A report by CryptoPotato suggests, Google Trends data can be relied upon for retail information, and search queries for the word ‘metaverse’ have dropped to the October 2021 search level. This is the level before Facebook decided to rebrand its name to Meta.
Similar indications are being given for non-fungible tokens or NFTs. According to NFT resource NonFungible, the trade volume for NFTs has been going down every week. Industry data shows that the average selling price of a non-fungible token has dropped to $2,000 (approximately Rs 1.5 lakh) from its peak of $6,900 (approximately Rs 5.3 lakh) in early 2022.
The best month for OpenSea, the largest NFT market place, was January. Since then the price started coming down slowly due to pandemic and global tension which affected the crypto market widely. Since the Russo-Ukraine war, the price drop has only increased.
Another reason for the decline of the cryptocurrency market has been its strict regulation. The US Securities and Exchange Commission is investigating NFT creators and marketplaces to see if any are going against the asset agency’s rules.
The DappRadar data tracker shows that sales of even the most popular brands are falling rapidly. NBA Top Shot The NFT is down 26% since last week. While the popular play-to-earn project Axie Infinity has seen a 15% drop. However, there are also some NFTs whose sales have seen a tremendous jump. Bored Ape Yacht Club NFT sales are up 59 percent in the past week while CryptoPunk’s sales have increased by 118% during the same period. While the trends are indicating a downside for some NFTs and the metaverse, bitcoin has risen in value since the start of the Ukraine-Russia war and investors have identified bitcoin and cryptocurrencies as safe havens for asset storage. .
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