Nansen's NFT analysis draws into focus the numbers behind the market's first bearish cycle.
Blockchain analytics service Nansen has published its NFT Indexes Report for the second quarter of 2022, showing the market dynamics and quantitative performance of nonfungible tokens (NFTs) over the last three months. The report identifies and determines key factors contributing to the well-documented NFT bear market, including Ethereum-based volume and transactional metrics, as well as market capitalization, among others. Commencing with an analysis of NFT volume statistics on Ethereum measured per week across a monthly time frame, the report found that June recorded the lowest figure of the calendar year. Calculated across six marketplaces — OpenSea, LooksRare, Mints, X2Y2, 0x, and CryptoPunks — the NFT space, at least on an economic level, experienced a considerable depreciation throughout June to close to approximately 600,000 Ether (ETH) in trading per week.In stark comparison, the previous month of May recorded around 1.3 million in weekly ETH volume, circa 900,000 of which occurred on OpenSea alone.Monthly NFT volume.