Ethereum and Polygon stumble as OpenSea sales volume declines
The unpredictable currents of the digital marketplace have proven once more that stability is a luxury rarely afforded. As July comes to an end, the NFT market, specifically Ethereum and Polygon-based NFTs, is grappling with a steep decline in monthly sales volume on OpenSea, the leading NFT marketplace.
Unsettled Ethereum
Data extracted from Dune Analytics underscores the significant fluctuations inherent in the NFT marketplace. Ethereum-minted NFT sales on OpenSea climbed to a remarkable $659 million in February. However, in the wake of this impressive peak, a subsequent downturn unfolded. By the close of July, the sales volume had contracted to a mere $120 million, representing an 82% downturn from the February high point.
Polygon’s downtrend
Polygon-based NFTs on OpenSea experienced a parallel downturn. After hitting an all-time high of $109.12 million in February, sales volume has been on a constant decline. The end of Q1 saw sales volume plummet by an alarming 98%. The downward trajectory persisted over the next few months, with the last 30 days recording a sales volume of just $8.35 million – a 92% decrease within a six-month window.
Impact on sales count
The significant drop in NFTs sales volume in July has reverberated across the sales count as well. Data from Dune Analytics highlights that the number of Ethereum-minted NFTs sold on OpenSea this month has declined by 43% compared to June.
However, not all indicators are bleak. Despite the overall market dip, the count of Polygon-minted NFTs sold on OpenSea this month witnessed an increase over June. Specifically, 296,343 Polygon-minted NFTs were traded on OpenSea – a 29% increase from June, suggesting a potential bright spot in the otherwise gloomy market scenario.
The dominance of Blur
Amidst the market volatility, Blur has managed to maintain its dominance over OpenSea concerning monthly NFT trading volume. Data from DappRadar shows that the NFTs trading volume on Blur reached $378.41 million. In comparison, OpenSea’s trading volume stood at $126 million, reflecting a 25% drop during the same period.
However, while Blur led in trading volume, OpenSea recorded a higher trader count. Specifically, the number of traders who completed NFT transactions on OpenSea in the last month reached 305,295, far outpacing Blur, which saw a count of only 35,304 traders.
OpenSea’s rising trader count could be the catalyst for an NFT market revival
In the rapidly evolving world of digital tokens, change is the only constant. Ethereum and Polygon, once powerhouses of the NFT market, have taken significant hits. Yet, the resilience of Polygon’s sales count implies there’s still life in the market. While Blur dominates in trading volume, OpenSea’s active trader base indicates potential for growth and adaptation. Only time will tell which platforms will weather the storms of this volatile market.
