Ethereum NFT Monthly Trading Volume Hits Two-Year Low last month As activity in the OpenSea, Blur, LooksRare and X2Y2 markets continues to dry up.
Trading volume dropped to $407 million in August. According to The Block’s dashboard data, that’s down 32% from $599 million in July. This is the lowest trading volume since June 2021.
The X2Y2 market led the decline, dropping 40% month-on-month. Trading volumes for Blur, OpenSea and LooksRare were down 38%, 18% and 8% respectively.
OpenSea, which once dominated the NFT market, saw its lowest user count since July 2021, according to Dune Analytics, with active users of OpenSea dropping 12% to 126,000 in August.
Worrying times for the NFT market
The Securities and Exchange Commission has brought its first NFT enforcement action in a lawsuit against podcast studio Impact Theory. In addition, NFT platform Recur announced its shutdown last week. Less than two years after raising $50 million.
refer : theblock
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