Investor interest in NFTs appears to be declining.
According to CryptoSlam data, there were 796,009 buyers in the NFT secondary market in February, down 12% month-on-month, with total sales of $2.6 billion, down 40% from January.
However, it should be noted that for NFTs, the decline in the number of buyers and sales in February may only be a simple correction, as the data in January were all high. In January, the number of buyers on the NFT secondary market reached 900,000, and OpenSea, the world’s largest NFT trading website, also achieved a record $5 billion in sales in January.
According to Google data, the global keyword search volume for “NFTs” has also dropped significantly. The search volume in the past week has dropped by about 60%-70% from the high point in late January.
Amid the conflict between Russia and Ukraine, investors have turned their attention to cryptocurrencies as they see bitcoin BTC -0.39% as a safe haven.
Andrew Steinwold, an NFT supporter and managing partner of NFT investment fund Sfermion, expressed on social media that it is unclear when investor interest in NFTs will pick up. He likened the recent trend in NFTs to the 2017 cryptocurrency bull run and the 2018 bear market that followed.
