Monthly NFT trading volumes fell 74% from May to June

The NFT market is cooling down, in keeping with the information.

Month-to-month buying and selling volumes for non-fungible tokens (NFTs) fell 74% between the months of Could and June, in keeping with knowledge compiled by The Block Analysis. Could noticed $4 billion in quantity, whereas June noticed $1.04 billion in buying and selling quantity, as per The Block’s knowledge dashboard. 

The 74% lower is the biggest month-over-month decline in NFT market buying and selling quantity so far. The second largest month-over-month decline occurred between February and March of this 12 months, which noticed a lower of 48%. 

OpenSea dominated the market in June with $696 million in whole volumes for June, representing 67% of the month’s whole month-to-month quantity. Regardless of having comprised nearly all of NFT buying and selling quantity amid the NFT market downturn, OpenSea introduced on July 14 that it’ll downsize its workforce by 20%.

Regardless of falling volumes, Magic Eden, an NFT market for Solana-based NFTs, has slowly carved out a market share in opposition to OpenSea — even after OpenSea activated help for Solana in April of this 12 months. Magic Eden made up 0.1% of buying and selling quantity at the start of 2022 and now brings in over 10% of that quantity, in keeping with The Block’s knowledge.