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According to Google Trends, after a disastrous year, there has been a resurgence in interest in NFTs.
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The first year of many famous people’s NFTs is 2022. But industry data shows that sales of NFTs have dropped dramatically over the past year, by over 80%. However, the value of cryptocurrencies as a whole has been falling, and a number of well-known companies in the cryptocurrency market have filed for bankruptcy.
To facilitate bitcoin transactions, a blockchain stores a unique form of ownership certificate known as an NFT.
Earlier this month, former president Donald Trump made around $4.5 million through the sale of NFT trading cards. Digital works, Twitter content, computer programmes, and other forms of intellectual property have all been exchanged for cryptocurrency.
The sales of NFTs dropped by 80%.
Cryptoslam.io reports that the market cap of all NFTs was $4.9 billion in January 2022, but has subsequently dropped to $565 million in December. The figure is almost 80% lower than the $2.8 billion in sales of non-fungible tokens in December 2021.
According to Google Trends
According to Google Trends, interest in topics connected to non-fungible tokens dropped significantly within the time frame studied.
NFT
The week of December 26-January 1, 2021, saw a high of about 52 for the word “NFT,” while the week of December 18-December 24, 2022 saw a low of about 16.
The only perfect week of the term was the one that spanned January 16-22, 2022. At the moment, mainland China has the largest search interest in NFTs on Google, followed by Hong Kong, Singapore, Nigeria, and Taiwan.
Donald Trump insists the non-tradable token was never intended as currency.
About a week after he dropped his debut NFT collection. Donald Trump has previously explained his interest in virtual memorabilia. The former US president thought his likeness on his non-fungible tokens cards was “kind of nice.”
Trump claims that attracting investors and making a profit were not his motivations for launching non-fungible coins. The NFTs’ floor price fell by 74% between Saturday and Monday. There was a 57% drop in trade activity, nevertheless.
Source: Google Trend