NFTs trade volume getting down: Report
The world’s largest trading marketplace for non-fungible tokens (NFTs) based on daily volume OpenSea, has recently seen a decline in demand for NFTs equivalent to the trading volume.
Since the end of December 2021 and the beginning of February 2022, it is worth noting that NFTs have seen significant growth in terms of both traffic and Google search interest.
Recently the daily volume of OpenSea has reached approximately $250 million. However, according to data from the research platform, a recent drop in daily volume reduced that number to about $70 million, indicating a 72% drop from the peak.
Overall, global “NFT” searches fell further, dropping to the last level seen in early November.
Nike Acquiring RTFKT, Adidas and BAYC, a combination of branding and marketing, including celebrity purchases and music videos appearances, have contributed to NFT Cycle’s first build-up. Yet with promotions slowing dramatically, the current status of NFTs seems to be stationary.
Although the outlook seems vague, it has been already indicated previously that the number of exclusive purchase crypto wallets is still large. This is a good indicator of the number of people that are actively involved in NFTs, so it may be correct to assume that things will go downhill if the involvement of people starts to decline.
According to a recent report, the number of NFT trademark applications in the United States is 1,263, thus representing a 421-fold increase in 2020 from just three filings.
The United States Patent and Trademark Office (USPTO) received 407 new trademark applications in December 2021 and it continued to grow in January 2022, reaching a total of 450, which is equivalent to an average of 15 new filings per day.
These filings suggest that businesses and individuals are putting more pressure on them to protect their brands and join the blockchain sector to gain the potential of the sector. Especially at a time when there is a lot of interest, excitement, doubt, and excitement about potential opportunities in the NFT environment.
Trademarks must be registered for a number of reasons, including the need to search for counterfeit copies that are on the rise currently. For example, according to OpenSea, many collections minted on it’s platform were plagiarised work , fraudulent collections, or spammed.
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