The downturn in the overall cryptocurrency market has also taken the heat out of the NFT market, according to TheBlock’s analysis of leading NFT exchanges (Opensea, LooksRare, MagicEden…).
Trading volume data showed that the NFT trading volume in each market for five months was about $4 billion, but only $1.04 billion remained in June, down 74% from the previous month, the largest monthly decline on record, and a loss of more than 90% from the high of $16.5 billion in January this year.
On further analysis, we can see that:
OpenSea dominated the market in June with $696 million in total transaction volume, accounting for 67% of the month’s total transaction volume. LooksRare was second with $214 million, MagicEden was third with $107 million.
But even though OpenSea accounts for the vast majority of NFT market volume, the platform announced on July 15 that it would lay off 20% of its workforce in order to stabilize operations over the next five years.
The NFT and Gaming sectors have seen a surge in mergers and acquisitions, but even as the market has cooled down, crypto companies with solid foundations have sought to strengthen themselves through mergers and acquisitions.
According to a report released last week by TheBlock Research, there have been 53 NFT-related and Gaming deals since 2013, but in the first quarter of 2022 alone, there were eight deals and 12 deals, accounting for nearly 40% of all M&A.
() As previously reported, OpenSea acquired NFT aggregator Gem in late April for $238 million, and Uniswap Labs, which acquired similar aggregator platform Genie in June, announced that it will officially launch its NFT trading service this fall.