Non-Fungible Token Gross sales Start To Dive, NFT Charges To Fall, Monetary Author Highlights NFT Oversupply – Beneficial Bitcoin Information
Non-fungible token (NFT) assets and collectibles are gradually seeing a decline in sales, and interest in NFTs is also falling. In addition, it is said that an “oversupply of NFTs” could damage the market, according to James Surowiecki, author of “The Wisdom of Crowds”.
- In 2021, non-fungible tokens were all the rage and the industry has grown hugely popular in recent months. From March 7 to 13, 2021, the term “NFT” searched for on Google in the USA reached an all-time high of 100 on Google Trends (GT). Since then, requests for NFTs in the US based on today’s GT data have dropped to 92 the following week and 95 the last week.
- The worldwide inquiries for the term “NFT” on Google rose from 100 to 95. The largest sub-region in the world that searches for “NFT” on Google comes from China. Uganda, Canada, Singapore and the USA follow.
Nonfungible.com data for 30 day statistics on April 3, 2021.
- The entire term “non-fungible token” according to GT data shows that the score recently dropped from 100 to 89.
- The NFT marketplace NBA Top Shot recorded a decline in sales and, according to evalu.market statistics, fell to the lowest percentage ever on April 3, 2021.
- Sales, USD sales, and active market wallets for NFTs have also declined in the past few days according to today’s data from nonfungible.com. 30-day statistics show NFT sales are down more than 80% of nonfungible.com’s market history.
James Surowiecki, author of The Wisdom of Crowds, says, “History suggests that oversupply is a reliable way to end a boom, especially for collectibles.”
- James Surowiecki, the author of The Wisdom of Crowds, recently wrote on March 31, 2021 about oversaturation in the NFT industry. Surowiecki explains in his article “An oversupply of NFTs will kill the golden goose” that “the signs of an oversupply are easy to spot.”
- “The risk of oversupply is particularly high with NFTs because nobody is responsible and the emission barriers are so extremely low – you can literally create a new NFT in a matter of minutes,” explains Surowiecki’s editorial. “And unlike comics or baseball cards, NFTs don’t fall apart or are thrown away. In other words, the only thing we really know about NFTs is that there will be more of them in a month than there are today. “
What do you think of the decline in NFT sales and interest rates and the risks of oversupply? Let us know what you think on this matter in the comments section below.
Tags in this story
Canada, China, collectibles, Ethereum, financial author, Google trends, James Surowiecki, NBA Top Shot, nft, NFT interest rate decline, NFT sales, non-fungible tokens, non-fungible token assets, non-fungible.com data, oversaturation, Oversupply, sales, Singapore, Uganda
Photo credit: Shutterstock, Pixabay, Wiki Commons, James Surowiecki profile, nonfungible.com data,
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