The monthly trading volume in the NFT market on Ethereum has been declining since January, even the highest trading volume in January this year is far from the monthly trading volume of tens of billions of dollars during the bull market period of 2021/2022. The total trading volume in May did not even exceed 500 million US dollars.
In addition, the daily number of NFT transactions on Ethereum is also quite tragic. According to The Block, the number of daily transactions has dropped below 4,000 people for the first time since June 2021. Compared to the peak of over 80,000 people in February 2022, there has been a 95% decline, although the number of users remained stable from June 2023 to February 2024, but then began to slowly decline.