Friday, March 1, 2024

Global NFT Searches and Buyers Take Big Hit

The past year, NFTs have emerged within the crypto space. It goes without saying that the interest in non-fungible tokens has grown massively. However, there is now a clear pullback in interest to be seen in the month of February. Both worldwide searches for NFTs and the amount of buyers has taken a big hit.

Worldwide NFT Searches

Taking a look at the search term ‘NFTs’ in Google Trends, the following graph can be seen:

NFTs search

The percentage decrease from the highest point (Jan 23 – 29 2022) to the lowest point (Feb 27 – Mar 5 2022) is 70%. This means that the interest in search term ‘NFTs’ has taken a hit as big as 70%.

A similar graph is shown when searching for the term ‘NFT’. After the term ‘NFT’ clearly overtook ‘crypto’ in January, it now takes a bigger hit in terms of interest when compared to crypto. This is shown in the graph below:

NFT - Crypto Search

NFT Buyers

For the first time since October, the unique number of NFT buyers has dipped below 800,000. Data from CryptoSlam shows that there were 796,009 NFT buyers on secondary markets in February. This is a decrease of 12% compared to January. There was also a 40% decrease in the total worth of NFT sales compared to January.

This ‘hit’ or ‘pullback’ in NFT interest can be seen as healthy. Especially when looking at both graphs, and seeing the interest in NFTs grow massively over the past year, a pullback isn’t extremely remarkable.

Donat - CryptoCoinia
Donat - CryptoCoinia
Copywriter at CryptoCoinia.

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