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The latest data source in August 2022, shows the summer volume doldrums continues in the non-fungible token (NFT) market. As per the data sourced by Nftgo, the massive price drop can be seen.
As per the above chart, OpenSea holds its place with $32 billion that is approximately 82% of the month’s reported volume activity. In July, 2022 the OpenSea volume was around $528.64 million, when it announced a round of layoffs citing harsh market conditions.
A mass decline can be seen across the NFT marketplace. As the Solana-focused Magic Eden noted $36.17 million in volume on August 24, which was $87.44 million in July, 2022. It clearly shows a decline of around 59% in its volume. Continuing in the list, the volume of LooksRare’s in August 2022 noted $13.51 million that was $30.55 million in July, 2022. It also shows a decline of around 56%.
Moving towards the On-Chain activity for Ethereum based NFTs, it further traded downward since May 2022.
The following decline in the NFT marketplace is not surprising. The volume continues to fall across wide crypto exchange services since the Spring. The above Index indicates the decline in activity by following the peak in May, 2022.
DappRadar, which is an analytical data platform, shows the last seven day marketplace volume. In the above chart, it indicates top five marketplaces in which OpenSea leads the chart with $110.16 million of volume, of 164,744 traders. While the remaining are X2Y2, Magic Eden, BloctoBay and LooksRare.
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