The latest market analysis data confirmed that daily non-fungible tokens trading volumes on OpenSea, the world’s biggest marketplace for non-fungible tokens (NFT), have significantly declined by over 70% from its previous record highs in mid-January this year.
Data acquired from Delphi Digital, a research and investment firm dedicated to advancing the understanding of the digital asset market, confirmed that the daily nonfungible token trading volume on OpenSea has significantly dropped to 70 million, marking a 72% decrease from its previous highs of 250 million in mid-January.
It is also worth noting that from late December last year to the beginning of February this year, non-fungible tokens had significantly increased in both traffic and Google search interests. In the meantime, the global NFT searches have experienced an even bigger decline, with numbers down to levels last seen in early November.
According to Delphi analytics, the combination of branding and marketing, including the partnership of Adidas with BAYC and Nike acquiring RTFKT, celebrities purchasing digital assets, and appearances in music videos, jointly championed this year’s NFT tandem. Nonetheless, since these promotions have slowed dramatically, the present situation of NFTs remains constant.
Buy Bitcoin NowUnique Crypto Wallets Remains Bullish On NFT
Despite the recent non-fungible token (NFT) market turmoil, the number of unique NFT-purchasing crypto wallets is still increasing relatively, indicating that many individuals are actively participating in NFTs.
According to recent reports, the number of NFT trademark applicants in the United States has significantly increased to reach 1,263, representing a remarkable 421% growth increase from just three filling in 2020.
Remarkably, the United States Patent and Trademark Office (USPTO) received 407 new trademark applications in December 2021. The NFT mania spread further in January 2022 to reach 450, equating to roughly 15 new fillings daily on average.
This short analysis confirms that businesses and people are increasingly joining the NFT industry to safeguard their brands and capitalize on the sector’s promising potential. In the meantime, the nonfungible token sector generates interest, excitement, and potential opportunities.
Nevertheless, the need to register non-fungible trademarks is highly appealing, following rising counterfeits copies of NFT collectibles. In this case, OpenSea recently found that most of the minted collectibles on its platform were counterfeit artworks and fraudulent collections.
