NFT Sales & Interest on Google Trends Sharply Down in Last 30 Days

Source: Cryptoslam.io

News that former Disney CEO Bob Iger is now joining the board of an NFT-based avatar startup called Genie reminded me that I haven't checked recent trends of non-fungible tokens lately.

Turns out that they're not too good!

According to the NFT tracker Cryptoslam, sales of NFTs on the leading blockchain Ethereum have dropped by nearly half over the last 30 days, with fewer than 300,000 buyers. This might not be a bad sign if alternative blockchains increased in sales volume and buyers, but the trend on much smaller blockchains like Solana and Ronin are also down quite a lot (see above).

Overall, this suggests that the NFT market hasn't grown since the start of 2022, when a Chainalysis study estimated that there were only 360,000 NFT owners, with only 32,400 wallets owning 80% of the total value. 

Google Trends tells a similar story:

After an all-time peak this January, interest in NFT as a concept has also been rollercoasting downward with vomitous speed.

None of this necessarily means NFTs are a dead technology. Indeed, I've seen some interesting applications worth keeping an eye on. (Here's a cool one I wrote about recently.) But any news item about NFTs suggesting that they're a burgeoning market -- like, say, Bob Iger becoming bullish on NFTs -- should be sharply contrasted with this bearish data. 

Hat tip: @girlziplocked:

I know everything is terrible but check this shit out pic.twitter.com/Htq5NxZFTG

— holly (@girlziplocked) March 9, 2022

Comments

[0xc0ffea]

Dan Olson's crypto & NFT long form video essay, "Line Goes Up", dropped Jan 21st this year and has almost 6.5 million views to date. It's required watching on the subject matter at this point and has a lot to do with the reversal of NFT's fortunes.

[Wagner James Au]

This one, definitely worth a watch:

https://www.youtube.com/watch?v=YQ_xWvX1n9g

"Long form" is right, it's over 2 fricking hours!

[sirhc desantis]

ser Au - that was my initial response but it was worth it - plus had a couple of hours free one wet afternoon. Recommended (can skip the last 15 minutes or so)