August NFT Marketplace Recap

NFT marketplaces witnessed their lowest levels of trading volume in August, registering $411 million across NFT marketplaces and marking a 27% MoM decline from July’s $565 million. Blur has been a consistent front-runner amongst marketplaces, outpacing its competitors for eight consecutive months, with its market share capturing 72% of total volumes. Notably, it has used a combination of airdrops, token incentives, and low fees to maintain liquidity and trading interest.

However, despite an impressive Q1 2023, when total NFT marketplace volume crossed the $1 billion mark, volumes have been waning significantly. In August, X2Y2 led the decline, falling 46% MoM — with LooksRare, Blur, and OpenSea trading volumes dropping 44%, 36% and 15%, respectively.