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Non-fungible token (NFT) assets and collectibles are starting to see a decline in sales and interest in NFTs is also declining. Furthermore, an “oversupply of NFT” is said to damage the market, according to James Surowiecki, author of “The Wisdom of Crowds.”
- In 2021, non-fungible tokens have been all the rage and the industry has become very popular in recent months. From March 7 to March 13, 2021, the term “NFT” searched on Google in the US hit an all-time high by hitting 100 on Google Trends (GT). Since then, NFT inquiries have slipped in the United States to 92 the following week and 95 for the last week, based on today’s GT data.
- Global queries for the term “NFT” in Google went from a score of 100 to 95. The largest sub-region in the world that searches for “NFT” in Google comes from China. Uganda, Canada, Singapore and the US follow respectively.
- The full term “non-fungible token” according to GT data, shows that the score was recently lowered from 100 to 89.
- The NFT NBA Top Shot market experienced a decline in sales and fell to its lowest percentages yet, according to market assessment statistics from April 3, 2021.
- Sales figures, USD sales and active market portfolios for NFT have also seen a decline in recent days based on data from nonfungible.com today. 30-day statistics show NFT sales fell more than 80% on nonfungible.com market history details.
- James Surowiecki, the author of “The Wisdom of the Crowds” has recently written about oversaturation in the NFT industry on March 31, 2021. Surowiecki explains in his article titled “An NFT oversupply is going to kill the chicken that lays eggs. gold “, 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 extraordinarily low; You can literally create a new NFT in a matter of minutes, ”explains the Surowiecki editorial. And unlike the comics or baseball cards, NFTs are not undone or discarded. In other words, the only thing we really know about NFTs is that in a month there will be more than there are today. “
What do you think about NFT’s declining sales and interest and oversupply risks? Let us know what you think on this topic in the comment section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, James Surowiecki’s profile, nonfungible.com data,
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