In a sure sign that the non-fungible token bubble has burst, if only temporarily, interest in NFTs has almost halved in the past month.
Worldwide Google Trends (GT) data shows that interest in NFTs plunged by 45 percent in terms of internet searches. During the second week of January, the search query “NFT” sat comfortably at 100, the highest trend score a query can register on GT. This week, however, the data shows an overall score of just 55.
Sales Down Almost 30%, Solana the Only Gainer
Overall sales slipped by 29.35 percent last week, translating to losses of more than 7 percent. Out of 12 different NFT-supporting blockchains, Solana was the only gainer in terms of sales during that period. Rounding out the top five were Ethereum, Ronin, Flow and Avalanche.
The biggest seven-day sales losers included Binance Smart Chain (down 76.68 percent) and Avalanche (-54.56 percent). Topping the sales list, according to cryptoslam.io, was 3Landers with US$40.8 million, followed by Tubby Cats ($35.9m), Invisible Friends ($32m), Mfer ($23.7m) and Bored Ape Yacht Club ($23.68m).
OpenSea Tops Marketplace Sales
Dappradar.com statistics indicate that OpenSea was the top NFT marketplace in terms of sales last week, followed by LooksRare, BloctoBay, Ronin’s Axie Infinity, and Solana’s Magic Eden.
Many continue to question the value of NFTs, with the tokens serving no purpose besides being able to be bought or sold. Thus owners tend to hold onto NFTs in the hope their value increases. In October last year, Singapore-based decentralised derivatives exchange SynFutures launched NFTures, a product that allows users to short, or bet against, the future prices of NFTs. Hopefully a few got on board ahead of this latest slump.
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