Is the NFT market dead?

Non-fungible tokens (NFTs) have been among the most popular digital assets in the world in 2021: digital art platforms have multiplied. Many artists from all sectors have launched their own collection of NFTs, even the city of Cannes, which has tokenized its heritage.

NFT price plunges

As the cryptocurrency market takes over, NFTs follow suit. Some say bitcoin (BTC) is dead, often the same ones who say digital art is too. Popular platforms see less trading volume and prices drop. Some may recall the sale of Jack Dorsey’s first tokenized tweet; put on sale in March 2021 and purchased by Sina Estavi for $2.9 million. Today the rare offers do not exceed several thousand dollars on Opensea (The lowest bid being 0.0034 ETH)…

tweet jack dorsey

Asia is still interested in NFTs

A study published by CashNetUSA used Google search volumes and Twitter “sentiment” analysis tools to identify countries with the most interest in and disdain for NFTs. According to the study, Asia is still interested in digital assets.

NFT digital art world
CashNet USA card

Singapore and Hong Kong top the global rankings for NFT interest. Singapore sees 18,717 NFT-related searches per million people every month. According to the study, Singapore has a ” strong gaming culture and a growing belief that digital assets have genuine value. »

United States, Europe and Canada

The United States, Canada and the European Union also show a still strong level of interest in NFTs. North American countries have over 22,000 NFT-related searches, while European Union countries have about 40,000.

Who hates NFTs the most?

NFTs are much less popular in Poland, Nicaragua, Jamaica and Ireland. These results are confirmed by the sentiment of social media where these countries register the most negative reactions.

The Bored Ape Monkeys NFTs

The famous trading cards of the Bored Ape Yacht Club are most popular in only six countries. As a limited edition collection with a steep entry price, the Bored apes may be making headlines, but they’re out of reach for the average NFT enthusiast when looking for new acquisitions on Google.

(Data was collected by CashNetUsa) in March 2022.

The digital art market is (almost) of the same type as the art market: sometimes aesthetics is irrelevant, what matters is supply and demand, price ‘an artist. It is therefore a market that reserves surprises, good or bad, for investors. For the moment, it is intimately linked to the price of cryptocurrencies (which seems logical), but it can rebound if investors take advantage of the drop to acquire works at a lower cost.

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Mary Batshwok avatar

Mary Batshwok

Subprimes, financial crises, galloping inflation, tax havens… Bitcoin was designed for more transparency and perhaps finally change the situation. I try to understand this new environment and try to explain it myself. The road is undoubtedly long, but it is worth it.

We wish to give thanks to the writer of this write-up for this remarkable material

Is the NFT market dead?

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