Weekend ETH NFT volume hits 2-year low amid broader downtrend

Combined volume on Saturday and Sunday was its lowest since July 2021, according to thedirector of research at Web3 community Proof

article-image

LeoTroyanski/Shutterstock modified by Blockworks

share

Over the weekend, NFTs on the Ethereum blockchain experienced their lowest trading volume in approximately two years, reflecting a slow-down across portions of the space in recent months.

The blockchain’s NFTs saw volumes amounting to about 11,900 ETH  — worth roughly $22.1 million — over the weekend, according to Web3 community Proof’s director of research, who goes by NFTstats.eth on Twitter. 

Loading Tweet..

According to NFTstats.eth, the recorded figure marked the lowest total since July 2021. Prior to this, the lowest weekend trading volume in this year had been approximately 15,400 ETH, which was 29% higher than the total recorded in the last two days.

“Weekends tend to be a bit slower than other days — but just another cut at the data,” the Proof research director said in a separate tweet. 

Proof did not immediately return a request for comment. 

The most recent down volumes for NFTs on Ethereum reflect a wider downtrend across the NFT segment. 

NFT trading volume dropped 35% quarter over quarter, according to a CoinGecko report published on July 18 — from $4.84 billion in the first three months of 2023 to $3.15 billion during the second quarter.

Read more: NFT execs: Cutting barriers, propelling use cases key to segment rebound

One growing part of the segment was NFT lending, which jumped 453% from April to May. This was due in part to the launch of Blend by marketplace Blur, CoinGecko data shows. While Blur’s share of total trading value grew from 56% in the first three months of 2023 to 65% in the second quarter, OpenSea’s volume share dropped from 33% to 23% over that span.  

OpenSea’s Ethereum NFT volume for July stood at roughly 66,000 ETH during the month’s final day, according to Dune data — down from 88,520 ETH in June. The monthly figure has fallen each month since its 2023 peak of nearly 400,000 ETH in February.

“As with the rest of crypto, the NFT market hits bear and bull cycles,” OpenSea Chief Business Officer Shiva Rajaraman told Blockworks earlier this month. “We are using this current cycle to prepare and build for the next wave of adoption.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (10).png

Research

Innovations on Aptos’ technical design through Raptr, Shardines, and Zaptos approach near-optimal latency and throughput by unlocking 100% utilization of network resources, with the capacity to settle 260k transactions per second with latencies less than 800ms. The original Move language was revamped with the launch of Move 2, supporting more expressivity in smart contract logic and a scalable ability to interact with high volume datasets. The ecosystem has benefitted from strong asset inflows, now hosting over $1.3B in stablecoins, $450M in bridged BTC, and $530M in RWAs. Activity in the Aptos ecosystem has grown notably over the past year, with monthly application revenue reaching ~$835k and monthly DEX volumes growing to over $5B, both at new all time highs.

article-image

The Stripe-acquired firm has big plans for a streamlined, multi-wallet future

article-image

Both founders of the former crypto lender have now landed in new crypto industry roles

article-image

Bitcoin’s recent peak is a victory lap for curvers left and right

article-image

Securitize CEO Carlos Domingo says institutions are eager to get exposure to tokenization

article-image

Trade isn’t war and prosperity isn’t a contest