NFT Sales Crash by 29% as World Interest in Metaverse Takes a Nosedive

• Following weeks of diminishing volumes in the NFT market, sales have dropped by more than 29% in the past week

• According to data from Google Trends, interest in Non-fungible tokens have diminished as the search query score dropped from 100 to 42 this week

• The statistics also show that queries about the term “metaverse” have also taken a drastic drop, sliding from a score of 88 to 32

Is the world losing interest in NFTs? It seems so. After so much hype between last year and the earlier part of 2022, various reports are indicating that interest in Non-fungible tokens has begun to decline.

According to recent data from Google Trends, interest in NFT has dive-bombed in the past few weeks. The query “NFT” which had a search query score of 100 in the 1st month of 2022, suffered a decline, with this week’s score indicating “42”.

This report also follows information that Non-fungible token sales have dropped by 29.46% from last week’s volume. Data from cryptoslam.io shows that Ethereum, the largest blockchain in terms of NFT sales is down by 32.13%.

Wax blockchain sales have also dropped by more than 38%, but the biggest decline was witnessed in Palm and Theta sales. Palm-based NFT sales dropped by 73.36% from last week, while Theta crashed by 78.87%.

Metaverse, a term that has come to be associated with Non-fungible tokens has also had fewer search queries recently. Google Trends scored “metaverse” search rate 88 in January but it has since crashed to 32 this week.

Read also: McDonald’s Set to Enter Metaverse With Virtual Restaurant

What are Non-fungible tokens?

Non-fungible tokens are units of data stored on the blockchain that cannot be interchanged. There serve as digital ledgers that can be sold or traded for other items.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news, breaking news, entertainment news, and hot gist.