At the end of January 2022, non-fungible token (NFT) sales raked in $4.77 billion and NFT sales have slipped month after month since then. Last month, $549.82 million in NFT sales took place in September which shows monthly NFT sales are more than 88% lower than they were in January. Furthermore, after the search term “NFT” reached the highest score on Google Trends last January, tapping a score of 100, the last week of September’s score was 12, which is also 88% lower in terms of interest.
NFT Trade Volume and Search Queries Slide — Sales and Interest Down 88%
Non-fungible token (NFT) technology was very popular at the end of 2021 and during the first month of 2022. In fact, in terms of Google Trends data (GT), worldwide the term “NFT” scored the highest score a search query can get on the GT database, which is 100.
In fact, it was the first time the search term tapped this region according to the GT database, but today the score is 88% lower with a score of 12 during the week of September 25 through October 1, 2022. Today, China is the most active region according to GT metrics and the country is followed by Hong Kong, Singapore, Nigeria, and Taiwan.
Sales have slid since January as well, as records show that NFT sales were just above the half-billion mark or approximately $549.82 million. The number is approximately 88.49% lower than the $4.77 billion in NFT sales recorded eight months ago.
May was the last month that NFT sales printed above the $1 billion mark and that month $3.18 billion in NFT sales were recorded. The following month was a significant slide down to $879 million and in July, NFT sales saw $682 million. August sales slid lower after $633 million in NFT sales were recorded that month, and September’s sales are 13.27% lower.
So far, the first week of October 2022 has seen $105.22 million in NFT sales via 191,175 unique buyers. 30-day metrics indicate that the top NFT collection in terms of sales was Bored Ape Yacht Club (BAYC) as the collection printed $30,964,305 in sales last month.
However, that’s 37.49% lower than the sales BAYC recorded the month prior. Statistics aggregated by cryptoslam.io show the project QQL Mint Pass has seen $27.80 million in sales this month and Cryptopunks captured $23.49 million.
The generative art NFT project with artwork by Tyler Hobbs and Dandelion Wist Mané is a new collection with no prior market data, but Cryptopunks’ $23.49 million in NFT sales are up 12.27% higher than the 30 days prior.
Four specific projects saw three-digit gains this past month compared to last month’s NFT sales data which include Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, respectively. During the past month, most of the sales volume derived from the Ethereum blockchain as it recorded $345,633,653 in sales.
Ethereum’s sales were followed by Solana’s $114.32 million, Flow’s $20.61 million, and the $18.95 million from Immutable X NFT sales. While Ethereum-based NFT sales dominated, month-over-month stats show ETH sales are down 21.26%. 30-day metrics indicate Solana-based NFT sales are up 109.23% and Flow NFT sales are up 40.58%. NFT sales that derive from the Immutable X network saw a month-over-month increase of around 125.30%.
Coincidently, the top five most expensive NFTs sold during the last 30 days stem from Yuga Labs’ associated NFT collections like the Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold within the past 30 days was Bored Ape #8585 for $1.03 million and the second most expensive NFT sold was Bored Ape #441 which sold for $350,991 19 days ago.
What do you think about monthly NFT sales being down 88% lower than the sales recorded last January? What do you think about the NFT sales action during the last 30 days? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman
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