The monthly trading volume on the NFT market on Ethereum has been declining since January, even though January had the highest trading volume this year, it is still far from the monthly trading volume of billions of dollars during the bull market of 2021/2022. The total trading volume in May did not even exceed $500 million.
In addition, the daily number of Ethereum NFT transactions is also quite tragic. According to The Block, the number of daily transactions has fallen below 4,000 for the first time since June 2021. This is a 95% drop from the peak of over 80,000 users in February 2022. Although the number of users remained stable from June 2023 to February 2024, it has since started to slowly decline.
