- Ethereum and Polygon NFT sales on OpenSea have plummeted to their lowest point in the year.
- Despite the decreasing volume, OpenSea has attracted more traders than its competitor, Blur.
In a marked downturn, OpenSea, the leading marketplace for non-fungible tokens (NFTs), has witnessed a staggering drop in the sales volume of Ethereum and Polygon-based NFTs. As July draws to a close, the trading volume has hit its lowest point for the year, according to data from Dune Analytics.
In February, the sales volume for Ethereum-minted NFTs on OpenSea reached a robust $659.02 million. However, the volume took a downturn, and as July nears its end, it stands at a mere $120.79 million. This figure represents an 82% decrease in monthly sales volume since the February peak.
Polygon NFTs Mirror the Downfall
Polygon-based NFTs, too, have not been immune to this trend. After a record sales volume of $109.12 million in February, a stark disinterest among OpenSea’s users has resulted in a 98% sales decline in the first quarter. Fast forward to the last 30 days, and the sales volume of Polygon-minted NFTs stands at a meager $8.35 million, a 92% decrease in less than six months.
The dwindling NFT sales volume in July mirrors the drop in the sales count. As per Dune Analytics, only 258,798 Ethereum-minted NFTs were sold on OpenSea this month, a 43% decrease from June’s total of 450,325 NFTs.
In an interesting turn, despite the drop in sales volume, the count of Polygon NFTs sold this month on OpenSea has surpassed June’s total. Over the past 30 days, 296,343 Polygon-minted NFTs have changed hands on OpenSea, a 29% increase from June’s count of 228,859.
The OpenSea-Blur Tug of War
While OpenSea grapples with its declining sales volume, its competitor Blur continues to maintain its lead in terms of monthly NFT trading volume. DappRadar’s data reveals Blur’s NFT trading volume totaling $378.41 million, outperforming OpenSea’s $126 million by a large margin. OpenSea, though, can find some consolation in the fact that it has attracted more traders than Blur during this period. A total of 305,295 traders completed NFT transactions on OpenSea in the last month, dwarfing Blur’s count of 35,304 traders.