Sales of non-fungible token (NFT) assets and collectibles have begun to decline, and interest in NFTs has also declined. In addition, according to James Surowiecki, author of “The Wisdom of Crowds”, “the oversupply of NFTs” may harm the market.
- In 2021, irreplaceable tokens are all the rage, and in the past few months, the industry has become very popular. During the entire period from March 7th to 13th, 2021, the term “NFT” searched on Google in the United States set the highest record in Google Trends (GT) history, reaching 100. Since then, according to today’s GT data, the demand for NFTs in the United States has fallen to 92 in the next week and 95 in the last week.
- Google’s global query score for the term “NFT” rose from 100 points to 95 points. The world’s largest partition for searching for “NFT” on Google comes from China. Uganda, Canada, Singapore and the United States are close behind.
- According to GT data, the entire term “irreplaceable token” means that the score recently dropped from 100 to 89.
- According to the estimated market statistics on April 3, 2021, the sales of NBA Top Shot in the NFT market declined and dropped to the lowest percentage so far.
- According to today’s nonfungible.com data, the number of NFT sales, dollar sales and active market wallets have also decreased in recent days. The 30-day statistics show that NFT sales have dropped by more than 80% of nonfungible.com’s market history.
- James Surowiecki, author of “The Wisdom of the Crowd” recently wrote an article on the oversaturation of the NFT industry on March 31, 2021. Surowiecki explained in his article “NFT Oversupply Will Kill the Golden Goose”, “The signs of oversupply are easy to see.”
- Surowiecki’s editorial explains: “When using NFTs, the risk of oversupply is particularly serious, because no one is responsible, and the distribution barrier is very low. You can create a new NFT within a few minutes.” “And, unlike comic books or baseball Unlike cards, NFT will not be scattered or discarded. In other words, the only thing we really know about NFT is that from now on, there will be more NFTs in a month than today.
How do you see the decline in NFT sales and interest rates and the risk of oversupply? Let us know your thoughts on this topic in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, James Surowiecki profile, nonfungible.com data,
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