Home NFT Report: NFT market down 45% in August

Report: NFT market down 45% in August

by Chief editor

Demand for tokens falls gradually
Market volume down 45% since July
Shares of major major “players” have also decreased
Apparently, the summer downturn in the token market continued in August. The NFT market is still stagnant, which is reflected in the marketplace statistics. The sector is down 45% over the month.

According to analysts at The Block, the NFT market volume was $369.53 million in August, down from $675.43 million a month earlier and $884.85 million in June.

Compared to July, the market volume is down 45.3%. But even that is not much compared to how much the market has “sunk” since January, when it reached $5.63 billion.

As for the structure of the segment, it remains unchanged. The share of the leader OpenSea is 82%. It is noteworthy that in July the turnover of this marketplace alone was $528.64 mln. At the same time the marketplace laid off about 20% of its staff because of the difficult market conditions.

A similar situation occurred among other resources. GameStop’s daily revenue fell below $4 thousand, well below its peak in July.

This indicates a drop in the level of demand for NFT as well as a slowdown in transaction turnover. Apparently, interest in this sector is falling and we can only hope that this is temporary.

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