Monthly trading volume for NFT tokens fell 74% between May and June. According to information collected by The Block Research
In May, the NFT market had a trading volume of $4 billion. As of June, it was just $1.04 billion, according to The Block’s data dashboard.
The 74% drop was the largest NFT volume traded to date. The second largest month-to-month decline occurred between February and March of this year, a 48 percent drop.
OpenSea continued to dominate the market in June with a total of $696 million, representing 67% of total monthly volume. But despite dominating most NFT trading volumes amid the NFT market downturn, OpenSea announced on July 14 it would cut its workforce by 20 percent.
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