Non-Fungible Token (NFT) sales were $4.77 billion at the end of January 2022. Since then, NFT sales have been declining month-over-month. Last month NFT sales were $549.82 million, showing that NFT sales are down more than 88% from January.
NFT Trade Volume and Search Queries Down by 88%
Non-fungible token (NFT) technology was popular in the second half of 2021 and the first month of 2022. In Google Trends (GT) data, the term “NFT” achieved the world’s highest score for search queries.
Today it scored 88% lower, with a score of 12 during the last week of September, from 25 September to 1 October 2022. Today, China is the most active region in the GT index, followed by Hong Kong, Singapore, Nigeria, and Taiwan. NFTs are nowhere to be seen.
NFT sales surpassed $1 billion in May and reached $3.18 billion. The following month saw a significant drop to $879 million. In July, NFT sales were $682 million. August sales fell to $633 million after this, while September sales saw a drop of 13.27%.
NFTs Drop as Crypto Punk NFTs Perform Well
Even the most popular NFT is down by 37.49%. This is according to BAYC’s record sales in the previous month. However, Crypto Punk NFTs seem to be doing well. According to other statistics compiled by cryptoslam.io, the QQL Mint Pass project earned $27.8 million, while Cryptopunks earned $23.49 million this month.
The Generative Art NFT project, featuring works by Tyler Hobbs and Dandelion Wist Mané, is a new collection with no primary market data. The NFT sales were $23.49 million, up 12.27% during the past 30 days.
Four specific projects, including Renga, Gods Unchained, Ethereum Name Service (ENS), and NFL All Day, posted triple-digit profits compared to the previous month’s NFT sales data.
Ethereum-Based NFTs Dominated The Market Last Month
Last month’s sales came from the Ethereum blockchain, with sales of $345,633,653. Solana followed Ethereum with $114.32 million, Flow with $20.61 million, and Immutable X NFT with $18.95 million.
While Ethereum-based NFT sales dominated, ETH sales fell by 21.26%. According to the 30-day metrics, Solana-based NFT sales increased by 109.23%, while Flow NFT sales increased by 40.58%. Sales of NFTs from the Immutable X network increased by about 125.30% month-on-month.
The top 5 most expensive NFTs sold in the last 30 days are from Yuga Labs. These are related NFT collections such as Bored Ape Yacht Club and Otherdeeds. The most costly NFT sold in the previous 30 days was Bored Ape #8585 at $1.03 million. The second most expensive NFT was Bored Ape #441, which sold for $350,991 19 days ago.