Monthly NFT buyers dip below 800K as searches ‘fall off a cliff’

Mar 3, 2022

There were 796,009 NFT buyers on secondary markets in Feb, accounting for roughly $2.6 billion worth of sales. The figures mark significant declines compared with the record month before.

The unique number of nonfungible token (NFT) buyers in February dipped below 800,000 for the first time since October, and search volume for nonfungibles also dropped significantly.

However, a caveat is that January was a massive month for NFTs, suggesting the decreases in February are simply part of a relatively healthy pullback.

Looking at Google Trends, however, it appears that global keyword search volume for “NFTs” has also dropped significantly.

The United States represents the most interest globally at the time of writing while Japan currently shows the lowest interest in NFTs out of 61 nations, despite local tech and telecommunications giant Rakuten launching an NFT marketplace late last month.

Specific reasons why general interest has waned so dramatically over the past month are unclear, although top platform OpenSea was the victim of a $1.7 million hack in February, among other things.