It’s been a rollercoaster few months for the non-expendables sector, but it seems the hype has died down a bit.
Data from CryptoSlam revealed that the number of unique NFT buyers for February was 796,009, down 12% from its January record. This is the first time buyers will be below 800,000 since October 2021.
The number of NFT buyers falls
It wasn’t just the number of buyers that was down. Trading volume also dropped significantly to $2.6 billion. This is a 40% drop from January’s record volume.
With the drop in NFT trading volumes, blockchain networks that support NFTs have also seen a drop in sales volume. CryptoSlam reports that only two of the 12 networks have seen any gains in the last 24 hours.
Flow and Arbitrum had gains of 20% and 538%, respectively. The rest, which includes Ethereal, Solarium, avalanche, ChronosBSC and the rest reported losses.
However, this drop in trading volume is not necessarily a cause for alarm. Given NFT’s impressive performance in January, experts believe a pullback is appropriate.
NFT searches on Google also fall
But there is still good cause for concern given that interest in NFTs has also waned. a look at google trends shows that the search for NFTs has also been reduced. Compared to the peaks in late January, NFT search volume was down 60-70%.
Most of the interest in NFTs appears to come from the US of the 61 countries monitored. At the other end of the list is Japan.
Explaining the drop in sales
Although there is no specific reason for the reduced interest and trading volume of NFTs, many factors could be at play. the vulnerability of the number one NFT market, Open seait might have dampened the interest of some potential investors.
Beyond that, Russia’s recent invasion of Ukraine has brought cryptocurrencies back into the spotlight. With global tensions, more attention seems to be paid to use cases related to digital payments, store of value and fundraising.
While there may be a drop in volume, NFTs are still selling for a huge amount. At last weekthe list of top selling NFTs is mainly made up of Bored Apes and CryptoPunks.
But there are still some new entrants, like the Giovanna Amati Tribute Collection, which sold 9 NFTs at an average price of $20.9 million. The collection, a tribute to the female driver, contains only 7 NFTs. The tallest sold for $28.22 million 3 days ago.
Featuring a roundup of the biggest daily stories in the world of crypto, DeFi, NFT, and more.
Obtain a edge in the crypto market
Access more information and crypto context in each article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all the benefits
This post NFT buyers fall to lows last seen five months ago
was published first on https://cryptoslate.com/nft-buyers-drop-to-lows-last-seen-five-months-ago/