The crypto market crash of 2022 has led to decreased investor interest in digital collectibles by the global NFT population.
Interest in non-fungible tokens (NFT) has dropped to new high lows in May 2022. According to Be[In]Crypto research and data from Google Trends, interest in NFT-related topics by the global population has sunk.
Interest over time comprises the number of Google searches in NFT content represented by a number between 0 and 100. A value of 0 or close to 0 means there is little to no interest. On the other hand, a value of at least 50 means that the term constitutes a huge part of searches by the global population.
The term “non-fungible token” reached a value of 26 in the last days of May. This was a 74% drop from the peak interest overtime of 100 reached in January 2022.
In January 2022, the major NFT marketplaces’ monthly volumes reached an all-time high of $16.54 billion. In the last days of May, the total monthly volume was approximately $4 billion, equating to a 75% decline from January’s volume.
Some of the NFTs that contributed to January’s milestone include the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Axie Infinity.
Source: BAYC January 2022 Sales Volume Chart by CryptoSlam
In the last days of May, BAYC NFT sales volume was in the region of $200 million, a 41% decline in four months.
In January 2022, Axie Infinity and Mutant Ape Yacht Club sales volumes were approximately $126.49 million and $252.33 million, respectively.
The bearish market dramatically slashed these values in the second quarter of 2022.
Axie Infinity had a total sales volume of $6.6 million while MAYC had $163.96 million in May. Overall, Axie Infinity saw a decline of 94% while BAYC saw sales volume sink by 36%.
Overall, issues that continue to trend on Google across the globe are inflation, Ukraine/Russia Crisis, gun control, and the overall crypto market crash (with prices and total value locked of digital assets) dominating search patterns.
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