The non-fungible token (NFT) market is barely crawling, waiting for some opportunity for revival. The second quarter of 2024 saw positive dynamics, but the increase was mostly driven by Bitcoin NFTs. The metrics for Ethereum NFTs suggest a grim picture.
For example, the number of unique Ethereum NFT traders on the top 15 marketplaces dropped for the sixth month in a row in June, reaching the lowest level since July 2021.
The metric is still dominated by OpenSea, which saw over 76,000 traders in June versus Blur’s approximately 24,000.
The number of Ethereum NFT trades on the top 15 marketplaces tracked by The Block declined last month to the lowest since May 2021. Out of the total 203,970 trades recorded by these exchanges, 106,100 were processed by Blur and 94,500 by OpenSea.
Meanwhile, monthly revenue on the top 20 Ethereum NFT marketplaces dropped to the lowest level since January 2021, according to data from Token Terminal.
June was the first month since early 2021 when monthly revenue on these marketplaces fell below the $1 million mark, declining to $950,000. For comparison, in January 2022, LooksRare, a decentralized NFT marketplace, saw revenue figures exceeding the $200 million level.
Coincidentally or not, some high-profile NFT holders are starting to dump their tokens. Billionaire Mark Cuban sold over a dozen of his NFTs for a total of about $39,000 at the end of June. This was his first NFT sale in two years. On top of that, two of his NFTs, worth a total of $66,000, are still available for sale on OpenSea.
Recently, DappRadar released its State of the Dapp Industry report for Q2, stating that the NFT sector had its best quarter since the first three months of 2023, with trading volume increasing to $4 billion. However, Bitcoin NFTs have been the main driving force.
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