NFT trading volume slumped 74% in June.

In June, the total trading volume across NFT marketplaces stood at $1.04 billion, down from $4 billion in May. The 74% drop was the largest month-on-month decline, according to The Block.

The second-largest drop in trading volumes was recorded between February and March — 48%.

In the segment, the OpenSea platform remains firmly dominant, with June trading volumes of $696 million, comprising 67% of the total. LooksRare follows with roughly 20% share.

The Solana-based NFT marketplace Magic Eden has, since the start of 2022, expanded its market presence from 0.1% of total trading volume to more than 10%.

This occurred amid Solana blockchain integration in April, led by OpenSea.

In July, the largest marketplace announced a 20% staff reduction.

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