Non-fungible (NFT) token assets and collectibles are starting to fall in sales and interest in NFTs is also falling. In addition, it is said that an “oversupply of NFTs” could hurt the market, according to James Surowiecki, author of “The Wisdom of Crowds”.
- In 2021, non-fungible tokens were in vogue and the industry has become very popular in recent months. From March 7 to 13, 2021, the term “NFT” searched on Google in the United States reached a historical record, reaching 100 on Google Trends (GT). Since then, NFT queries in the United States have dropped to 92 the following week and 95 during the last week, according to today’s GT data.
- Worldwide queries for the term “NFT” on Google went from a score of 100 to 95. The largest sub-region in the world searching for “NFT” on Google comes from China. Uganda, Canada, Singapore and the United States are next, respectively.
- The entire term “non-fungible token”, according to the GT data, shows that the score has recently dropped from 100 to 89.
- The NBA Top Shot NFT market saw a decline in sales and fell to the lowest percentages so far, according to the assessment statistics.
- Sales figures, US dollar sales and active market portfolios for NFTs have also declined in the past few days, according to today’s nonfungible.com data. 30-day statistics show that NFT sales have dropped more than 80% of the details of nonfungible.com’s market history.
- James Surowiecki, the author of “The Wisdom of Crowds” recently wrote about supersaturation in the NFT industry on March 31, 2021. Surowiecki explains in his article called “An oversupply of NFTs will kill the goose that lays the golden eggs” , that “the signs of oversupply are easy to see.”
- “With NFTs, the risk of oversupply is especially acute, because there is no one in charge and the barriers to issuance are so extraordinarily low – you can literally create a new NFT in minutes,” explains the Surowiecki editorial. “And, unlike comic books or baseball cards, NFTs do not disintegrate or are discarded. In other words, the only thing we really know about NFTs is that there will be more of them in a month than today. “
What do you think about the decline in NFT sales and interest and the risks of oversupply? Let us know what you think about this subject in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, James Surowiecki’s profile, data from nonfungible.com,
Disclaimer of Liability: This article is for information purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the plaintiff is liable, directly or indirectly, for any damages or losses caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.