July NFT Marketplace Recap

NFT marketplaces on Ethereum navigated choppy waters in July as its secondary volume contracted an astounding 42% MoM, from $828 million to a mere $476 million. This sharp downturn marks one of the steepest monthly declines in the past year and signifies a critical phase of maturation in this nascent digital asset landscape.

A considerable contributor to this decline was the minting of Azuki Elementals, which siphoned a significant $40 million from the ecosystem almost overnight, inciting a mass sell-off across the Azuki ecosystem due to community disapproval of the artwork. After the Azuki Elementals mint on June 30th, daily volume across all marketplaces took a nosedive, falling from $60 million to a mere $10 million per day.