NFTs invoke Muse as report card for May 2022 reveals…

ambcrypto.com:

The Non-fungible market in 2021 saw unprecedented hype and traction within the crypto community. But 2022, brought in a different touch. NFTs saw explosive growth in 2021, but this growth hasn’t been consistent and has leveled at least in the first five months of 2022. Here’s a month-end report card of the NFT market to highlight this ongoing scenario.

The crypto market crash of 2022 has led to decreased investors’ interest in NFTs. Sales of non-fungible tokens plunged by more than 54% over the past week as the crypto market dropped sharply. Over the course of the past week, NFT sales volume reached $25 million, a drop of 54.6% compared to the earlier week, as per data by NonFungible.com.

Source: Nonfungible.com

Similarly, the number of NFT sales, the average value of NFTs, and secondary sales took a plunge, dropping by 22.2%, 41.8%, and 56.7%, respectively.

Another important metric to understand this decline is ‘Trends’. The term “non-fungible token” reached a value of 26 in the last days of May. This was a 74% drop from the peak ‘interest over time’ of 100 reached in January 2022.

Source: Google Trends

Well, individual platforms were directly affected by this demise. Consider OpenSea, the world’s most popular NFT marketplace. Given the traction, it was valued at over $13 billion after a new funding round raised $300 million.

Furthermore, the data showcased a mixed scenario. OpenSea witnessed a clear uptrend in daily NFT trading volume up until the end of January when it formed a peak. However, since then, trading volume remained in a downtrend. At press time, sales volume averaged $30 million daily.

Source: Bankless

Other platforms too painted a similar picture. In the last few days of May, the total monthly volume stood at $4