The number of monthly NFT buyers fell below 800,000 for the first time in the last quarter
The NFT markets traded in February, with a significant drop in sales compared to previous months. Only 796,009 NFT buyers were able to buy $ 2.6 billion in NFT this month.
To Report Kevin Telegraph, the number of unique NFT buyers this month fell below 800,000 for the first time since October. The search volume for non-parable tokens has also been significantly reduced.
In February, NFT buyers in secondary markets were 12 percent lower than in January, and their sales fell 40 percent to $ 2.6 billion.
It is important to note, however, that in January these markets recorded huge sales, and the reduction in purchases this month may be just a natural correction. January set a unique record with 904,135 buyers. The OpenSea market also broke record sales in January with $ 5 billion, although it fell to about $ 3 billion last month.
Also read: 30% drop in the number of users of the world’s largest NFT market; Is the boom market for unique tokens over?
It is noteworthy that looking at Google Trends, we find that the global search volume for the keyword “NFTs” has also decreased significantly, ie about 60 to 70% compared to the end of January (December).
Most interest in NFTs found in US, and despite Japan’s telecom giant Rakuten launching a market for NFTs late last month, the people of the 61 countries surveyed showed the least interest in NFTs. .
Andrew Steinwold, an NFT supporter and managing partner of the NFT Sfermion Investment Fund, likened the current drop in sales to the market situation in 2017/2018, in which the years then and then the market rose. We saw a subsequent fall. The answer to the question of whether this interest rate will increase again or not will be decisive here.
Steinold added:
NFT word search volumes worldwide fell from their peak. It reminds me of the digital currency cattle market in 2017 (2016) and the declining market in 2018 (2017). When will this trend of lowering the level of attention rise again? Or will it remain the same?
Although the open market fell victim to a $ 1.7 million hack last month, this or other specific issues can not be attributed to declining public interest in NFTs.
The Russia-Ukraine conflict may also have shifted the focus from NFTs to digital currencies; Because global attention seems to be focused more on applications such as digital payments, fundraising, and value storage at uncertain times.
Status in the current month
Out of 12 Chinese blocks supporting NFTs overnight, 10 saw their sales decline. Ethereum fell 4.2 percent and Solana fell 11 percent in the last 24 hours. But the biggest decrease was recorded by Avalanche with 27.79% and Panini with 36.2%. Flow and Arbitrum, which grew 20.89% and 539% overnight, respectively, are the only profitable networks of the recent day.
