Interest In NFTs Dying? NFT Sales Experience A Decrease Of 92%

Late 2021 and early 2022 saw the rise of NFTs; however, now it seems like the interest along with the sales in the technology is diminishing. 

NFTs have become the reason for disputes between gamers and the finance sector as a whole over the past year. The gaming industry is standing at the crossroads with blockchain technology, considering the ban on sales of blockchain-based games on its storefront to game publishers such as Ubisoft and Square Enix showing interest in bringing NFTs to their games. 

As per the latest reports, however, the $NFT sales have experienced a sharp decline while the public interest is starting to fade.

As per the latest report by The Wall Street Journal, the earlier expanding $NFT market is experiencing a period of decline as the daily average of the $NFT sales has reached a mere 19,000 in the last week from 225,000 in September.

As of this writing, the sales rose to an average of 24,000; however, they still remain attaining their months-old six-digit peaks. Last week, active wallets in the $NFT market dropped to 14,000 last week from 119,000 in November. Besides, the public interest in NFTs is also declining as the term “$NFT,” which reached its peak of 100 in January, is now ranked at a ratio in the mid-20s, as per the google trends. 

The hit in the market was definitely felt by the $NFT holders. The first tweet of the former Twitter CEO Jack Dorsey was minted, and Sina Estavi, CEO of Bride Oracle, bought it for $2.9 million. However, when Estavi put it in the auction in April, it was unsuccessful in getting a bid higher than $14,000

Legendary rapper, Snoop Dogg’s $NFT, was recently sold for $32,000 but, as of now, did not receive a bid higher than $210. Famous Crypto Enthusiast Tesla CEO Elon Musk too was seen mocking NFTs on Twitter.

NFTs also suffered a significant backlash in the gaming sectors as many argue that the play-to-earn monetization scheme put forward by Ubisoft and various blockchain game developers do not have space in the medium.