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NFT Sales Drop 29% This Week, Metaverse-Related Terms Searches Plunge

The past week has seen a drop in non-fungible token sales (NFTs) across all blockchains that support NFTs. This follows a few weeks of declining volumes. Across 14 blockchains that support NFTs, sales have slipped 29. 46% lower than the week prior. Despite the drop in NFT sales volume, NFT sales stemming from the Arbitrum network spiked by 97. 53% this week.

NFT Sales and Interest

According to Google Trends (GT) data, interest in NFTs has dive-bombed, as the search query for the term “NFT” slid from a score of 100 on GT during the first month of 2022, to this week’s score of 42.

Statistics for the search query term “metaverse” show interest there has also slid significantly, sliding from January’s high score of 88 to today’s GT score of 32. NFT interest is declining, but sales volume has also fallen.

NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge
“Interest over time” stats from Google Trends (GT) data show searches for the terms “NFT” and “metaverse” have dropped considerably.

Over the last seven days, NFT sales have dropped 29. 46% lower than last week’s sales volume. Metrics from cryptoslam.io’s seven-day records show that the largest blockchain in terms of NFT sales, Ethereum, is down 32.13%.

Wax blockchain sales have dropped by 38. 52% this past week, but Palm and Theta NFT sales lost the most. Palm-based NFT sales are down 73. 36% since last week and Theta’s NFT sales are down 78.87%.

Bitcoin.com News reported on the Arbitrum NFT project Treasure DAO getting hacked and losing more than 100 NFTs. Despite the hack, Arbitrum NFT sales have jumped a great deal this week spiking 97. 53% since the week prior.

The NFT collection that recorded the most NFT sales during the last seven days is Invisible Friends as the ETH-based NFTs have seen $46.9 million in sales, up 32. 13% since the week prior. Wonderpals and Clonex followed the Invisible Friends NFT compilation sales.

This week’s most expensive NFT sale was Meebit #1657 for 282 wrapped ether (WETH) or $844,069, followed by Ringers #376 for $800,941 in WETH. Those two pricey NFT sales were followed by Meebit #8475 ($753K), Meebit #18277 ($738K), Meebit #19564 ($723K), and Bored Ape #8386 for $600,609, or 200 wrapped ethereum.

Additionally, the “Topps Timeless Series” 1952 Mickey Mantle NFT card sold for 175 ether or $471K at the time of settlement on Opensea. The leading NFT marketplace Opensea posted the week’s top sales in terms of NFT sales volume, but sales are down 29. 97% according to current dappradar.com stats. Opensea saw 220,223 NFT traders this week, but the number of traders is down 12. 96% since the week before.

What do you think about this week’s NFT sales and the interest over time stats from GT? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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