No silver lining for NFT marketplaces, as volumes fell further in August


  • August’s data shows continuation of the summer-long decline in NFT marketplaces.
  • The NFT marketplace volume for August was $369.53 million on August 24, compared to July when it was $675.43 million.
  • OpenSea has taken over the market with a volume of 82%.

According to the recent data from the NFT marketplaces, the summer volume depression has continued through this month. 

As of August 24, the volume was $369.53 million. In July, NFT marketplaces had over $675.43 million in volume. 

The market is ruled by OpenSea with a monthly volume activity of  $303.47 million, which is about 82%. In July, the marketplace had a volume of $528.64 million. It is the same month when the news,  NFT marketplace OpenSea let go of 20% of staff amid crypto winter, broke out owing to the complicated market conditions. 

Throughout the NFT marketplace space, declines are spread everywhere. For instance, Solana-based Magic Eden has experienced $36.17 million in volume as of August 24 in comparison to July when the volume was $87.44 million. $13.51 million is the August volume for LooksRare as compared to $30.55 million. 

Since May, the on-chain trading activity for NFTs based on Ethereum has been trending downward. 

A fall in NFT marketplace activity of this kind is not surprising, as the volume reduces throughout crypto exchange services since the spring. The decline has been displayed in The Block Legitimate Index after the peak in the month of May.