Non-fungible tokens (NFT) are becoming less and less popular. Searches on Google for digital works certified on the blockchain have fallen sharply in recent months.
In early May 2022, the cryptocurrency market shrank sharply. The collapse of Luna and UST, the Terra ecosystem’s stablecoin, caused a sharp drop in all digital currencies King Bitcoin has also quickly moved below $30,000. The crash in the crypto asset market is only accompanied by a drop in liquidity in the world of non-fungible tokens (NFTs). Most of the popular collections in the NFT market, such as Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC), noticed a drop in daily transactions.
Certain highly regarded works, such as the digital fragments of Gustav Klimt’s The Kiss, have lost a considerable amount of their value. Deprived of some of their money, investors are leaving the digital works behind for the time being. The disinterest of internet users is also noticeable in Google searches† As can be seen in Google Trends, the number of searches with the keyword NFT decreased by 75% between January and May 2022.
The peak of searches was recorded in January, just a year and a half after the term appeared in the results. On the trading side, the market peaked in monthly volume at $16.54 billion in January. By May, monthly volume had fallen to just $4 billion. Still, the NFT market is far from dead. Many collections continue to appear on marketplaces like OpenSea or Magic Eden Among the latest collections that are extremely popular, we especially find the monkeys of the Trippin Ape Tribe.
Despite the contraction of the market, artists regularly upload new works, especially on the Solana blockchain. At the same time, many well-known brands are entering the world of non-fungible tokens. Recently, eBay launched its own collection of NFTs. Tim Stokley, the founder of the Onlyfans platform, even announced a new marketplace for artists and influencers to sell digital trading cards.
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