Data: The NFT market volume on Ethereum in May was $652 million, a drop of 48.7%

According to Lars, director of research at The Block, the total number of on-chain transactions decreased by 5.3% in May to $196 billion. Stablecoin on-chain transaction volume fell 4.2% to $464.6 billion; issued supply contracted 1.4% to $122.4 billion, with USDT rising to 68.2%, new ATH supply of $83.5 billion, and USDC down 22.2%. Bitcoin miner revenue rose 13.7% to $916.6 million, while ETH staker revenue fell 34.5% to $157.2 million. In May, the trading volume of the NFT market on Ethereum fell by 48.7% to 652 million US dollars. The NFT market Blur has surpassed OpenSea for the fourth consecutive month due to the BLUR token incentive. In addition, a total of 204,576 ETH (approximately $380.1 million) were burnt on the Ethereum network in May. Ethereum started deflation in January this year. Since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed a total of about 3.36 million ETH (about 9.76 billion U.S. dollars).