Cryptocurrency News

NFT Sales Plummet – OpenSea Trading Volume Drops 57% Month-over-Month

By June 21, 2022 No Comments
OpenSea NFT marketplace

Key takeaways:

  • The leading NFT marketplace saw a 57% reduction in trading volume in the past 30 days
  • Less than 6 months ago, OpenSea had its best month to date, reaching record high trading volume, fees generated, and user activity on the site
  • While Ethereum and Polygon NFT trading volumes are down, Solana NFTs saw a major bump in trading activity

Ethereum and Polygon volumes nose dive, Solana NFTs see a 78% monthly increase

The recent cryptocurrency downturn saw Bitcoin – and the rest of the crypto market – lose high double digits in the past month. In addition to the falling prices of crypto coins and tokens, non-fungible token (NFT) sales have also seen a considerable decrease in the same time period.

According to a blockchain analytics firm DappRadar, the world’s largest NFT marketplace OpenSea saw an overall 57% decline in trading volume in the past 30 days.

OpenSea NFT 30-day trading volume
Trading volume, transaction count, and user number are all down in the past month. Image source: DappRadar

Both Ethereum and Polygon NFT volumes declined by roughly 70%, falling to $760.39 million and $10.53 million, respectively. However, there was a considerable increase in transactional volume taking place on Solana – the trading volume on the high-performance Proof-of-Stake (PoS) chain increased by 78% over the course of the last 30 days and hit $62.99 million.

Recall that OpenSea integrated Solana in early April, confirming months-long rumors and speculations about Solana joining the trio of blockchains supported by the marketplace, including Ethereum, Polygon, and Klaytn.

The drastic drop in NFT trading volume comes roughly 6 months after OpenSea had its best month ever. In January 2022, the collectibles marketplace hit record-breaking figures in terms of the number of NFTs sold, trading volume, and fees generated.