Non-Fungible Tokens (NFTs), like cryptocurrencies, are taking a backseat. For example, in early May, digital currency trading took a massive plunge after it was revealed that several coins have lost up to 95% of their value. Now, we learned that the fall in the forex market drove the decline in NFTs.
There are two parameters to confirm that people have stopped believing in digital works. The first is confirmed by Google. According to Google Trends, the number of searches with the word “NFT” in between decreased by 75% between the first months of this year. In fact, the last peak of searches that were registered for digital works was presented in January.
The other indicator is found in the trade of non-fungible tokens; Although this market is not completely settled, the monthly volume of transactions decreased substantially. In January 2022, a volume of $15.54 million dollars was presented worldwide, while in May, the volume decreased to $4 billion according to reports in Phonandroid.
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Yet with the bleak landscape for digital commerce, collections of digital works continue to emerge. OpenSea and Magic Eden are proof that blockchain platforms are still going strong. Artists also continue to make digital works compatible with the blockchain.
In addition to this, some large companies continue to bet on NFTs. eBay recently announced that they would be launching their own token collection; for his part, Tim Stokley, founder of Onlyfans, announced that the platform would now be expanded so that artists and influencers can distribute their digital works. We will have to wait if the massive collapse in the value of the works will be sufficient reason for their extinction or an impulse to continue with greater force.