NFT marketplace volumes fell further in August


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

The quantity for this month is, as of August 24, $369.53 million, in keeping with 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 tough market circumstances.

Declines will 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 properly, in keeping with the Knowledge Dashboard. 

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

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