The latest non-fungible token (NFT) marketplace data show that the summer volume doldrums continued through August.
The volume for this month is, as of August 24, $369.53 million, according to The Block's Data Dashboard. By contrast, NFT marketplaces saw approximately $675.43 million in volume during July.
OpenSea continues to hold its place as the dominant market leader, accounting for $303.47 million or roughly 82% of the month's reported volume activity. OpenSea's volume was $528.64 million in July. That month, OpenSea announced a round of layoffs, citing difficult market conditions.
Declines can be seen elsewhere across the NFT marketplace ecosystem. As of August 24, Solana-focused Magic Eden has seen $36.17 million in volume, compared to $87.44 million in July — a roughly 59% decline. LooksRare's volume for August is $13.51 million, compared to $30.55 million, representing a decline of about 56%.
On-chain trading activity for Ethereum-based NFTs has trended downward since May as well, according to the Data Dashboard.
Source: theblock.co
Coin | Change(%) | Price | Volume (24h) |
---|---|---|---|
Bitcoin (BTC) | 3.71 | $72,084.86 | $45.5B |
Ethereum (ETH) | 3.43 | $4,038.91 | $20.8B |
XRP (XRP) | 18.52 | $0.727106 | $4.4B |
Solana (SOL) | 1.58 | $147.242060 | $3.8B |
Binance Coin (BNB) | -2.22 | $519.52 | $3.0B |
USD Coin (USDC) | 0.03 | $0.999697 | $2.4B |
Dogecoin (DOGE) | 0.96 | $0.174374 | $2.1B |
Shiba Inu (SHIB) | -2.92 | $0.000033 | $1.7B |
Floki Inu (FLOKI) | -7.67 | $0.000267 | $1.3B |
Avalanche (AVAX) | 13.16 | $47.596296 | $1.2B |