New reports claim sales of non-fungible tokens (NFTs) have sunk 92% since September.
The website NonFungible concluded that the “NFT market is collapsing” after reporting NFT sales declined from a daily average of 225,000 seven months ago to 19,000 this past week. In addition, active wallets — which are used to store NFTs — also dropped by 88%.
Online search interest in NFTs has also declined dramatically. According to data from Google Trends, search interest peaked in January 2022 but has since declined by 89%. The decline was also noticeable during a recent auction of Twitter’s co-founder Jack Dorsey’s first tweet. Last year, the NFT was purchased for $2.9 million. However, the top bid for the NFT at last month’s auction was only $280.