For the full year 2022, however, Balthazar forecasts a 239% higher revenue volume than in 2021, resulting in total revenue of $48.43 billion.
Accordingly, the analysts recognize positive signs in the monthly growth of users and transactions. Balthazar co-founder and CEO John Stefanidis said, "We are seeing a slowdown in NFT sales volume this year, and that is the case across the crypto market. However, looking at last year's NFT sales volume, 2022 has already surpassed that volume by nearly $10 billion with $23.82 billion in sales this year across the four marketplaces."
Denoch said weekly sales volume is currently showing a downward trend and the average transaction size has decreased. However, the number of users and the number of transactions have increased every month from January to May this year.
OpenSea is expected to reach $30.61 billion in revenue volume by the end of 2022, up 134 percent from $13.06 billion in 2021. Magic Eden is expected to end the year with revenues of $6.68 billion - up 1,035 percent from the previous year.
The total number of users across the four marketplaces projected for June is 2.16 million - 249,604 fewer than in May 2022.
During the same period, the number of deals is expected to reach 15.19 million, the highest level ever.