- 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.
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.