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OpenSea in October: NFT sales to hit new lows in 2023

2min Read

Low interest in digital collectibles continues to beat down monthly NFT sales volume on leading marketplace OpenSea.

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  • The sales volume of Ethereum and Polygon NFTs on OpenSea has cratered to new lows.
  • Blur continues to pace OpenSea in terms of monthly sales volume.

The monthly sales volume of Ethereum [ETH] and Polygon [MATIC]-based non-fungible tokens (NFTs) on the leading marketplace OpenSea is expected to close October at its lowest level so far this year, data from Dune Analytics revealed.

After the year’s first quarter, the crypto market has witnessed a severe decline in interest in digital collectibles. 

NFT sales on OpenSea plummet

Data from the Dune Analytics dashboard showed that monthly sales volume on OpenSea embarked on its descent since March and has fallen consistently in the past seven months. 

So far this month, the sales volume for Ethereum-minted NFTs on OpenSea has totaled $49 million. This represents a 51% decline from the $74 million recorded in sales volume in September and a 92% decrease from the $659 million registered in January.

Source: Dune Analytics

Likewise, following the record-breaking sales volume of $109.12 million logged in February, Polygon-based NFTs have experienced reduced patronage from OpenSea’s users.

Data sourced from Dune Analytics put the total sales volume so far this month at $2.7 million, a 40% drop from the $4.5 million recorded in September. 

Source: Dune Analytics

To complete transactions on OpenSea, gas fees are paid in the Ethereum network’s native currency Ether. Due to low activity on the network, this has dwindled since May. 

According to data from Dune Analytics, on 5 May, the median transaction fee paid to complete transactions on Ethereum was 142 GWEI. However, at press time, this stood at 21.1.

Source: Dune Analytics

Interestingly, despite the low gas fees and the decline in the floor prices of many NFT collections, NFT traders continue to show little interest in executing sales transactions. The monthly count of traders who have completed transactions involving Ethereum-based collectibles on OpenSea in October has dipped by 34%.

Surprisingly, Polygon-minted NFTs have seen a surge in the number of users participating in at least one trade since the month began. 

Further, a month-over-month uptick of 15% was recorded for Polygon NFTs sold on OpenSea. But for Ethereum NFTs on the marketplace, a 30% fall has been registered. 

OpenSea sees more monthly traders, but at what cost?

Blur continues to dominate OpenSea in terms of monthly NFT trading volume, data from DappRadar revealed. According to the data provider, NFTs trading volume on Blur totaled $146 million in the last month.

OpenSea lagged behind, registering a trading volume of $64 million.

However, OpenSea has led other NFT marketplaces in terms of trader count in the past 30 days. According to DappRadar, traders that have completed NFTs transactions on OpenSea in the last month totaled 186,000. Blur has seen a mere 27,000 traders.

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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.
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