It is understandable that after last year’s boom in both the crypto and NFT industries, there had to be a correction and gradually decreasing interest for some time, which was reflected in the decrease in trading volumes. However, Q2 research reported a rather significant decline in interest in NFTs, as well as a 41% drop in trading volume. We can thus see a significant decrease compared to the first month of this year, which we can definitely attribute in part to the downtrend in the crypto market. According to many analysts, the motivation for investing in NFTs was precisely the prospect of quick earnings.
In June, thanks to a survey, we found out that more than 64.3% of people bought NFTs just to make money. It is therefore understandable that investors subsequently lose interest when the market falls since they did not invest because of the given technology but because of the prospect of profit. However, what is interesting is the finding that 14.7% of investors bought NFTs just to join others. An even smaller portion of the community – 12.4% only bought and collected digital art, while the final 8.6% bought NFTs to access specific games and tools.