NFT market trading volume fell below $1 billion for the first time since June 2021, according to DappRadar data.
The NFT market has been in a bearish trend due to the crypto winter for the past 4 months. Data from DappRadar shows that NFT trading volume remains at around $900 million in July 2022. The market, which could not reach 1 billion dollars, drew the same graph in June 2021 for the last time.
NFT Market Up 40% Compared to Last Year
Transaction volumes measured in July 2022 revealed that the market contracted with a decrease of 25 percent compared to the previous month. The number of users decreased by 8 percent compared to the previous month. Although the picture looks negative, the 900 billion dollar market is still 40 percent higher than the same period last year.
The market is largely dominated by four Yuga Labs-owned projects; These projects are CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club and Otherdeed, which traded for more than $160 million in July alone.
In other words, Yuga Labs has a share of over 20 percent of the entire NFT market, judging by the total trading volume as of July 2022.
