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NFT marketplaces were hard hit by the May crypto market crash, which resulted in billions of dollars being wiped off the sales volume of digital collectibles.
- Because of the crypto market downturn, NFT marketplace volume continues to fall.
- In the last three months, monthly market volume has fallen below $10 billion.
- Total monthly volume fell to around $4 billion.
NFT marketplaces are still attempting to recover from the drop in investor interest in digital collections.
According to USSA GAG research, the total volume of NFT marketplaces in May was around $4 billion. Although this figure appears to be impressive, monthly volumes from April 2022 were in the $7.18 billion range.
With approximately $2.6 billion, OpenSea contributed the majority of the volume. Magic Eden, LooksRare, Solanart, Art Blocks, SuperRare, MakersPlace, Nifty Gateway, Foundation, and Async Art were among the other marketplaces that made significant contributions.
NFT marketplaces are digital platforms that allow users to buy and sell non-fungible tokens. The platforms enable digital collectibles enthusiasts to store and display their NFTs for fiat or cryptocurrency.
Total sales volume in January 2022 was approximately $16.57 billion, with LooksRare leading the way with $11.1 billion for the month. May's volume was $12.57 billion less than January's, representing a 75% drop in just four months.
Why is the NFT market volume declining?
The waning volume of NFT marketplaces can be attributed to a decrease in investor interest.
In May, CryptoPunks had an average sale value of $136,800 (10-month low), while Axie Infinity had an average sale value of $17.57 (5-month low). The average sales values for Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) were $218,740 (6-month low) and $57,580 (5-month low), respectively.
The volume of OpenSea in May was $890 million higher than in April ($3.49 billion), $980 million higher than in February ($3.58 billion), and $2.37 billion higher than in January 2022.
LooksRare's May volume of $1.06 billion was 67% less than April's $3.31 billion, 64% less than March's $3.02 billion, 85% less than February's $7.41 billion, and 90% less than January 2022's $11.1 billion.
Magic Eden is one of the largest NFT marketplaces, with a monthly revenue of around $292.1 million in May. This represented a 23% decrease from January's volume of approximately $380.87 million.
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