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Was it a lot of May-hem for OpenSea Ethereum and Polygon last month

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As the actual utility of Non Fungible Token (NFTs) projects comes under intense scrutiny, recent data suggests dwindling interest in the space. Especially in comparison to the explosive growth and attention the NFT space saw last year. The rug pulls, scams, and more importantly, the cryptocurrency bloodbath, have all led to falling interest in the space.

Opensea, the world’s most popular NFT marketplace, appeared to have recorded new lows last month when compared to its performance in April. Opensea Ethereum and Opensea Polygon noted a crippling decline in performance last month in comparison to what was recorded in April. 

Let’s take a look at recent data from Dune Analytics.

Collectors did not collect much

According to data from Dune Analytics, Opensea Ethereum registered a decline in its transaction volume in May. With a transaction volume of $2.59B registered last month, a 25% decline was observed from figures of $3.48B in the month of April.

Source: DuneAnalytics

Similarly, transaction volume on Opensea Polygon registered a decline. With a transaction volume of $39.99M recorded in April, the $26.80M for May represented a 27% decline.

Source: DuneAnalytics

Also marking a drop last month was the count for the total number of NFTs sold on Opensea Ethereum and Opensea Polygon.

On Opensea Ethereum, data from Dune Analytics revealed that a total count of 2,070,139 NFTs was sold in April. However, last month, a total count of 1,805,955 was recorded in NFTs sales. This represented a 12% decline.

Source: DuneAnalytics

On Opensea Polygon, a 26% decline was registered in the total count of NFTs sold in May with an index of 305,039 recorded. In April, this stood at 413,587.

Source: DuneAnalytics

According to available data on Dune Analytics, the number of active monthly traders on Opensea Ethereum and Opensea Polygon also took a nosedive.

On Opensea Ethereum, a total of 457,238 active traders used the platform in April. However, in May, with a total of 422,295 registered as active traders on the platform, a decline of 7% was spotted. 

Source: DuneAnalytics

Opensea Polygon was no different as it registered a 26% loss in its active traders on the platform in May.

Source: DuneAnalytics

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Abiodun is a freelancer writer 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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