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NFT trading volume plunged 74% from May to June

By MT Newswires
Quantum by Kevin McCoy is on display along with other NFT art at Sotheby's first physical exhibition of NFTs, featuring the first NFT ever minted presented in partnership with Samsung on June 4, 2021 in New York City. File Photo by John Angelillo/UPI
Quantum by Kevin McCoy is on display along with other NFT art at Sotheby's first physical exhibition of NFTs, featuring the first NFT ever minted presented in partnership with Samsung on June 4, 2021 in New York City. File Photo by John Angelillo/UPI | License Photo

July 19 (MT Newswires) -- Non-fungible token trading volumes fell sharply in June, according to data from the Block Research.

Trading volume, measured in dollars, fell 74% to about $1.04 billion in June, continuing a move down from May, when volume stood at about $4 billion, the company said.

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That was the largest month-to-month decline since Block Research started keeping track of volumes. The largest plunge previously was from February to March when volumes fell 48% to $5.91 billion.

OpenSea is the biggest NFT marketplace with more than 1 million users across the globe. The platform dominated the market again with roughly $696 million in volume for June.

Despite having the lion's share in volume, OpenSea is among crypto firms that have been hit hard by the downturn of the market. The company said it's reducing headcount, joining others such as Coinbase, Kraken, Gemini and Crypto.com in downsizing.

While OpenSea continues to dominate, others such as LooksRare, Solanart, Magic Eden, Async Art, Foundation, MakersPlace, SuperRare, Art Blocks and Nifty Gateway are closing in.

Copyright © 2022 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.

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"A Single Number That Has 10,000,086 Digits" by Ryoji Ikeda is on display along with other NFT art at Sotheby's first physical exhibition of NFTs. The digital artwork goes up for auction June 10. Photo by John Angelillo/UPI | License Photo

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