Ethereum's 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 on a downward trend since January. Even in January, the trading volume was significantly lower compared to the tens of billions of dollars traded monthly during the bull market period of 2021 and 2022. In May, the trading volume did not even exceed 500 million dollars. Furthermore, data indicates that the daily average 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 reached a peak of over 80,000, but it has been declining ever since. Although the number of users remained stable from June 2023 to February 2024, it began to slowly decrease thereafter.