Earlier this month came the news of the NFT marketplace falling down. As per the data from DappRadar released earlier this month, the trading volume of OpenSea dropped significantly. The largest marketplace in the world experienced a decline of 65% in June from May, amounting to $646.6 million.
Meanwhile, in the same month, Magic Eden, the Solana NFT marketplace, declined by 63.5% from May reaching $111 million in trading volume. The data shows that declining NFT floors combined with the dropping prices of several underlying cryptocurrencies such as Ether (ETH) and Solana (SOL) have led to the decreasing trading volumes. However, a analyst @punk9059 has derived a prediction from data compiled in the past six months. According to which, the floor prices of the NFT is likely to increase if the value of ETH goes down. Monthly NFT marketplace volume continues to decrease.
In June, the total volume brought in by these marketplaces was $884.68 million. The monthly volume for NFT marketplace was $626.11 million as of July 30. Moreover, OpenSea continues to rule the market. It contributed $484.79 million in monthly volume in July. On the other hand, Magic Eden just witnessed around $81 million in monthly volume in the same period.
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In other news, the NFT marketplace of GameStop, a video-game retailer, has become quite a hype among JPEG collectors. Since its launch on July 11, the marketplace has recorded more than 5,000 ETH (around $7.2 million) in trading volume. The data from CoinDesk shows that it has surpassed Coinbase, its competitor. It has doubled the all-time NFT volume of Coinbase. The marketplace’s top collection, MetaBoy, has contributed the most. Its sales volume was recorded to be 1,200 ETH (around $1.7 million) since the launch.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.