The number of monthly buyers of NFTs fell below 800,000 for the first time in the last three months

The markets for buying and selling non-traditional tokens (NFT) passed the month of February with a significant decrease in their sales volume compared to previous months. This month, only 796,009 NFT buyers were able to buy $2.6 billion of NFTs.

According to Cointelegraph, the number of unique buyers of NFTs this month fell below 800,000 for the first time since October. The search volume of non-homologous tokens has also decreased significantly.

Based on this, in February, buyers of NFTs in the secondary markets were 12% less than in January, and their sales reached 2.6 billion dollars with a 40% decrease.

However, it is important to mention that in January, these markets recorded huge purchases and sales, and the decrease in the volume of purchases in this month may be just a natural correction. January recorded a unique record with 904,135 buyers. The OpenSea market also broke its record in January with 5 billion dollars in sales, although this amount decreased to about 3 billion dollars last month.

Also read: 30% drop in the number of users of the largest NFT market in the world; Is the boom of the non-monogamous token market over?

It is noteworthy that, by looking at Google Trends, we find that the global search volume for the keyword “NFTs” has decreased significantly, i.e. about 60-70% compared to the end of January.

The greatest interest in NFTs was observed in the United States, and despite Japan‘s telecommunications giant Rakuten late last month creating a marketplace for buying and selling NFTs, people in that country showed the least interest in NFTs out of the 61 countries surveyed. .

Andrew Steinwold, a fan of NFTs and managing partner of the NFT Sfermion investment fund, compared the current decline in sales volume to the market situation in 2017/2018 (2016/2017), which was also a bullish market and then We saw a subsequent fall. The answer to the question whether this interest rate will increase again or not will be decisive here.

Steinold added:

NFT search volume worldwide has plummeted from its peak. This reminds me of the cryptocurrency bull market of 2017 (2015) and the bear market of 2018 (2016). When will this trend of decreasing attention level rise again? Or will it remain the same?

Although the OpenC market fell victim to a $1.7 million hack last month, this or other specific issues cannot be attributed to the decline in public interest in NFTs.

The conflict between Russia and Ukraine may also have shifted the focus from NFTs to digital currencies; Because global attention seems to be focused more on applications such as digital payments, fundraising and store of value in uncertain times.

Status in the current month

Over the past day and night, out of 12 blockchains that support NFTs, 10 of them faced a decrease in sales volume. Ethereum has decreased by 4.2% and Solana by 11% in the last 24 hours. But Avalanche with 27.79% and Panini with 36.2% have the biggest decrease. Flow and Arbitrum, which have grown by 20.89% and 539% respectively in the last day and night, are the only profitable networks in the last day.