NFT markets began to experience an unprecedented contraction. NFT sales have dropped 92 percent since September 2021, according to shared data. Statistics, “Did the NFT markets crash?” begs the question.

The trend of blockchain technology last year was undoubtedly NFTs . NFTs, also known as “immutable tokens”, attracted the attention of almost everyone. In fact, NFT markets have reached billions of dollars in size. However, recent analysis reveals that there is a major bottleneck and even collapse in the NFT world. So much so that NFT sales have fallen by 92 percent since September 2021 .

According to research by a website called NonFungible, daily NFT activity was around 225,000 in September 2021. However, the number of daily NFT sales in the first week of May 2022 decreased to 19 thousand . However, the number of active wallets used to store NFTs also decreased by 88 percent . Also investigating the data in Google Trends, NonFungible announced that users’ NFT searches have decreased by 89 percent since January 2022.

Why has interest in NFTs, even supported by governments, suddenly waned?

NFTs have attracted interest not only from cryptocurrency investors, but also from world-famous names and governments . For example, Ukraine has announced an NFT project to raise funds in its war with Russia . The United Kingdom, on the other hand, announced its decision to create a special collection. Turkey gave NFT to billionaire businessperson Elon Musk . It is possible to multiply these examples . So why is interest in NFTs falling?

To be frank, it is not possible to say anything clear about the decline in the popularity of NFT. However, the number of people who do not believe in this technology is not small at all. For example , Elon Musk . Although the Tesla boss is a staunch crypto advocate, he kept making fun of NFTs. Even Elon Musk, who calls NFTs ” nonsense ” , seems to continue to impress small investors…