NFT markets traded in February with a significant decline in sales compared to previous months. Only 796,009 NFT buyers were able to buy $ 2.6 billion in NFT this month.
According to the Kevin Telegraph, the number of unique NFT buyers this month fell below 800,000 for the first time since October. The demand for non-parabolic tokens has also been significantly reduced.
In February, NFT buyers in secondary markets were 12 percent lower than in January, and their sales fell 40 percent to $ 2.6 billion.
However, it is important to note that in January these markets registered huge sales and the decrease in purchases this month may be just a natural correction. January set a unique record with 904,135 buyers. The OpenSea market also broke record sales in January by $ 5 billion, although it fell to about $ 3 billion last month.
Read also: 30% drop in the number of consumers in the largest NFT market in the world; Is the boom in the market for unique tokens over?
It should be noted that looking at Google Trends, we find that the global search volume for the keyword “NFTs” has also decreased significantly, by about 60 to 70% compared to the end of January (December).
The greatest interest in NFT was found in the United States, and although Japanese telecom giant Rakuten launched a market for NFT late last month, people in the 61 countries surveyed showed the least interest in NFT.
Andrew Steinvold, an NFT supporter and managing partner of the NFT Sfermion Investment Fund, compared the current decline in sales to the market situation in 2017/2018, in which the market rose over the years and beyond. We saw a subsequent decline. The answer to the question of whether this interest rate will rise again or not will be decisive here.
The volume of word search in NFT worldwide has fallen from its peak. This reminds me a lot of the digital currency cattle market in 2017 (2016) and the declining market in 2018 (2017). When will this downward trend in attention level rise again? Or will it stay the same?
However, the open market fell victim to a $ 1.7 million hack last month; But this or other specific issues cannot be taken as the reason for the decline in public interest in NFT.
The Russia-Ukraine conflict may also have shifted the focus from NFT to digital currencies; As global attention seems to be focused more on applications such as digital payments, fundraising and storing value in uncertain times.
Of the 12 Chinese blocs supporting NFT overnight, 10 declined in sales. Ethereum fell 4.2% and Solana fell 11% in the last 24 hours. But the biggest decline was recorded by Avalanche with 27.79% and Panini with 36.2%. Flow and Arbitrum, which grew by 20.89% and 539% overnight, respectively, are the only winning networks of the last day.
The publication The number of monthly NFT buyers fell below 800,000 for the first time in the last quarter appeared for the first time in Arzdigital.