April ‘24 NFT Marketplace Recap

In April 2024, the NFT market saw a 40.5% decrease in trading volumes, falling by over $327 million to $480 million. The bulk of this decrease stemmed from CryptoPunks, which saw a 56.3% decline in monthly volume from $59 million to $26 million. Both Blur and OpenSea also witnessed significant decreases of 42.7% and 40.0%, respectively, though the former saw a much larger nominal decline of $226 million as compared to a $59 million decline for OpenSea.

Considering the significant drawdown in trading volumes that Blur saw, it stands to reason that Blur’s market share dropped from 65.7% to 63.3%. On the other hand, OpenSea grew its market share marginally from 18.2%to 18.4%. CryptoPunks also experienced a notable drop in its market share from 7.3% in March to 5.4% in April.