The year 2022 marks the beginning of the NFT of many celebrities. However, according to company data, the sale of non-fungible tokens has decreased significantly over the past year, by around 80%. Nevertheless, there has been a general decline in the value of cryptocurrencies and many prominent companies have filed for bankruptcy in the cryptocurrency industry.
NFT is a special type of certificate that is stored on the blockchain, the platform that manages cryptocurrency transactions.
Former President Donald Trump raised about $4.5 million earlier this month by selling a collection of NFT Trading Cards. They have also been used to sell rights to digital artwork, Twitter posts, computer code, and virtual assets.
NFT Market Down 80%
According to industry data from Cryptoslam.io, the global NFT market reached about $4.9 billion in January 2022, but has decreased to only about $565 million as of December. This amount is about 80% lower than the $2.8 billion in the December 2021 token sale.
Data from Google Trends revealed that during that period, searches for information related to non-fungible brands declined significantly.
The term “NFT” hovered around 52 during the week of December 26 to January 1, 2021, before falling to around 16 during the week of December 18 to December 24, 2022. The week of January 16-22, 2022 saw the highest score for the issue of 100. According to Google, China China is now the region with the most interest in Non fungible-token, followed by Hong Kong, Singapore, Nigeria and Taiwan.
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Donald Trump says that non-fungible brands are not about money
Just over a week since its first NFT collection was released. Donald Trump has previously explained his decision to intervene in the digital age. The former US president said his photo on his non-fungible identity card was “beautiful”.
According to Trump, the reason he launched these meaningless symbols was not to attract investors and make a profit. Since Saturday, the underlying price of NFT has fallen 74% and this between Sunday and Monday. However, the volume fell by 57%.