The second biggest month-over-month decline occurred between February and March of this year, which saw a decrease of 48%.
OpenSea dominated the market in June with $696 million in total volumes for June, representing 67% of the month's total monthly volume. Despite having comprised the majority of NFT trading volume amid the NFT market downturn, OpenSea announced on July 14 that it will downsize its workforce byDespite falling volumes, Magic Eden, an NFT marketplace for Solana-based NFTs, has slowly carved out a market share against OpenSea — even after OpenSea activated support for Solana inof this year.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University's Science, Health, and Environmental Reporting Program .
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