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NFT Marketplace Volume Drops from $12 Billion to New 2022

NFT markets were hit hard by the crypto market crash in May, which wiped out billions of dollars in sales volume of digital collectibles.

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NFT marketplaces continue to make attempts to recover from the decline in investor interest in digital collectibles.

According to Be[In]Crypto research, the total volume of NFT marketplaces was around $4 billion for May. While this figure may seem impressive, monthly volumes as of April 2022 were around $7.18 billion.

Source: NFT Marketplace Monthly Volume by the Block Crypto

Most of the volume came from OpenSea with about $2.6 billion. Other marketplaces that have made significant contributions included Magic Eden, LooksRare, Solanart, Art Blocks, SuperRare, MakersPlace, Nifty Gateway, Foundation, and Async Art.

NFT marketplaces are digital platforms used to buy and sell non-tradable tokens. The platforms help digital collectibles lovers store as well as display their NFTs for fiat or cryptocurrency.

Total sales volume in January 2022 was approximately $16.57 billion, with LookRare leading the way with $11.1 billion for this month. May’s volume was $12.57 billion less than in January – a 75% drop in just four months.

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Why sinking NFT market volume?

A decrease in investor interest can be credited for the dwindling volume of NFT marketplaces.

CryptoPunks‘ average sell value was $136,800 (10-month low), while Axie Infinity dropped to $17.57 (5-month low) for average sell values in May. Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) had average sales values of $218,740 (6-month low) and $57,580 (5-month low), respectively.

OpenSea‘s May volume was $890 million more than April ($3.49 billion), $980 million ($3.58 billion) more than February, and $2.37 billion more than January 2022.

Source: OpenSea Monthly Volume Chart by Dune Analytics

LookRare’s $1.06 billion May volume was 67% of April’s $3.31 billion, 64% below March’s $3.02 billion and February’s $7.41 billion. It was 85% below and 90% below its January 2022 volume of $11.1 billion.

Magic Eden is one of the largest NFT marketplaces and registered approximately $292.1 million in May. This was a 23% decrease from January’s volume of approximately $380.87 million.

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