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.

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