OpenSea sees its lowest month-to-month buying and selling quantity since July 21 because it falls 195%

Information from DappRadar means that buying and selling quantity on OpenSea is down 57% throughout all networks over the previous 30 days. The overall quantity comes to only $785 million previously month after having a number of months with properly over $1 billion in NFT gross sales.

The analytics software reveals that there has nonetheless been a rise in each customers and the variety of transactions suggesting that extra NFTs are being bought at a lower cost. Transactions are up 69% whereas customers are up 6.5%. Apparently, while you break the transactions down throughout Ethereum, Polygon, and Solana we see that Ethereum has seen a rise of simply 0.5% at 1.6M transactions however the newly added Solana has introduced a further 951K.

To get a historic have a look at the month-to-month quantity a Dune dashboard created by Richard Chen, a Basic Accomplice at crypto funding agency 1confirmation, reveals the earlier months’ information in graphical type.

Worryingly, the amount of Polygon gross sales was simply $6.4 million down from a excessive of $79 million in January 2022.

Solana carried out higher with $37 million in whole quantity. Nonetheless, neither Solana nor Polygon got here near Ethereums nine-figure sum.

Complete web site site visitors for OpenSea has additionally been trending down since March with a 15% decline from April to Could. The location had 67 million guests in Could which remains to be 30 instances larger than competitor Rarible.

NFT collector Penguin.eth commented that “This @opensea quantity is fairly horrifyingly dangerous ngl.” Treeverse developer Loopify additionally remarked that “this chart appears terrible.” In additional dangerous information for the NFT platform, NFTstatistics.eth reported that customers could also be accepting bids beneath their market worth.

The previous 3 days have had the very best share of OpenSea quantity in WETH previously yr.

WETH trades occur when sellers settle for bids beneath their asking worth. pic.twitter.com/WWwWgmMSr9

— NFTstatistics.eth (@punk9059) June 13, 2022

In the meantime, the full quantity on Solana-based Magic Eden was reported at $162 million in NFT gross sales for a similar interval. The overall uncooked on-chain quantity on Magic Eden is now near OpenSea nonetheless that will embrace funds unrelated on to NFT gross sales. Additional, Magic Eden NFT gross sales quantity is down simply 53% in comparison with OpenSea’s 195%.