The non-fungible token (NFT) market is currently in a sluggish state, with Ethereum NFTs showing a particularly bleak outlook. The number of unique Ethereum NFT traders on the top 15 marketplaces has been on a downward trend for six consecutive months, hitting its lowest point since July 2021. OpenSea continues to dominate this metric, recording over 76,000 traders in June.

The number of Ethereum NFT trades on these top marketplaces also fell last month, reaching its lowest since May 2021. Out of the total 203,970 trades, Blur processed 106,100 and OpenSea 94,500. Furthermore, monthly revenue on the top 20 Ethereum NFT marketplaces dropped to its lowest since January 2021, falling below the $1 million mark for the first time since early 2021.

High-profile NFT holders, such as billionaire Mark Cuban, have begun selling their tokens. Cuban sold over a dozen of his NFTs for a total of about $39,000 at the end of June, his first NFT sale in two years. Despite these declines, DappRadar's Q2 report stated that the NFT sector had its best quarter since the first three months of 2023, largely driven by Bitcoin NFTs.