As chaos reigns in the crypto market, whether it’s cryptocurrencies or Blockchain-based Decentralised finance (DeFi), Google searches for term “buy NFT” have dropped by 88%, according to a new report released on Tuesday.
According to niche news publisher Bankless Times, the term “buy NFT” has dropped to a score of 12 on a scale of 100 at the beginning of June, representing an 88% drop from its peak score of 100 in January.
Similarly, the term “sell NFT” saw an 86% drop in its search interest score from 52 at the start of 2022 to 7 in June, according to the report.
“People are losing their trust in cryptos in general. The recent Terra crisis showed how people could lose money in just a few days. That said, given the volatility of NFTs, people are being extra cautious,” said Aliasgar Merchant, a developer relations engineer at Ignite (formerly Tendermint).
“Just following the trend like investing in an NFT because everyone is doing so will cause more harm than good in the long run,” Merchant added.
The search interest in purchasing NFTs (non-fungible tokens) has steadily declined since the beginning of the year, indicating a period of consolidation for the best-performing digital asset class over the past 12 months.
According to a DappRadar report, the NFT market generated $3.7 billion in trading volumes in May, a 20% decrease from the previous month.
According to experts, the NFT markets are seeing an increase in the number of fake profiles, Discord scams, phishing frauds, pump and dump routines, and rug pulls.
Certain NFT categories, such as arts and entertainment, have defied the trend and seen a resurgence in NFT search interest since mid-May.
According to data from popular website NonFungible, sales of non-fungible tokens (NFTs) have dropped 92% since September last year, potentially dampening the mood of crypto enthusiasts.
The sale of NFTs fell to a daily average of about 19,000 last month, a 92% drop from a peak of about 225,000 in September, according to data cited by the Wall Street Journal.
The number of active wallets in the NFT market fell 88% to around 14,000 in the first week of May, from a high of 119,000 in November, according to the report.
Many NFT owners now find that their investments are significantly lower than when they purchased those works of art.
Collectibles, sports, entertainment, and the arts are currently represented in the NFT market.
