The NFT market is cooling down, according to the data.

Monthly trading volumes for non-fungible tokens (NFTs) fell 74% between the months of May and June, according to data compiled by The Block Research. May saw $4 billion in volume, while June saw $1.04 billion in trading volume, as per The Block’s data dashboard. 

The 74% decrease is the largest month-over-month decline in NFT marketplace trading volume to date. The second biggest month-over-month decline occurred between February and March of this year, which saw a decrease of 48%. 

OpenSea dominated the market in June with $696 million in total volumes for June, representing 67% of the month’s total monthly volume. Despite having comprised the majority of NFT trading volume amid the NFT market downturn, OpenSea announced on July 14 that it will downsize its workforce by 20%.

Despite falling volumes, Magic Eden, an NFT marketplace for Solana-based NFTs, has slowly carved out a market share against OpenSea — even after OpenSea activated support for Solana in April of this year. Magic Eden made up 0.1% of trading volume at the beginning of 2022 and now brings in over 10% of that volume, according to The Block’s data. 

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