Monthly NFT marketplace volumes fall 94% since the beginning of the year

07/01 23:52

Trading volume on non-fungible token (NFT) marketplaces have fallen from $16.6 billion in January to over $1 billion in June of this year. As The Block’s data shows, this is a decrease of 94%, demonstrating just how striking the crypto bear market affects NFT sales. It should be noted that much of NFT trading volume at the beginning of the year was likely due to wash trading on the NFT marketplace LooksRare. Wash trading is when users trade tokens among themselves to fraudulently drive up prices. NFT floor prices have declined in recent months — with top projects such as BAYC, Doodles and Cool Cats have fallen around 30%.
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