At the end of January 2022, non-fusible token (NFT) sales raked in $4.77 billion, and since then NFT sales have slumped each month. Last month, $549.82 million in NFT sales took place in September, indicating that monthly NFT sales are more than 88% lower than in January. Additionally, after the search term “NFT” reached its highest point on Google Trends last January with a score of 100, the score for the last week of September was 12, which is also 88% lower interest.
NFT transaction volume and search queries slide – sales and interest down 88%
Non-fungible token (NFT) technology was very popular in late 2021 and the first month of 2022. In fact, looking at Google Trends data (GT), globally the word “” NFT” received a score of 100, the highest score a search query could get on the GT database.
In fact, according to the GT database, this was the first time this search term had ever hit the area, but today the score is 88% lower at 12 for the week of September 25 to October 1, 2022. Today, according to GT’s index, China is the most active region, followed by Hong Kong, Singapore, Nigeria, and Taiwan in this country.
Sales have been slow since January, with records showing that NFT sales were only slightly above the 500 million mark, at about$549.82 million. This is about 88.49% lower than the $4.77 billion in NFT sales recorded eight months earlier.
May was the last month that NFT sales exceeded $1 billion, with $3.18 billion in NFT sales recorded that month. The following month saw a big drop to $879 million, and July NFT sales recorded $682 million; August sales slid lower after $633 million in NFT sales were recorded that month, and September sales were 13.27% lower.
So far, the first week of October 2022 has recorded NFT sales of $105.22 million by 191,175 unique buyers.According to the 30-day index, the top NFT collection by sales is Bored Ape Yacht Club (BAYC), with $30,964,305 in sales last month.
However, this is 37.49% lower than the sales recorded by BAYC in the previous month.46} Statistics compiled by cryptoslam.ioshow that Project QQL Mint Pass achieved sales of $27.8 million this month and Cryptopunks earned $23.49 million dollars, and Cryptopunks earned $23.49 million.
The Generative Art NFT project with artwork by Tyler Hobbs and Dandelion Wist Mané is a new collection with no prior market data, but Cryptopunks’ NFT sales of $23.49 million were up 30 days ago by 12.27% increase.
Four specific projects made triple-digit gains in the past month compared to last month’s NFT sales data, which includes Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, respectively. Most of the revenue came from the Ethereum blockchain, as the Ethereum blockchain generated $345,633,653 in sales last month.
Ethereum sales are followed by $114.32 million from Solana, $20.61 million from Flow, and $18.95 million from Immutable X NFT sales. While Ethereum-based NFT sales dominate the month-over-month statistics, ETHsales are down 21.26%; on a 30-day metric, Solana-based NFT sales are up 109.23% and Flow NFT sales are up 40.58%. NFT sales derived from the Immutable X network saw an increase of approximately 125.30% month-over-month.
Coincidentally, the top five most expensive NFTs sold in the past 30 days came from Yuga Labs’ related NFT collections, including Bored Ape Yacht Club and Otherdeeds. The most expensive NFT in the past 30 days was Bored Ape #8585 at $1.03 million, while the second most expensive NFT was Bored Ape #441, which sold 19 days ago for $359,991.
What are your thoughts on the 88% decrease in monthly NFT sales from the sales recorded last January? What do you think about NFT sales activity over the past 30 days? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Google Trends, Cryptoslam.io,