NFT Interest and Trading Volume Slumps in 2022 Amid Crypto Winter

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Non-fungible token (NFT) owners haven’t had a good year in 2022, and statistics indicate that interest in the topic has significantly decreased this year. The search phrase “NFT” got a score of about 52 for the week of December 26, 2021, to January 1, 2022, according to Google Trends (GT) data. On January 16–22, 2022, the phrase also soared to the maximum score of 100.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Source: Google Trend

Today, however, the search phrase “NFT” has a score of about 16 for the week of December 18–December 24, 2022. According to GT data, there has lately been a minor uptick in interest in NFTs that began around December 4, 2022. According to GT statistics, China is currently the most interesting region for NFTs, followed by Hong Kong, Singapore, Nigeria, and Taiwan.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Source: Google Trend

NFT Volume Slumps from $2.7 Billion to $534 Million: Cryptoslam

Statistics also indicate that since last year, the volume of NFT sales has significantly decreased. Data from Cryptoslam.io shows that while NFT sales were only $534 million this month, they were $2.77 billion in December 2021. Statistics submitted to archive.org show that $414.84 million in sales were made during the week of December 27, 2021.

Sales for the week ending December 27, 2021, were similarly down 32.05% from the $610.53 million in sales for the preceding seven days. Ethereum accounted for $334.83 million of the $414.84 million in NFT sales on the blockchain at the time. In the seven days leading up to December 27, 2021, Ronin generated sales of about $45.65 million, while Solana generated sales of slightly over $16 million.

Axie Infinity, Bored Ape Yacht Club, The Sandbox, Mutant Ape Yacht Club (MAYC), and Cryptopunks were the top five projects or collections in terms of seven-day sales during the final week of December 2021. Nearly a year later, this month’s NFT sales are negligible compared to those made last year. As of December 25, 2022, NFT sales had decreased this week by 12.22%, with $154.02 million in sales made during the previous seven days.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.