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Data from DappRadar suggests that trading volume on OpenSea is down 57% across all networks over the last 30 days. Total volume comes in at just $785 million in the last month after having several months with over $1 billion in NFT sales.
Source: Dapp Radar
The analysis tool shows that, however, there has been an increase in both users and the number of transactions, suggesting that more NFTs are being sold at a lower price. Transactions increased 69%, while users increased 6.5%. Interestingly, when transactions across Ethereum, Polygon, and Solana are broken down, we see that Ethereum has seen an increase of just 0.5% with 1.6 million transactions, but the newly added Solana has brought in an additional 951,000.
For a historical view of monthly volume, a Dune dashboard created by richard chena general partner at cryptocurrency investment firm 1confirmation, shows previous months’ data in graphical form.
Worryingly, Polygon’s sales volume was just $6.4 million short of a high of $79 million in January 2022.
Solana outperformed with $37 million in total volume. However, neither Solana nor Polygon came close to Ethereum’s nine-figure sum.
Total traffic to the OpenSea website has also been on a downward trend since March, with a 15% decrease from April to May. The site had 67 million visitors in May, 30 times more than competitor Rarible.
Penguin.eth NFT Collector commented that “This @opensea volume is horribly bad ngl”. Treeverse developer Loopify too commented that “this graph looks horrible”. In more bad news for the NFT platform, NFTstatistics.eth reported that users may be accepting offers below their market price.
The last 3 days have seen the highest percentage of OpenSea volume at WETH in the last year.
WETH transactions occur when sellers accept offers below their asking price. pic.twitter.com/WWwWgmMSr9
— NFTstatistics.eth (@punk9059) June 13, 2022
Meanwhile, Solana-based Magic Eden’s total volume was reported at $162 million in NFT sales for the same period. Total gross on-chain volume on Magic Eden is now close to OpenSea, however that may include funds not directly related to NFT sales. Additionally, Magic Eden NFT sales volume is down only 53% compared to 195% for OpenSea.
Source: Dapp Radar
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This post OpenSea sees its lowest monthly trading volume since July 21 as it drops 195%
was published first on https://cryptoslate.com/opensea-sees-its-lowest-monthly-trading-volume-since-july-21-as-it-falls-195/