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By the end of January 2022, sales of non-fungible tokens (NFTs) totaled $4.77 billion and NFT sales have been falling month after month since then. Last month, $549.82 million in NFT sales took place in September, showing that monthly NFT sales are more than 88% lower than they were in January. Furthermore, after the keyword “NFT” reached the highest score on Google Trends last January, hitting a score of 100, the score in the last week of September was 12, which is also 88% lower in terms of interest.
Non-fungible token (NFT) technology was very popular in late 2021 and during the first month of 2022. In fact, in terms of Google Trends (GT) data, the term “NFT” received the highest score for a search all over the world can get on the GT database, which is 100.
In fact, it was the first time the keyword used 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 to October 1, 2022. Today, China is the most active region according to GT calculations, and the country is followed by Hong Kong, Singapore, Nigeria and Taiwan.
Sales have also fallen since January, as records show NFT sales were just over half a billion or roughly $549.82 million. The figure is about 88.49% lower than the $4.77 billion in NFT sales recorded eight months ago.
May was the last month NFT sales were printed above $1 billion, and that month saw $3.18 billion in NFT sales. The following month was a significant drop down to $879 million, and in July NFT sales were $682 million. August sales dipped after $633 million in NFT sales were recorded that month, and September 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, it is 37.49% lower than the sales BAYC recorded the previous month. Statistics compiled 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 previous market data, but Cryptopunks’ $23.49 million in NFT sales is up 12.27% from the previous 30 days.
Four specific projects saw triple digit gains in the past month compared to last month’s NFT sales data which include Renga, Gods Unchained, Ethereum Name Service (ENS) and NFL All Day respectively. Over the past month, most of the sales volume came from the Ethereum blockchain, as it recorded $345,633,653 in sales.
Ethereum’s sale was followed by Solana’s $114.32 million, Flow’s $20.61 million, and $18.95 million from Immutable X NFT sales. While Ethereum-based NFT sales dominated, month-over-month statistics show that ETH sales are down 21.26%. 30-day calculations indicate that Solana-based NFT sales are up 109.23% and Flow NFT sales are up 40.58%. NFT sales originating from the Immutable X network saw a monthly increase of around 125.30%.
Coincidentally, the five most expensive NFTs sold in the last 30 days originate from Yuga Labs’ affiliated NFT collections such as Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold in the last 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 of the monthly NFT sales being down 88% lower than the sales recorded in January? What do you think of the NFT selling action over the last 30 days? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Google Trends, Cryptoslam.io,
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