As is customary, we start with the statistics. Interest in NFT tokens has really dipped now, but that doesn’t mean that unique coin sales aren’t taking place. In particular, deals with the most popular NFT collections happen every day. For the sake of clarity, here are the figures for the most expensive collections in terms of the lowest possible price.

For example, the minimum price for Bored Ape Yacht Club is now 83.69 ETH – the equivalent of $229,000. Moreover, there have been four sales with these tokens in the last 24 hours.

Ranking of NFT token collections

Some collections show a good increase in the minimum value. The leader in this indicator was the iNFT Personality Pod, whose price jumped 38 percent over the day.

Ranking of NFT collections by growth

However, NFTs have a downside: during the stages of a coin niche collapse, interest in them subsides significantly. For example, here is the so-called anti-rating of collections, which shows their collapse over a 24-hour period. Here, many NFTs have sagged by tens of per cent. At the same time, Bitcoin only fell by 5 per cent on the day.

Ranking of NFT collections by decline

What’s going on with NFTs

It is worth noting that January was the most “harvested” month for the NFT sphere. That is, February’s drop is simply part of a relatively healthy market correction that is underway at the moment. In addition, January saw a record 904,135 unique NFT buyers and the OpenSea trading platform also posted record sales in January, with around $5 billion in sales.

On the other hand, the situation looks much more pessimistic on Google Trends. According to Cointelegraph’s sources, the number of searches for the keyword “NFTs” has also dropped significantly. Over the past week, interest has fallen by about 60-70 per cent from the record highs of late January.

Falling interest in NFTs on Google Trends

At the time of writing, residents of the United States are showing the most interest in the unique token sphere globally, while Japan is showing the least interest. This is despite local tech and telecoms giant Rakuten launching an NFT platform late last month.

Andrew Steinwold, managing partner at investment fund Sfermion, compared the current pullback to the bull market and the subsequent crash of 2017/2018. As a result, he doubts interest in NFT will resume any time soon. Here is the expert’s rejoinder in which he shares his view of the situation.

The number of searches about NFT around the world has dropped precipitously. This reminds me of the end of the bull market in 2017. How long will we see the fall and when will there be a rebound, if at all?

In other words, the expert doubts the prospects for further growth in the unique token industry. And that sounds logical, since NFT is a low liquidity asset. That is, if the cryptocurrency market is on the verge of collapse, interest in non-interchangeable tokens sinks even more significantly. This makes it even harder for NFT holders to get rid of their tokens - if at all possible.

Falling NFT sales on different blockchains


We believe that such changes in the performance of NFT tokens are quite predictable as this asset category is illiquid - especially when considering new and unpopular collections. Still, when the market collapses, investors think first and foremost about preserving their funds, which is why they sell crypto in exchange for staplecoins. In other words, they have no time to buy up NFT, which explains the problems in the area of non-interchangeable tokens. However, as the industry grows, investors will surely remember the world of digital art.

What do you think about it? Share your opinion in our Millionaire Crypto Chat. We’ll talk about other topics related to the blockchain and decentralised asset industry there too.

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