Interest in NFTs drops by 76 per cent

A new report from Bitcoin Casinos, an online gambling service centred on the original cryptocurrency bitcoin, has found interest in non-fungible tokens (NFTs) has dropped by 76 per cent since April 2022.

The Google search volume for “NFTs” dropped from a peak of 100 last April to only 24 this April.

“The Google search interest in NFTs has fallen by three-fourths over the past year, suggesting that the past enthusiasm surrounding NFTs has decreased,” said financial expert Edith Reads. “This is likely caused by the combination of markets settling and investors being more cautious with their investments.”

Reads noted the decline in NFTs could also be attributed to the high prices paid for digital art, which have led to questions about the value of NFTs and their sustainability. She said another factor driving the decline in NFTs interest is the prevalence of scams and fraudulent NFTs, causing a decline in new investors, with many wary of the risks and unsure of the credibility of NFTs.

Leave a Reply

Canadian Coin News

Canada

Canadian Coin News is Canada's premier source of information about coins, notes and medals.

Although we cover the entire world of numismatics, the majority of our readers are Canadian, and we concentrate on the unique circumstances surrounding collecting in our native land.

Send Us Your Event

Running an event? Send it to us and we will display it on Canadian Coin News!

Submit Event →

Subscribe To 26 Issues For Just $54.60/year

Subscribe today to receive Canada's premier coin publication. Canadian Coin News is available in both paper and digital forms.

Subscribe Now

We acknowledge the financial support of the Government of Canada through the Canada Periodical Fund of the Department of Canadian Heritage.