The NFT market is cooling down, consistent with the info.
Monthly trading volumes for non-fungible tokens (NFTs) fell 74% between the months of May and June, in step with data compiled by The Block Research. May saw $4 billion in volume, while June saw $1.04 billion in trading volume, as per The Block’s data dashboard.
The 74% decrease is that the largest month-over-month decline in NFT marketplace trading volume so far. The second biggest month-over-month decline occurred between February and March of this year, which saw a decrease of 48%.
OpenSea dominated the market in June with $696 million in total volumes for June, representing 67% of the month’s total monthly volume. Despite having comprised the bulk of NFT trading volume amid the NFT market downturn, OpenSea announced on July 14 that it’ll downsize its workforce by 20%.
Despite falling volumes, Magic Eden, an NFT marketplace for Solana-based NFTs, has slowly carved out a market share against OpenSea — even after OpenSea activated support for Solana in April of this year. Magic Eden made up 0.1% of trading volume at the start of 2022 and now brings in over 10% of that volume, in keeping with The Block’s data.
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