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Report – Crypto News Updates

For the first time since June of last year, the market has failed to break through $1 billion in trades. In anticipation of better market prospects, the NFT-Users now resolved their attachments.

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 its hold on the space.

  • In fact, four projects owned by the NFT giant: CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club and Otherdeed for OtherSide traded over $160 million in July alone.
  • Yuga Labs had just over 20% of the total NFT market throughout July 2022 trading volume.
  • The youngest BlockchainIndustry report by DappRadar highlighted the hyper-centralization of activity in the blue-chip NFT collections, which continue to retain most of their value.
  • The document revealed that the NFT market is currently contracting, with a 25% MoM drop in trading volume.
  • In addition, the number of traders has also decreased by 8% on a monthly average, although it has increased by 40% since July 2021.
  • Despite the entry of new competitors, OpenSea remains the dominant marketplace.
  • However, its market share has fallen from 84% in May to the current 58.6% as measured in July. The declining volume is not surprising as the NFT market matures.
  • x2y2, Solana‘s Magic Eden, and EthereumFoundation are some of the contenders showing increased volume.
  • According to DappRadar, these platforms are not only focused on the bear market to survive, but also aim to maintain or increase their market share.

Source: Crypto News Deutsch

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