In the last year we have seen a real hype when it comes to NFTs. Daily news from companies that have jumped on the NFT bandwagon, also to be able to use the so-called Metaverse for themselves.
TO Big Mac such as NFT, underwear victoria’s secret and even virtual toothpaste: Big Tech, it seemed, had already fully adapted to the digital parallel world in which we apparently not only have to visit restaurants, but can also practice personal hygiene. How much sense that actually makes remains to be seen.
However, the latest numbers from the NFT sector tell a very different story. Because the digital scarcity market is currently in a low flight. Analytics platform data dune analysis according to the largest NFT trading venue in existence, it is currently being put in place.
Therefore, the trading volume in US dollars decreases Open sea by 76 percent compared to the peak since the beginning of the year. While the chart does have some outliers, it is generally trending south.
Pundits have long argued that the NFT market is inflated, almost a bubble that is about to burst. It’s hard to say if we’ve reached that point.
However, it should be clear that a correction in the NFT market does not immediately spell hell. While there are certainly NFT projects that are purely hype and not pursuing a long-term strategy, there are also down-to-earth projects that could change our society and various industries in the long run.
Is NFT interest declining?
Aside from the numbers, the general interest in the NFT sector seems to be waning at the moment as well. One look at our Google trend analysis is enough to see that February probably wasn’t the best month for digital artwork. While NFT’s Google search interest peaked in mid-January in particular, the trend is currently declining steeply.
In this context, however, it must also be said very clearly that the search queries in February probably all went in a completely different direction. With the start of Putin’s war of aggression against Ukraine, all the attention of the world population was probably focused on President Zelenskyj and the Ukrainian people.
It remains to be seen whether interest in NFTs is really falling or if there were simply other events that overshadowed the sector.
Sorare: collect digital football cards on the blockchain
Collect limited edition football digital cards, manage your team and win great prizes.