The negative crypto market has significantly impacted blue-chip NFT values. In the latter days of May, Google statistics revealed that interest in NFTs had dropped to 26. In less than six months, this corresponds to a 76 percent decline.
In May 2022, interest in non-fungible tokens (NFT) reached new lows. According to Google Trends data, global interest in NFT-related topics has decreased.
The number of Google searches in NFT material over time is represented by a value between 0 and 100. There is little to no interest if the value is 0 or close to 0. A figure of at least 50, on the other hand, indicates that the term is used often by the global population.
In the final days of May, the word “non-fungible token” attained a value of 26. This is a 74% reduction from the January 2022 peak of 100 percent interest over time.
Monthly volumes on the major NFT exchanges reached an all-time high of $16.54 billion in January 2022. The entire monthly volume was around $4 billion in the closing days of May, a 75 percent decrease from January’s level.
The Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Axie Infinity are among the NFTs that contributed to January’s milestone.
BAYC NFT sales volume was in the neighborhood of $200 million in the latter days of May, a 41% drop in four months.
Axie Infinity and Mutant Ape Yacht Club had sales volumes of around $126.49 million and $252.33 million in January 2022, respectively.
In the second quarter of 2022, the negative market cut these values considerably.
MAYC generated $163.96 million in revenue in May, compared to $6.6 million for Axie Infinity. Overall, Axie Infinity saw a 94 percent drop in sales, while BAYC saw a 36 percent drop in volume.
Axie infinity last one-year sales volume. Source: https://cryptoslam.io/axie-infinity/sales/summary
Overall NFT market
Axie Infinity remains the top traded NFT, though. The total sales value of Axie Infinity is $ 4.07 billion. This is followed by CryptoPunks NFT with a sales volume of $ 2.25 billion. The third and fourth spot is held by the Ape yacht cub sisters of Bored Ape Yacht Club and Mutant Ape Yacht Club, with a sale volume of $ 2.15 billion and $ 1.53 billion, respectively.
ArtBlocks, NBA Top Shot, and Otherdeed are following the above four. Azuki, CloneX, and VeeFriends complete the top 10 NFTs by sales volume. The SandBox is at the 14th spot.
The overall crypto market lost its market capitalization from $ 3 trillion to $ 1.19 trillion, with all major coins more than halved in value. The overall bearish sentiment of the NFT market reflects the reduced interest of crypto market participants.
Other google search trends
Inflation, the Ukraine/Russia crisis, gun control, and the overall crypto market crash (with prices and total value locked of digital assets) dominate search trends on Google worldwide.