NFTs
Ethereum NFT Activity Drops to Lowest Level Since H1 2021
The non-fungible token (NFT) market is still in its infancy, waiting for some opportunity to recover. Q2 2024 saw positive momentum, but the surge was mainly driven by Bitcoin NFTs. The metrics for Ethereum NFTs suggest a bleak picture.
For example, the number of unique Ethereum NFT traders across the top 15 markets fell for the sixth consecutive month in June, hitting the lowest level since July 2021.
The metric is still dominated by OpenSea, which recorded over 76,000 traders in June, compared to approximately 24,000 for Blur.
The number of Ethereum NFT trades across the top 15 markets tracked by The Block refused last month to the lowest level since May 2021. Of the total 203,970 trades recorded by these exchanges, 106,100 were processed by Blur and 94,500 by OpenSea.
Meanwhile, monthly revenue across the top 20 Ethereum NFT marketplaces has fallen to its lowest level since January 2021, according to data from Token Terminal.
June was the first month since early 2021 that monthly revenue on these marketplaces fell below the $1 million mark, declining to $950,000. For comparison, in January 2022, LooksRare, a decentralized NFT marketplace, saw revenue figures exceed the $200 million level.
Coincidentally or not, some high-profile NFT holders are starting to sell their tokens. Billionaire Mark Cuban has sold more than a dozen of his NFTs for a total of about US$39,000 in late June. This 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 launched its State of the Dapp Industry report for Q2, stating that the NFT sector had its best quarter since the first three months of 2023, with trading volume increasing to $4 billion. However, Bitcoin NFTs have been the main driving force.
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