The year 2022 marks the beginning of the NFTs of many well-known individuals. However, according to data from the industry, sales of non-fungible tokens (NFTs) have drastically decreased over the past year, by about 80%. Nevertheless, there has been a general decline in the value of cryptocurrencies as well as several high-profile firms filed for bankruptcy cases in the cryptocurrency industry.
NFTs are a special type of ownership certificate that is kept on a blockchain, the platform that handles cryptocurrency transactions.
The former president Donald Trump raised about $4.5 million earlier this month by selling a collection of NFT trading cards. They have also been used to sell ownership of digital artworks, Twitter posts, computer code, and virtual property.
NFT sales declined by 80%
According to industry data from Cryptoslam.io, global NFT sales peaked at about $4.9 billion in January 2022 but have since declined to only about $565 million so far in December. The amount is about 80% less than December 2021’s $2.8 billion in non-fungible tokens sales.
Google Trends data revealed that over the time period, searches for non-fungible tokens related information sharply decreased.
Source: Google Trends
The term “NFT” scored around 52 during the week of December 26–January 1, 2021, before dropping to around 16 during the week of December 18–December 24, 2022.
The week of January 16–22, 2022, saw the term’s highest score of 100. According to Google, mainland China is currently the region with the highest search interest in NFTs, followed by Hong Kong, Singapore, Nigeria, and Taiwan.
Donald Trump claims non-fungible token was not for money
A little over a week after releasing his first-ever NFT collection. Donald Trump previously gave an explanation of his decision to get involved with digital collectibles. The former US President said that the pictures of him on his non-fungible tokens cards appeared to be “sort of cute.”
According to Trump, the reasons he launched these non-fungible tokens were not to attract investors and generate profits. Since Saturday, the NFTs’ floor price has dropped 74%, and between Sunday and Monday. However, trading volume plummeted by 57%.
Also Read: NFT Avatars: Why Are NFT Avatars So Popular And What To Expect In 2023
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