NFT marketplace volumes fell further in August

Quick Take

  • The summer-long doldrums in non-fungible token (NFT) marketplaces have continued, data for the month of August indicate.
  • As of August 24, the NFT marketplace volume for the month was $369.53 million, compared with $675.43 million in July, according to The Block’s Data Dashboard. 

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. 

Such a decline in NFT marketplace activity is perhaps unsurprising, given the volume declines across broader crypto exchange services since the spring. That decline in activity is reflected in The Block Legitimate Index, following the 2022 peak in May.

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