- OpenSea Ethereum and OpenSea Polygon saw declines in sales volume, total NFTs traded, and the number of traders.
- The general market saw a 9% growth in sales volume.
With $246 million recorded in NFTs sales volume so far this month, data from Dune Analytics showed that Ethereum-based NFTs recorded their lowest sales on OpenSea since the year started.
As more users move away from speculative asset classes, OpenSea, the leading NFTs marketplace, continues to see a decline in its market volume and users count.
Trouble in paradise
Per data from Dune Analytics, Ethereum-based NFTs worth $246 million have been traded on OpenSea this month. This figure represented a 23% decline from the $319 million recorded as sales volume for Ethereum NFTs on the marketplace in October and a 94% drop from the $4 billion recorded in January.
Source: Dune Analytics
According to data from CryptoSlam, the sales volume for Ethereum-based NFTs across all marketplaces so far this month totaled $364 million. This meant that sales on OpenSea alone accounted for over 80% of total sales made.
Source: CryptoSlam
For Polygon-based NFTs on OpenSea, data from Dune Analytics revealed that sales volume totaled $6.35 million so far this month. This was a 55% decline from the $14 million recorded in October. In October, sales volume for Polygon-minted NFTs rallied by 100%.
Source: Dune Analytics
Furthermore, this month, 716,443 Ethereum-minted NFTs have been traded on OpenSea. In October, the count of Ethereum-based NFTs sold on OpenSea totaled 1.12 million.
This represented a 28% drop within the 30-day period, data from Dune Analytics revealed. In January, the total number of NFTs sold on OpenSea Ethereum was 2.28 million.
Source: Dune Analytics
Likewise, the count of Polygon-based NFTs sold on OpenSea so far this month has fallen by 8%. Per data from Dune Analytics, this stood at 281,000. In October, the total count of Polygon-minted NFTs sold on OpenSea rallied by 110% on a month-over-month basis.
Source: Dune Analytics
With fewer people interested in profile-picture NFTs (PFPs), the count of monthly NFTs traders on OpenSea Ethereum has fallen by 16%. Since the month started, 280 traders have traded Ethereum-based NFTs on OpenSea. In October, 335,000 traders used the platform.
Interestingly, on OpenSea Polygon, the count of traders went up by 27%. These traders, however, traded fewer NFTs, hence the fall in total NFTs traded and total sales volume.
Source: Dune Analytics
According to NFTGo, sales volume across the entire NFTs ecosystem rallied by 9% in the last 30 days. Interestingly, general market capitalization fell by 1% within the same period.
