Significantly, NFT sales on a monthly basis have plummeted more than 65%, accompanied by a decline in Google inquiries.

A recent analysis covering 30 days reveals that NFT sales have undergone an astonishing decline, falling from $4.6 billion to just $1.59 billion within a month. This translates to a staggering 65.43% reduction in global NFT sales.

Furthermore, insights from Google Trends indicate that the global enthusiasm for acquiring NFTs has diminished, reaching its lowest levels since early October of the previous year.

The sales of NFTs have dropped dramatically by over 65%, decreasing from $4.6 billion to approximately $1.5 billion.

The staggering 65.43% decrease in NFT sales from the previous month raises alarm bells within the industry. These figures were sourced from a 30-day analysis of NFT sales released by the global analytics firm, cryptoslam.io. Back in early May, total sales figures reached around $4.6 billion across 17 distinct blockchains, but have since dwindled to just $1.59 billion, a mere third of the sales from the prior month.

A comprehensive examination of the NFT sales data reveals intriguing insights.

It's important to note that NFT sales have not been evenly distributed among various blockchains. A significant chunk of these sales is attributed to Ethereum, which accounted for nearly $1.31 billion of the total $1.59 billion sold. This trend spells trouble for upcoming NFT sales, especially as the number of purchasers of ETH-based NFTs has decreased by 67.99%, shrinking from 1,047,363 buyers a month ago to just 250,925 now.

This pattern of significant sales decline has been consistent across other blockchains as well.

• Polygon-based NFT sales fell by 70.86%
• Ronin’s NFT sales dipped by 70.26%
• Wax NFT sales dropped by 43.89%
• The Avalanche blockchain has seen its NFT sales plummet by a staggering 91.43%.

In the past month, NFT sales on Palm have fallen by 60.59%, while Cronos has experienced a dramatic 76.09% drop, and Arbitrum isn't far behind with a 66.74% decrease. Notably, the Otherdeed collection emerged as the top NFT collection last month, earning $143,562,582, but this represents a significant 82.25% decline compared to the previous month's figures.

Statistics from Google Trends illustrate a significant downturn in enthusiasm and sales for NFTs, hitting an eight-month low.

According to global data from Google Trends, the interest in the term 'NFT' has plummeted to its lowest level since the first week of October 2021. The search volume has dipped to a score of just 23 out of 100, a stark contrast to the peak interest of 100 recorded in the week of January 16-22, 2022. Since that high point, the interest in NFTs has steadily declined.

While the future remains uncertain, it appears that the initial excitement surrounding NFTs might have faded.

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