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Trading Volume of the NFT Market Fell by 74% Last Month

ByLouis Adams

Jul 19, 2022 #NFTs
Reading time: < 1 minute

The total trading volume on NFT marketplaces amounted to $1.04 billion in June compared to $4 billion in May, which is a 74% drop, The Block has learned.

The second largest decline in trading volumes was recorded between February and March with a 48%.

The segment is dominated by OpenSea with June trading volumes of $696M, accounting for 67% of the total. The next on the list is LooksRare with a share of about 20%.

Since the beginning of the year, NFT marketplace Magic Eden, which is powered by Solana, has increased its market presence from 0.1% in total trading volumes to more than 10%.

This came amid the April integration of the Solana blockchain by leader OpenSea.