Non-Fungible Tokens Trading Volume Dips 74% m-o-m in June
As per statistics from The Block, May’s NFT trading volume stood at $4 billion, while June’s transaction volume fell to $1.04 billion. The Block claimed that the 74% percent dip is the greatest on a month-over-month basis in NFT domain, specifically, the secondary marketplace trading volume as of date. The earlier low was 48% recorded in February-March period of this year.
OpenSea dominated the NFT secondary marketplace in June, with transaction volumes of about $696 million, according to the statistics. The reported figure accounted for 67 percent of the entire monthly volume.
The Block data revealed that OpenSea’s rival Magic Eden, which represented 0.1% of NFT trading volume in the beginning of 2022, currently accounts for almost 10%. In spite of declining volumes and soon after OpenSea began supporting Solana in April, the market representing Solana blockchain-based NFTs has gained a market share from OpenSea.
Nevertheless, in spite of being the dominating player, as per Blockchain.News report, OpenSea has opted to reduce its staff as a result of the prolonged cryptocurrency winter. As per a story from the Wall Street Journal (WSJ), the non-fungible token (NFT) platform would lay off 20 percent or one-fifth of its employees.
OpenSea, one among the leading markets for NFTs, has stated that around 57 workers would be let go, despite having 230 staff at present. In an internal email to staff, which was also released on Twitter, CEO Devin Finzer said that the company will continue to give compensation and health insurance to those fired until 2023. Additionally, faster stock vesting will be granted, according to Finzer.
“The modifications we’re currently making give us the best chance to sustain lots of years of endurance under a variety of crypto winter circumstances (five years at the present volume) and offer us high level of confidence that we’ll only have to go through all this exercise once,” Finzer said.