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Monthly NFT Sales Have Dropped Over 65% Lower Than the Month Prior, NFT Google Queries Sink

Non-fungible token (NFT) sales are down a great deal, as 30-day statistics show NFT sales recorded last month saw just over $4.6 billion settled but today, sales are down 65.43% to $1.59 billion. Furthermore, Google Trends data indicates that interest in NFTs has dropped to the lowest point since the first week of October 2021.

Over the last two years, non-fungible tokens (NFTs) have become very popular and a billion-dollar industry in a relatively short period of time. However, in recent times NFT interest and sales have been slashed significantly, and monthly NFT sales metrics show a gradual decline during the past few months.

Palm-based NFT sales are down 60.59%, Cronos has lost 76.09% in non-fungible token sales, and Arbitrum NFT sales have slid 66.74% since last month. The top NFT collection last month in terms of overall sales volume was Otherdeed’s $143,562,582 in sales, but that metric is down 82.25% lower than the month prior.

Bored Ape Yacht Club (BAYC) was the second largest collection in terms of NFT sales with $119 million recorded. But BAYC’s overall NFT sales have dropped 62.44% lower than the month before. Out of the top five, the Azuki and Goblintown NFT collections were the only projects that saw 30-day gains.

Google Trends (GT) data worldwide indicates that this week the search term “NFT” has slid to its lowest point since the first week of October 2021. Weekly statistics for the week of May 29 through June 4 show the search term “NFT” has dropped down to a score of 23 out of 100. The last time NFT interest was this low, at least according to GT query metrics, was during the week of October 3 through October 9. The search term “NFT” tapped a high score of 100 during the week of January 16 through January 22, 2022, but search interest has been dropping lower ever since that day.

Out of the top-five most expensive NFT sales during the past 30 days, three of the sales stemmed from the Otherdeed collection. The sales include Otherdeed #17,164 which sold for 601 ether or $1.14 million, Otherdeed #66,813 which sold for 303 ether or $776K, and Otherdeed #55,197 which sold for 214 ether or $563K.

Other NFTs included in the most expensive NFT sales during the last month include Ken Hicks (Token ID: 6,908) that sold for 332.52 ether or $849K, and Bored Ape #1,725 which sold for 250 ether or $584K. Out of the top-20 most expensive NFTs sold in 30 days, other collections include Clonex and Ken Hicks, but 18 of the 20 most expensive NFTs sold come from the Otherdeed and BAYC NFT compilations.

What do you think about the last 30 days of NFT sales declining more than 65% lower from the month prior? Let us know what you think about this subject in the comments section below.


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