The latest analysis data shows that the total transaction volume of the NFT market in the second quarter of 2023 will drop to approximately US$2.9 billion, a quarter-on-quarter drop of 38%.
In addition, the data also shows that NFT sales in the second quarter of 2023 will be approximately 18.6 million, a decrease of 9.2% from the first quarter.
Blur still maintains a dominant position in the NFT market, but the transaction aggregation platform’s transaction volume in the second quarter still fell by 34% from the previous quarter. In contrast, OpenSea, the second largest NFT market, was hit harder, with a sharp decline in transaction volume More than 56%.
However, the two NFT markets of Immutable X Marketplace and JPG Store have bucked the trend, with transaction volume increasing by 37% and 64% respectively.
Dapprader pointed out that the correlation between transaction volume and market excitement is not strong, and the decline in transaction volume does not necessarily indicate weakening interest or activity in the market.