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NFT sales are down 92% since last year's peak

2022-05-05 00:00:00

Interest in NFTs has dropped considerably since last year, reports The Wall Street Journal. "The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible," it reports.

Overall interest in NFTs has dropped 80% since January, according to Google Trends.

From The Wall Street Journal:

Another NFT buyer purchased a Snoop Dog curated NFT, titled "Doggy #4292," in early April for about $32,000 worth of the cryptocurrency ether. The NFT, an image of a green-skinned astronaut standing on what looks like a Hollywood Walk of Fame star, is now up for auction, with an asking price of $25.5 million. The highest current bid is for 0.0743 ether—about $210.

One of the problems with NFTs is that they're hard to understand and a lot of people were buying them without knowing what they were. Also, there was a lot of speculation and people were buying them just to make money, not because they liked the art.
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