August ‘24 NFT Marketplace Recap

In August 2024, the NFT market saw a minor 1.8% decrease in trading volumes, dropping by $2.9 million to $156 million. The main contributors to the decline this month are Magic Eden, LooksRare and Blur, with a $275k ,$227k and $92k decrease in trading volume on Ethereum, respectively. Most other NFT marketplaces witnessed slight declines in their trading volume, with CryptoPunks being the only notable exception, seeing an increase of $1.4 million in August. As such, both Magic Eden and Blur saw their market shares dip this month. This market share has mostly been captured by OpenSea, which saw its market share rise from 17.5% to 19.1%.

The continuation of the bearish trend in August is expected as liquidity in the crypto space and the NFT space continues to dry up. That said, the magnitude of the decline in August is far smaller than the month earlier, which can be a hopeful sign for a potential bottom in the NFT markets. The next factor to consider would be a potential time capitulation, since these market conditions could persist for a few months before reversing.