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A recent analysis by BitcoinCasinos.com shows that NFT interest has dropped by 76% YoY over time, indicating some cooling off in the market. The search volume dropped from a peak of 100 in April 2022 to just 24 in April 2023.
BitcoinCasinos financial expert Edith Reads commented on the findings saying, “The NFT market that was previously thriving is gradually becoming less active. The Google search interest in NFTs has fallen by three-fourths over the past year, suggesting that the past enthusiasm surrounding NFTs has decreased. This is likely caused by the combination of markets settling and investors being more cautious with their investments.”
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The current NFT trend reflects investor interest shifting towards other cryptocurrency assets and sectors, such as decentralized finance (DeFi) and gaming. The decline in NFT interest over time can also be attributed to the high prices paid for digital art, which have led to questions about the value of NFTs and their sustainability.
Another factor driving the decline in NFT interest over time is the prevalence of scams and fraudulent NFTs, damaging the space’s reputation. This has led to a decline in the number of new investors entering the market, with many wary of the risks and unsure of the credibility of NFTs. The full story and statistics can be found here: NFT Interest Over Time Has Dropped By 76% YoY
