According to Google Trends, the “NFT” keyword’s search interest reached its peak in mid-January and has been declining ever since, dropping by 60%. The number of buyers saw a similar shrinkage, contracting from 96 thousand on January 20 to 42 thousand on March 6, according to CryptoSlam, an NFT industry data aggregator.
The NFT art market skyrocketed during the pandemic, as the majority of consumption and leisure went online to fit the new lockdown reality. Now that economies have rebounded and most restrictions are abolished, fewer people are interested in buying digital goods. On top of that, the ongoing military conflict between Russia and Ukraine switched public attention from NFTs to cryptocurrencies as some experts warn they may become a safe harbor for the tech-savvy Russian oligarchs’ assets.