NFT token popularity fell by 40% in the second quarter

Despite the successful start of 2022 for NFTs, the second quarter looks less optimistic as interest in digital collectibles begins to decline. Data shows that NFT trading volume fell by almost 41%.

According to the report, which analyzes the general data of the NFT industry for 2022, investment capital has been «pouring into the NFT market for collectibles, games, and art» since the beginning of the year due to the decline in prices in the cryptocurrency market. In turn, these changes «pushed the NFT market to an unprecedentedly active trading volume, reaching a new high of $ 8.6 billion.»

The report states: «In mid-May, the crypto market faced significant challenges and the NFT market cooled off. NFT trading volume fell from $ 19.02 billion in Q1 to $ 11.26 billion in Q2.»

It is worth noting that the total volume of NFT trading at that time exceeded $ 54 billion in aggregate value, growing from $ 16.94 billion (as of January 1, 2022) to $ 54.58 billion (as of April 17 of the same year).

In June, an industry survey found that 64.3% of respondents bought NFTs only to make money. The next reason people cited was the desire to «join the community and adapt» (14.7%). Only 12.4% of the survey participants said that their main motivation for buying NFTs was collecting digital art. An even smaller percentage — 8.6% - said they bought NFTs mainly to access games and tools.