Interest in NFTs is resurgent after a disastrous year

The year 2022 marks the beginning of the NFTs of many famous individuals. But according to data from the industry, sales of non-fungible tokens (NFTs) has decreased drastically in the last year, by around 80%. Nevertheless, there has been a general decline in the value of cryptocurrencies as well as several high-profile firms filing for bankruptcy in the cryptocurrency industry.

NFTs are a special type of certificate of ownership held on a blockchain, the platform that handles cryptocurrency transactions.

Former President Donald Trump raised about $4.5 million earlier this month by selling a collection of NFT trading cards. They have also been used to sell ownership of digital artwork, Twitter posts, computer code and virtual property.

NFT sales down 80%

According to industry data from Cryptoslam.io, global NFT sales peaked at around $4.9 billion in January 2022, but have since fallen to only around $565 million so far in December. The amount is about 80% less than December 2021’s $2.8 billion sale of non-fungible tokens.

Google Trends data revealed that searches for non-fungible tokens related information have declined sharply over the time period.

Source: Google Trends

The term “NFT” scored around 52 in the week of December 26–1. January 2021, before dropping to around 16 in the week of December 18–24. December 2022.

Week 16–22 January 2022 received the term’s highest score of 100. According to Google, mainland China is the region with the highest search interest for NFTs, followed by Hong Kong, Singapore, Nigeria and Taiwan.

Donald Trump claims non-fungible token was not for money

Just over a week after releasing their first ever NFT collection. Donald Trump previously gave an explanation for his decision to get involved in digital collectibles. The former US president said the pictures of him on his non-fungible tokens cards appeared to be “kind of cute”.

According to Trump, his reasons for launching these non-fungible tokens were not to attract investors and generate profits. Since Saturday, NFT’s floor price has fallen 74%, and between Sunday and Monday. However, trading volume fell by 57%.

Also read: NFT Avatars: Why Are NFT Avatars So Popular and What to Expect in 2023

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