Nfts
Ethereum NFT activity drops to lowest level since first half of 2021
The non-fungible token (NFT) market is barely in its infancy, waiting for a revival opportunity. Q2 2024 saw positive momentum, but the rise was mainly driven by Bitcoin NFTs. Ethereum NFT indicators suggest a gloomy picture.
For example, the number of unique Ethereum NFT traders across the top 15 exchanges fell for the sixth consecutive month in June, reaching the lowest level since July 2021.
The metric is still dominated by OpenSea, which registered more than 76,000 traders in June compared to around 24,000 for Blur.
The number of Ethereum NFT transactions on the top 15 marketplaces tracked by The Block decreases last month to the lowest level since May 2021. Of the total 203,970 transactions recorded by these exchanges, 106,100 were processed by Blur and 94,500 by OpenSea.
Meanwhile, monthly revenues for the top 20 Ethereum NFT marketplaces fell to their lowest level since January 2021, according to data from Token terminal.
June was the first month since early 2021 that monthly revenue for these marketplaces fell below $1 million, dropping to $950,000. For comparison, in January 2022, LooksRare, a decentralized NFT marketplace, saw its revenue surpass $200 million.
Coincidentally or not, some high-profile NFT holders are starting to dump their tokens. Billionaire Mark Cuban sold more than a dozen of his NFTs for a total of about $39,000 in late June. It was his first NFT sale in two years. Additionally, two of his NFTs, worth a total of $66,000, are still available for sale on OpenSea.
Recently, DappRadar released its State of the Dapps Industry The Q2 report said the NFT sector had its best quarter since the first three months of 2023, with trading volume rising to $4 billion. However, Bitcoin NFTs were the main driver.
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