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OpenSea: Sales of Ethereum, Polygon NFTs plummet to new lows

2min Read

The general decline in interest in profile-picture NFTs has caused OpenSea to log its lowest trading volume for its Ethereum and Polygon-based collections.

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  • The sales of Ethereum and Polygon-minted NFTs on OpenSea have fallen to their lowest level this year.
  • Blur continues to overshadow OpenSea in terms of monthly trading volume. 

The monthly sales volume of Ethereum and Polygon-based non-fungible tokens (NFTs) on the leading marketplace OpenSea has plummeted to its lowest point this year as July draws to a close, data from Dune Analytics revealed.

Information from the on-chain data provider revealed that the monthly sales of Ethereum-minted NFTs on the marketplace reached an impressive peak of $659.02 million in February before experiencing a subsequent downturn.

With one day left in July, the total sales volume at press time was $120.79 million. This represented an 82% drop in monthly sales volume on OpenSea since the February high. 

Source: Dune Analytics

Similarly, following a record-breaking NFT sales volume of $109.12 million in February, Polygon-based NFTs on OpenSea have received decreased patronage from OpenSea’s users. In fact, following the February high, the NFTs in this category proceeded to close the first quarter of the year with a whopping 98% decline in sales volume. 

In the last 30 days, the sales volume of Polygon-minted NFTs on the marketplace totaled $8.35 million, a 92% decline in under six months. 

Source: Dune Analytics

Naturally, the fall in NFTs sales count in July culminated in the decline in sales volume. According to data from Dune Analytics, only 258,798 Ethereum-minted NFTs have been sold on OpenSea this month. This was a 43% drop from the 450,325 total NFTs sold by the end of June.

The marketplace recorded its highest monthly count of Ethereum NFTs sold in January. Per data from Dune Analytics, OpenSea ended the 31-day trading period with an NFT sales count of 1.14 million. This has since trended downward.

Source: Dune Analytics

Interestingly, despite the shortfall in sales volume, the count of Polygon NFTs sold on OpenSea this month has surpassed the total count from June. In the past 30 days, 296,343 Polygon-minted NFTs have been traded on OpenSea. This was a 29% jump from the 228,859 total NFTs sold in June. 

Blur leaves OpenSea in a daze

Blur continues to dominate OpenSea regarding monthly NFT trading volume, data from DappRadar revealed. According to the data provider, NFTs trading volume on Blur totaled $378.41 million. OpenSea trailed behind it with a trading volume of $126 million, registering a 25% drop during that period. 

However, during the period under review, OpenSea recorded an influx of traders than Blur did. According to DappRadar, traders that completed NFTs transactions on OpenSea in the last month totaled 305,295. Blur saw a mere 35,304 traders.

Source: DappRadar

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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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