For the first time since last June, the market failed to reach $1 billion in trades. NFT users have now moved to liquidate their investments in anticipation of a better market outlook.
A new report from DappRadar, shared with CryptoPotato, suggests that this “trade freeze” trend will continue until the crypto winter is over. But during this turmoil, Yuga Labs has managed to maintain control of the space.
In fact, four projects from the NFT giant alone, CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for OtherSide, represented over $160 million traded in July.
Yuga Labs had just over 20% of the total NFT market throughout the July 2022 trading volume.
DappRadar’s latest blockchain industry report highlighted the hyper-centralization of activity in blue-chip NFT collections, which continue to retain most of their value.
The document revealed that the NFT market is currently contracting, with its trading volume falling by 25% MoM.
Additionally, the number of traders is also down 8% mom, despite posting modest gains of 40% as of July 2021.
Despite the entry of new competitors, OpenSea remains the dominant marketplace.
However, its market share has fallen from 84% in May to currently 58.6% as measured in July. The declining volume is not surprising as the NFT market matures.
x2y2, Solana’s Magic Eden, and Ethereum’s Foundation are some of the contenders noting increased volume.
According to DappRadar, these platforms are not only focused on surviving the bear market, but are also striving to maintain or increase their market share.