The crypto market has been red in recent times, and the bearish tendencies seem to have found their way to the NFT space, as the prices of blue-chip NFTs have fallen. Initially, the bear crypto market did not seem to affect the interest in Non Fungible Tokens, but this is changing.
In May 2022, the interest in NFT faced a noticeable drop in value.
Research by Google Trends highlights this further as people are not speaking about Non-Fungible Tokens as much as they used to in the past.
The statistics were calibrated using a ranking system from 0 to 100. Google Trends data from the searches that were made using the Google search engine concerning Non-Fungible Token content.
The 0 rank means that there is no interest. If the value crosses the average benchmark of 50, it means that a sizeable number of searches were done.
During the end of May, the rank attached to Non-Fungible Token searches had plummeted to 26, from 74 which was recorded in January 2022. By the end of May, the sales of Bored Ape NFTs had plummeted to $200 million, which is a decline of 41%. These further declined in 2023.
Earlier, during the boom of January, Axie Infinity raked up a sales volume of $126.49 million, and its counterpart, Mutant Ape Yacht Club was sitting at $252.33 million. As of May, the sales volumes of Axie Infinity and Mutant Ape Yacht Club had dropped significantly with volumes of $6.6 million and $163.96 million respectively.
This meant that the sales volume of the Play to Earn gaming ecosystem, Axie Infinity dropped by 94%, and Bored Ape Yacht Club noticed a drop in sales volume by 36%.
The crypto and Non-Fungible Token markets are facing a drop in value because of several reasons such as the Ukraine invasion, inflation, and much more.