Sales of illiquid tokens (NFTs) and collectibles are beginning to decline, and interest in NFTs is waning. Moreover, according to James Surowiecki, author of Crowd Wisdom, an oversupply of NFT could hurt the market.
- Unreadable chips were all the rage in 2021, and the industry has become very popular in recent months. In the period from 7 to 13. In March 2021, the Google searched term NFT in the US reached a record 100 in Google Trends (GT). Since then, according to today’s GT data, the number of NFT filings in the U.S. has dropped to 92 next week and 95 last week.
- The number of global searches for the term NFT on Google has dropped from 100 to 95. The largest sub-region in the world that NFT searches for on Google belongs to China. Uganda, Canada, Singapore and the United States will follow.
DataNonfungible.com oversupply for 30 day stats 3. April 2021.
- According to GT, the value of the entire unreadable token recently dropped from 100 to 89.
- The market for NBA Top Shot has seen a drop in sales and has fallen to its lowest level ever, according to the market review.market on 3. April 2021.
- The number of sales, dollar volume, and active market portfolios for NFT have also declined in recent days, according to today’s data from nonfungible.com. The 30-day statistics show that NFT sales have dropped by more than 80%, according to nonfungible.com.
overproduction James Surowiecki, author of Crowd Wisdom, says history suggests that overproduction is a apt way to end a boom, especially for collectibles.
- James Surowiecki, author of Crowd Wisdom, recently wrote about the oversaturation of the NMT industry at 31. March 2021. In his article NFT Overabundance is going to kill the Golden Goose, Surowiecki explains that the signs of abundance are easy to spot.
- With NFTs, the risk of overproduction is particularly high because there is no one to answer to and the thresholds for release are so low that you can literally create a new NFT in minutes, Surowiecki said in an editorial. And unlike comic books or baseball cards, NFTs don’t fall apart and get thrown away. In other words: All we really know about NMT is that in a month’s time it will be more than it is now.
What do you think about the drop in sales and NMT rates and the risks of oversupply? Let us know what you think in the comments below.
Tags in this story
Canada, China, collectibles, Ethereum, financial author, Google trends, James Surowiecki, NBA topshot, nft, NFT interest rate cut, NFT sales, non-fungible tokens, non-fungible token assets, non-fungible.com data, oversaturation, excess supply, sales, Singapore, Uganda
Photo credit: Shutterstock, Pixabay, Wiki Commons, profile of James Surowiecki, data from nonfungible.com,
Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.