February 24, 2024

For the first time since last June, the market failed to reach $1 billion in transactions. NFT users have now resorted to liquidating their investments, anticipating better market prospects.

A new report from DappRadar, shared with CryptoPotato, suggests that this “trading barrier” trend will continue until the cryptocurrency winter passes. But during this turmoil, Yuga Labs managed to maintain its dominance in the space.

  • In fact, four projects owned by the NFT giant: CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for OtherSide, alone accounted for over $160 million traded in July.
  • Yuga Labs had just over 20% of the total NFT market during July 2022 total trading volume.
  • DappRadar’s latest blockchain industry report highlighted the overconcentration of activity in blue-chip NFT collections that continue to hold most of their value.
  • The paper showed that the NFT market is currently shrinking, with trading volumes down 25% MoM.
  • In addition, the number of traders also fell by 8% MoM, despite registering modest gains of 40% since July 2021.
  • Despite the entry of new competitors, OpenSea remains the dominant market.
  • Its market share, however, fell from 84% in May to the current 58.6% measured in July. The decline in volume is not surprising as the NFT market matures.
  • x2y2, Solana’s Magic Eden and Ethereum’s Foundation are some of the competitors seeing increased volume.
  • According to DappRadar, these platforms are not only focused on surviving the bear market, but are also eager to maintain or increase their market share.
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