NFT marketplace volumes fell further in August

NFT

The most recent non-fungible token (NFT) market information present that the summer season quantity doldrums continued by August.

The amount for this month is, as of August 24, $369.53 million, based on The Block’s Knowledge Dashboard. In contrast, NFT marketplaces noticed roughly $675.43 million in quantity throughout July.

OpenSea continues to carry its place because the dominant market chief, accounting for $303.47 million or roughly 82% of the month’s reported quantity exercise. OpenSea’s quantity was $528.64 million in July. That month, OpenSea introduced a spherical of layoffs, citing troublesome market situations.

Declines might be seen elsewhere throughout the NFT market ecosystem. As of August 24, Solana-focused Magic Eden has seen $36.17 million in quantity, in comparison with $87.44 million in July — a roughly 59% decline. LooksRare’s quantity for August is $13.51 million, in comparison with $30.55 million, representing a decline of about 56%. 

On-chain buying and selling exercise for Ethereum-based NFTs has trended downward since Might as nicely, based on the Knowledge Dashboard. 

Such a decline in NFT market exercise is probably unsurprising, given the quantity declines throughout broader crypto alternate companies for the reason that spring. That decline in exercise is mirrored in The Block Respectable Index, following the 2022 peak in Might.