Ethereum NFT Market Sees Decline in Monthly Trading Volume

According to Odaily, the monthly trading volume of the non-fungible token (NFT) market on Ethereum has been trending downward since January. Even in January, the trading volume was significantly lower compared to the tens of billions of dollars traded monthly during the market bull period of 2021 and 2022. In May, the trading volume did not even exceed $500 million .

Additionally, data indicates that the average daily number of NFT traders on the Ethereum chain has fallen below 4,000 for the first time since June 2021. In February 2022, this figure had peaked at over 80,000, but has has been decreasing since then. Although the number of users remained stable from June 2023 to February 2024, thereafter it began to slowly decline.$ETH #Ethereum #ETH. #NFT