The monthly transaction volume of Ethereum-based NFTs, according to data from The Block, hit the lowest levels in the past two years in August. Additionally, the active user count of OpenSea, one of the largest NFT marketplaces in terms of transaction volume, dropped by 12% to 126,000 in August, reaching its lowest level since July 2021. Many NFT collections have also experienced significant value declines in recent months.
Decline in NFT Transaction Volumes
The NFT ecosystem has suffered a significant blow in recent times, partly due to the downward momentum in the cryptocurrency market. Most NFT collections have recorded significant percentage losses in value in recent months. Moreover, there have been significant declines in transaction volumes within the NFT ecosystem.
According to the latest data from The Block, the monthly transaction volume of Ethereum-based NFTs hit the lowest levels in the past two years in August. The total transaction volume of Ethereum-based NFTs in August was $407.38 million, compared to $599.24 million recorded in July.
In addition to the decline in Ethereum-based transaction volumes, Solana-based NFTs have also suffered a major blow. The daily transaction volumes of Solana-based NFTs fell below $1 million for the first time since September 2021.
Double-Digit Drop in OpenSea’s Active User Count
In addition to the decline in transaction volumes of NFTs and the value losses in NFT collections, NFT marketplaces have also experienced significant declines in recent times. The active user count of OpenSea, one of the largest NFT platforms in terms of transaction volume, dropped by 12% to 126,000 in August, reaching its lowest level since July 2021.
Blur, OpenSea, and LooksRare, which are among the largest NFT marketplaces in terms of transaction volume, recorded decreases of 38%, 18%, and 8% in their transaction volumes, respectively. Most of the early NFT collections in the market have also suffered significant percentage losses in value in recent months.
