77 billion in NFT sales recorded eight months ago.
May was the last month that NFT sales pushed above the $1 billion mark and that month saw $3.18 billion in NFT sales. The following month saw a significant drop to $879 million and in July NFT sales reached $682 million. August sales dipped after $633 million in NFT sales were recorded that month, and September sales are down 13.27%.
So far, the first week of October 2022 has seen $105.22 million in NFT sales by 191,175 unique buyers. 30-day statistics indicate that the top NFT collection in terms of sales was Bored Ape Yacht Club (BAYC), as the collection posted $30,964,305 in sales last month.
However, this is 37.49% lower than the sales recorded by BAYC the previous month. Statistics compiled by cryptoslam.io show that the project QQL Mint Pass achieved $27.80 million in sales this month and Cryptopunks raked in $23.49 million.
The generative art NFT project with artwork by Tyler Hobbs and Dandelion Wist Mané is a new collection with no previous market data, but Cryptopunks $23.49 million in NFT sales is up 12.27% from the previous 30 days.
Four specific projects posted triple-digit gains in the past month compared to last month’s NFT sales data, which include Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, respectively. During the past month, most of the sales volume came from the Ethereum blockchain, as it recorded $345,633,653 in sales.
Ethereum’s sales were followed by Solana’s $114.32 million, Flow’s $20.61 million, and the $18.95 million of Immutable X NFT sales. While Ethereum-based NFT sales dominated, month-on-month statistics show ETH sales down 21.26%. 30-day statistics indicate that Solana-based NFT sales are up 109.23% and Flow NFT sales are up 40.58%. NFT sales originating from the Immutable X network had a month-on-month increase of approximately 125.30%.
Coincidentally, the top five most expensive NFTs sold during the last 30 days stem from Yuga Labs’ associated NFT collections such as the Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold within the last 30 days was Bored Ape #8585 for $1.03 million and the second most expensive NFT sold was Bored Ape #441 sold 19 days ago for $350,991.
What do you think about monthly NFT sales being 88% lower than the sales recorded last January? What do you think of the NFT selling action during the last 30 days? Let us know what you think about this topic in the comment section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Google Trends, Cryptoslam.io,
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