NFT Market Barely Crawls, Waiting for Some Opportunity for Revival

ble token (NFT) market is barely crawling, waiting for some opportunity for revival. The second quarter of 2024 saw positive dynamics, but the increase was mostly driven by Bitcoin NFTs. The metrics for Ethereum NFTs suggest a grim picture.

The non-fungible token (NFT) market continues to struggle, with the second quarter of 2024 showing positive dynamics that were mainly driven by Bitcoin NFTs.

However, metrics for Ethereum NFTs paint a grim picture.

For instance, the number of unique Ethereum NFT traders on the top 15 marketplaces dropped for the sixth consecutive month in June, reaching its lowest level since July 2021.

OpenSea still dominates this metric, with over 76,000 traders last month compared to Blur’s roughly 24,000.

The number of Ethereum NFT trades on the top 15 marketplaces, as tracked by The Block, decreased last month to its lowest since May 2021. Of the total 203,970 trades recorded by these exchanges, 106,100 were processed by Blur and 94,500 by OpenSea.

Moreover, monthly revenue on the top 20 Ethereum NFT marketplaces fell to its lowest level since January 2021, according to data from Token Terminal.

June marked the first month since early 2021 when monthly revenue on these marketplaces fell below the $1 million mark, dropping to $950,000. In comparison, decentralized NFT marketplace LooksRare saw revenue figures exceeding $200 million in January 2022.

Some high-profile NFT holders are notably starting to dump their tokens. Billionaire Mark Cuban sold over a dozen of his NFTs for a total of about $39,000 at the end of June, in what was his first NFT sale in two years. Two of his NFTs, worth a combined $66,000, are still up for grabs on OpenSea.

In related news, DappRadar recently released 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 driver of this growth.

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