July ‘24 NFT Marketplace Recap

In July 2024, the NFT market saw a staggering 54.5% decrease in trading volumes, dropping by $176.4 million to $147 million. The largest contributors to this steep decline are Blur and Magic Eden, with a $97 million and a $54 million decrease in trading volume, respectively. The only exception is X2Y2, which saw a notable increase of $1.6 million this month.

The 54% MoM drop in Magic Eden’s trading volume on Ethereum has resulted in a substantial decrease in its market share this month, dropping from 22.2% in June to 11.3% in July. This mainly benefitted OpenSea, which saw a significant uptick from 10.6% to 17.5%. That said, Magic Eden still sees significant trading activity on both Solana and Bitcoin, a trend that we will look at later.