OpenSea sees its lowest monthly trading volume since July 21 as it falls 195%
OpenSea trading volumes have fallen 57% on all networks over the last 30 days, according to DappRadar data. After spending months with NFT sales well over $ 1 billion, the total volume for the past month is only $ 785 million.
However, analysis tools show that both users and the number of transactions are increasing, suggesting that more NFTs are being sold at lower prices. Transactions have increased by 69% and users have increased by 6.5%. Interestingly, when classifying Ethereum, Polygon, and Solana transactions, Ethereum increased by only 0.5% at 1.6 million transactions, while the newly added Solana brought an additional 951K.
To get a history of monthly volumes of dunes dashboards created by Richard ChenGeneral partner of crypto investment company 1confirmation, the data of the previous month Graphic format..
Worryingly, Polygon’s sales fell by just $ 6.4 million from its January 2022 high of $ 79 million.
Solana has improved performance with a total volume of $ 37 million. However, neither Solana nor Polygon approached Ethereum’s nine-digit sum.
Total traffic on OpenSea websites has also been declining since March. 15% reduction From April to May. The site visited 67 million people in May, 30 times more than its competitor, Rarible.
NFT collector Penguin.eth comment “This @opensea volume is a pretty horribly bad ngl.” Treeverse developer Loopify also remarks That “this chart looks terrible.” To make matters worse for the NFT platform, NFTstatistics.eth reported that users may be accepting bids below the market price.
The last three days have had the highest percentage of WETH’s OpenSea volume in the last year.
A WETH transaction occurs when the seller accepts a bid below the asking price. pic.twitter.com/WWwWgmMSr9
— NFTstatistics.eth (@ punk9059) June 13, 2022
Meanwhile, Solana-based Magic Eden reported total NFT sales of $ 162 million over the same period. The total amount of raw material on the Magic Eden chain is currently close to OpenSea, but it may contain funds that are not directly related to NFT sales. In addition, Magic Eden NFT sales are down only 53% compared to OpenSea’s 195%.
