NFTs Trading Volume Declined 74% from May to June

Last updated Oct 17, 2022

Data shows that the trading volume for non-fungible tokens (NFTs) between May and June decreased by 74%.

The May trade volume was $4 billion, whereas June saw $1.04 billion.

The previous low was 48 percent, which happened during March and February this year. The current dip in NFT marketplace trade volume is the greatest month-over-month drop.

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With $696 million of total volumes for June, the data indicated that OpenSea was the market leader in the NFT sector. It made up 67 percent of the entire volume for the month.

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Magic Eden, a rival of OpenSea, which had made up 0.1 percent of trade volume at the beginning of 2022, now accounts for almost 10 percent of that volume. Despite declining volumes, after OpenSea began supporting Solana in April 2022, the market for Solana-based NFTs has developed a market share against OpenSea.

Nevertheless, despite becoming the dominating player, OpenSea has reduced its personnel, making it the latest casualty of the ongoing crypto winter, according to Blockchain News.

According to a Wall Street Journal (WSJ) story, the non-fungible token (NFT) market has said it will lay off 20% or one-fifth of its workforce.

One of the biggest NFT marketplaces, OpenSea, reported that it now has 230 employees but that there may be 57 layoffs.

In an internal email to staff posted on Twitter, Chief Executive Devin Finzer stated that the company would offer severance and healthcare coverage to anyone laid off through 2023. “Accelerated stock vesting will also be offered,” Finzer continued.

According to Finzer, “the modifications we’re implementing now position us to retain several years of the runway in various crypto winters scenarios (5 years at the present volume) and give us a high degree of confidence that we only need to go through this process once.”