Monthly NFT The decline in market volume that started this spring continued in July.
As of July 30, the latest monthly volume for NFT marketplaces was $626.11 million. Last month, such marketplaces brought in $884.68 million in volume.
OpenSea Continues to Be the Leader of the NFT Market
OpenSea remains the market leader, generating $484.79 million in monthly volume for July. Solana-based Magic Eden generated approximately $81 million in monthly volume during the same period.
In 2021, the NFT market has gained great popularity and cryptocurrency swept the market.
Especially collections such as Bored Ape Yacht Club (BAYC) and Cryptopunks were sold at record prices and made a great impression.
However, platforms such as Opensea and Magic Eden also increased the number of users in 2021.
In this sector, the Ethereum Blockchain is generally preferred, but due to the high transaction fees in the ETH network, users generally turn to other solutions.
For example, platforms such as Magic Eden operating on the Solana network have increased their market share in recent months due to the low transaction fees of the SOL network.
However, with the decline of the crypto money market in 2022, there was a decline in the NFT world.
With the Fed’s 75 basis points increase in interest rates in line with the expectations last week and the GDP data from the USA pointing to a recession. bitcoin There was a recovery in prices of other cryptocurrencies and other cryptocurrencies.
*Not investment advice.