At the end of January 2022, non-fungible token (NFT) sales raked in $4.77 billion and NFT sales have slipped month after month since then. Last month, $549.82 million in NFT sales took place in September which shows monthly NFT sales are more than 88% lower than they were in January. Furthermore, after the search term “NFT” reached the highest score on Google Trends last January, tapping a score of 100, the last week of September’s score was 12, which is also 88% lower in terms of interest.
NFT trade volume and search query slide – sales and interest down 88%
Non-Fungible Token (NFT) technology was very popular in late 2021 and during the first month of 2022. In fact, in the context of Google Trends data (GT), the word “NFT” received the highest score in a search query worldwide. GT database, which is 100.
In fact, it was the first time the search term tapped this region according to the GT database, but today the score is 88% lower with a score of 12 during the week of September 25 through October 1, 2022. Today, China is the most active region according to GT metrics and the country is followed by Hong Kong, Singapore, Nigeria, and Taiwan.
Sales have also declined since January, as records show that NFT sales were above the half-billion mark, or about $549.82 million. This number is about 88.49% lower than the $4.77 billion in NFT sales recorded eight months ago.
May was the last month that NFT sales printed above the $1 billion mark and that month $3.18 billion in NFT sales were recorded. The following month was a significant slide down to $879 million and in July, NFT sales saw $682 million. August sales slid lower after $633 million in NFT sales were recorded that month, and September’s sales are 13.27% lower.
So far, NFT sales have added $105.22 million in the first week of October 2022 through 191,175 unique buyers. The 30-day metrics indicated that the top NFT collection in terms of sales was Bored Ape Yacht Club (BAYC) as the collection printed $30,964,305 in sales last month.
However, that’s 37.49% lower than the sales BAYC recorded the month prior. Statistics aggregated by cryptoslam.io show the project QQL Mint Pass has seen $27.80 million in sales this month and Cryptopunks captured $23.49 million.
The Generative Art NFT Project with artwork by Tyler Hobbs and Dandelion Wiest Mane is a new collection with no prior market data, but Cryptopunks’ $23.49 million in NFT sales, up 12.27% from 30 days ago.
Four specific projects saw three-digit gains this past month compared to last month’s NFT sales data which include Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, respectively. During the past month, most of the sales volume derived from the Ethereum blockchain as it recorded $345,633,653 in sales.
The sale of Ethereum was followed by sales of $114.32 million from Solana, $20.61 million from Flow, and $18.95 million from the immutable X NFT sale. While Ethereum-based NFT sales dominate, month-on-month statistics show ETH sales are down 21.26%. The 30-day metrics indicate that Solana-based NFT sales are up 109.23% and Flow NFT sales are up 40.58%. The sale of NFTs received from the immutable X network saw a month-on-month increase of approximately 125.30%.
Coincidently, the top five most expensive NFTs sold during the last 30 days stem from Yuga Labs’ associated NFT collections like the Bored Ape Yacht Club and Otherdeeds. The most expensive NFT sold within the past 30 days was Bored Ape #8585 for $1.03 million and the second most expensive NFT sold was Bored Ape #441 which sold for $350,991 19 days ago.
