Monthly trading volumes for the NFT market on Ethereum have been declining since January, and even January, the highest volume month of the year, is a far cry from the multi-billion-dollar monthly trading volumes seen during the 2021/2022 bull run. Total transaction volume in May didn’t even top $500 million.
In addition, the number of daily transactions of Ethereum NFT is also quite tragic. The number fell below 4,000 for the first time since June 2021, The Block reported. That's down 95% from its peak of more than 80,000 users in February 2022, and although user numbers briefly held steady between June 2023 and February 2024, they began to slowly decline again.
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