Weekly NFT Sales Continue to Slide, Google Trends Data Shows NFT Queries Down 45% in 30 Days

Following a lackluster week that saw non-fungible token (NFT) sales slip by 29.35% last week, the last seven days of NFT sales have dropped further losing more than 7%. Out of 12 different NFT-supporting blockchains, Solana was the only gainer, in terms of NFT sales during the past week.

While cryptocurrency markets have faced extreme volatility during the last two weeks, NFT sales, in general, have felt the wrath of the storm. On February 16, Bitcoin.com News reported on sales sliding by 29.35% and nine days later, NFT sales are more than 7% lower than the week prior.

Seven-day NFT statistics from this report stem from cryptoslam.io’s and dappradar.com’s recorded metrics. Over the last week, there’s been $546 million in NFT sales volume, which is down 7.71% from last week’s NFT sales. Metrics indicate that 307,508 NFT buyers transacted across 1,540,140 transactions.

Ethereum captured a great majority of last week’s NFT sales with $474.8 million, but that’s roughly 3.51% less than the week before. Out of the top 12 NFT blockchain platforms, Solana saw the only NFT sales increase out of the bunch, jumping 3.03% higher over the past week.

The biggest losers this past week include Binance Smart Chain down 76.68%, and Avalanche down 54.56% in terms of weekly NFT sales. The collection with the most sales this week according to cryptoslam.io, is 3landers with $40,828,994 in sales. 3landers’ NFT sales were followed by Tubby Cats ($35.9M), Invisible Friends ($32M), Mfer ($23.7M), and Bored Ape Yacht Club (BAYC) with $23,688,179 in weekly sales.

The biggest sale during the last seven days ago was Bored Ape #4580 for 666 ether or $1.74 million at the time of settlement. Bored Ape #4580 sold on Opensea five hours ago and below that expensive sale was another BAYC NFT. Bored Ape #1837 was sold 13 hours ago for $1.5 million or approximately 569 ether.

Dappradar.com’s statistics indicate that Opensea was the top NFT marketplace, in terms of sales last week. Opensea’s sales were followed by the markets Looksrare, Bloctobay, Ronin’s Axie Infinity, and Solana’s Magic Eden.

Over the last seven days, the top five blockchains, in terms of NFT sales volume, included Ethereum, Solana, Ronin, Flow, and Avalanche. Flow’s Bloctobay seven-day stats indicate NFT sales are up 215.66% with $73.78 million in weekly sales.

However, worldwide Google Trends (GT) data shows that interest in NFTs has slid, as far as people searching the term “NFT” on the internet. During the second week of January, the search query NFT tapped a 100, which is the highest trend score a query can get on GT. This week, worldwide GT data shows that the search query NFT has an overall score of 55.

What do you think about weekly NFT sales slipping by more than 7% since last week? What do you think about the interest in NFTs waning since mid-January? Let us know what you think about this subject in the comments section below.