According to Dune Analytics, OpenSea’s Ethereum (ETH) NFT trading volume fell for the fourth month in a row, down 13% to $303 million, the lowest since June 2021. data.
OpenSea’s Ethereum monthly active traders have also fallen for the fourth consecutive month, according to data. The number of active traders on the platform decreased by about 5% to 332,824 from 362,957 recorded in September.
token terminal data shows that NFT marketplace revenue has also been on a downward spiral over the past six months. OpenSea made him over $40 million in May. However, as of October 31, it had only made about $8.2 million.
The decline in OpenSea numbers comes amidst a broader crypto market winter where trading volumes of NFTs and the value of these digital assets have plunged to new lows. Recent DappRadar report highlighted seven NFTs that traded at record prices last year, but are now worth just a fraction of their previous value. Investors who bought these NFTs have collectively lost about $30 million.
DappRadar said the decline was due to “declining interest in NFTs and falling cryptocurrency prices across all blockchains.”
Other chains on the rise
Dapp Radar data With the exception of Solana (SOL), other layer 1 blockchain network NFTs traded on OpenSea show increasing trading volumes.
Data shows that OpenSea’s Polygon (MATIC) NFT is up 69.25% to $10.6 million over the past 30 days. This was largely fueled by a new wave of interest in Reddit NFT avatars. The famous NFT collection has reportedly registered 3 million new users to the space.
Avalanche-based (AVAX) and Klatyn (KLAY) NFTs rose 519% and 73.92% respectively to $972,130 and $13,800 respectively.
Meanwhile, OpenSea’s Solana NFT is up 57.59% to $2.16 million over the past 30 days.
Dapp Radar report The Cardano (ADA) NFT is on the rise, with its NFT trading volume reaching $191 million in October and network transactions reaching 82,880 on October 19, the highest number since May. Cardano NFTs are not traded on OpenSea.
OpenSea is losing its edge
Bored Apes NFT’s 23rd lowest floor price is the largest market, according to data shared by NFTStatistics, and OpenSea appears to be losing its dominance in the market.
I don’t think you’ve seen it before — the OpenSea floor is the 23rd cheapest listed ape. The 22 cheapest prices are on other exchanges. pic.twitter.com/qOrGsU6mKB
—NFTstatistics.eth (@punk9059) October 31, 2022
According to community members, sellers are abandoning the platform for rivals because of the benefits others get from listing them. pointed out that they are incentivizing users with the promise of airdrops of $BLUR tokens.
token terminal data shows a 3,082.9% increase in Blur users over the last 30 days. The newly launched NFT platform also revealed that it reached an all-time high of 1694 ETH volume on October 29th.
Blur reached an all-time high of 1694 ETH volume today!
— Blur (@blur_io) October 29, 2022