At the end of January 2022, sales of the non-fungible token (NFT) reached $4.77 billion, and sales of NFTs have been declining month by month since then. Last month, $549.82 million of NFT sales were sold in September showing that monthly NFT sales are 88% lower than they were in January. Moreover, after the search term “NFT” reached the highest score in Google Trends last January, with a score of 100, the result for the last week of September was 12, which is also 88% lower in terms of interest.
NFT Volume and Query Segment – Sales and interest down 88%
Non-fungible token technology (NFT) was very popular at the end of 2021 and during the first month of 2022. In fact, in terms of Google Trends (GT) data, worldwide, the term “NFTIt got the highest score a search query could get in the GT database, which is 100.
In fact, it was the first time the search term used this region according to the GT database, but today the result was 88% lower with a score of 12 during the week from September 25 to October 1, 2022. Today, China is the most active region according to For GT standards, the country is tracked by Hong Kong, Singapore, Nigeria and Taiwan.
Sales have fallen since January as well, with records showing that NFT sales were just above half a billion mark or nearly $549.82 million. The figure is roughly 88.49% lower than the $4.77 billion in NFT sales reported eight months ago.
May was the last month that NFT sales printed above the billion dollar mark and in that month $3.18 billion in NFT sales were recorded. The following month saw a significant drop to $879 million and in July, NFT sales saw $682 million. August sales plummeted after posting $633 million in NFT sales that month, and September sales fell 13.27%.
So far, the first week of October 2022 has seen $105.22 million in NFT sales through 191,175 unique buyers. 30-day metrics indicate that the best-selling NFT group was the Bored Ape Yacht Club (BAYC) with the group printed $30,964,305 in sales last month.
However, this is 37.49% lower than the sales that BAYC recorded in the previous month. Statistics are grouped by cryptoslam.io It showed that the QQL Mint Pass project generated $27.80 million in sales this month and Cryptopunks earned $23.49 million.
Generative NFT Art Project with artwork by Tyler Hobbs and Dandelion Wist Mané is a new collection with no prior market data, but $23.49 million in NFT sales of Cryptopunks are up 12.27% over the previous 30 days.
Four specific projects saw triple-digit gains last month compared to last month’s NFT sales data which includes Renga, Gods Unchained, Ethereum Name Service (ENS) and NFL All Day, respectively. Over the past month, most of the sales volume has been sourced from the Ethereum blockchain with $345,633,653 in sales.
It was followed by Ethereum sales with $114.32 million for Solana, Flow with $20.61 million, and Immutable X NFT’s $18.95 million sales. While Ethereum-based NFT sales dominate, monthly stats show ETH Sales fell 21.26%. 30-day metrics show Solana-based NFT sales up 109.23% and Flow NFT sales up 40.58%. Sales of NFTs derived from Immutable Network X saw a monthly increase of 125.30%.
Coincidentally, the five most expensive NFTs sold in the past 30 days stem from NFT groups associated with Yuga Labs such as Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold over 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 days ago.
What do you think about monthly NFT sales falling 88% less than the sales recorded last January? What do you think about NFT sales action in the last 30 days? Tell us what you think about it in the comments section below.
photo credits: Shutterstock, Pixabay, Wiki Commons, Google Trends, Cryptoslam.io,
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