Home NFT OpenSea: Ethereum and Polygon NFT sales hit 2023 lows

OpenSea: Ethereum and Polygon NFT sales hit 2023 lows

by Melai Briones

The sales volume of Ethereum (ETH) and Polygon (MATIC)-based non-fungible tokens (NFTs) on leading marketplace OpenSea hit a new low in September, according to data from Dune Analytics. This decline in sales volume comes after a peak in February, where Ethereum-minted NFTs on the platform reached a staggering $659.02 million in sales.

Since then, sales volume on OpenSea has consistently fallen over the past seven months. At the end of September, sales volume for Ethereum NFTs totaled $74 million, a 98% drop from its February peak and a 30% decline month-over-month.

Similarly, sales of Polygon-based NFTs on OpenSea have also seen a significant decline. After a record-breaking sales volume of $109.12 million in February, Polygon NFTs on OpenSea only generated $5 million in sales in September, a 95% decrease since February and a 29% fall month-over-month.

Not only has the sales volume declined, but the number of traders completing transactions involving Ethereum and Polygon-based collectibles on OpenSea has also decreased. While there was a slight uptick in Ethereum NFT sales from August to September, there has been a significant decline on a year-to-date basis. In January, over 1 million Ethereum NFTs were sold on OpenSea, compared to just 248,089 in September.

Polygon-based collectibles also experienced a decline in sales count, with only 169,072 sold on OpenSea in September, marking a low for the year.

Despite the decline in sales volume and number of traders, OpenSea continues to be overshadowed by Blur (BLUR) in terms of monthly NFT trading volume, according to data from DappRadar. Blur saw a trading volume of $138.8 million, while OpenSea trailed behind with $59 million. Despite this, OpenSea had a larger number of traders, with 173,000 compared to Blur’s 28,000.

The decline in sales volume for Ethereum and Polygon-based NFTs on OpenSea reflects a broader trend in the NFT market, where interest in digital collectibles has waned in recent months. However, it remains to be seen whether this is a temporary dip or a more significant shift in the NFT landscape.

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