Since January, the monthly trading volume of the NFT market on Ethereum has been declining, and even in January, the trading volume is still dwarfed by the multi-billion dollar monthly trading volume during the bull market of 2021/2022. In May, the trading volume did not even exceed $500 million. In addition, the data shows that the daily average number of NFT traders on the Ethereum chain fell below 4,000 for the first time since June 2021. In February 2022, the indicator peaked at more than 80,000 and has been declining since then, although the number of users was flat from June 2023 to February 2024, but then began to slowly decline again.