Non-fungible tokens (NFTs) trading volume between May and June fell 74%, data from The Block Research showed.
The Block reported that, to date, the 74% decrease is the largest month-over-month drop in NFT marketplace trading volume; the previous low was 48%, which occurred between February and March this year.
The data showed that the dominant player in the NFT marketplace in June was OpenSea, with $696 million in total volumes for that month. It represented 67% of the month's total monthly volume.
OpenSea's competitor Magic Eden, which had made up 0.1% of trading volume at the start of 2022, now has over 10% of that volume, data from The Block showed. The marketplace for Solana-based NFTs has created a market share against OpenSea despite falling volumes and also after OpenSea started support for Solana in April 2022.
However, despite capturing the dominant player status, OpenSea has become the new victim of the ongoing crypto winter as it has decided to slash its workforce,...
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