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Monthly NFT searches ‘fall off a cliff’ after dipping below 800K.

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.

NFTs were in big demand during January, and we think that these continued decreases are only temporary.

Looking at Google Trends, it appears global NFT related searches have 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 countries.

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.