Connect with us
Active Currencies 12886
Market Cap $2,077,071,090,779.80
Bitcoin Share 48.28%
24h Market Cap Change $-0.27

A-Z of how OpenSea Ethereum and OpenSea Polygon fared in November

2min Read
A-Z of how OpenSea Ethereum and OpenSea Polygon fared in November

Share this article



  • 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.


Share

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.