Crypt.Biz

OpenSea sees a slump in Ethereum and Polygon NFT sales; Details inside

  • Ethereum and Polygon-based NFTs on OpenSea get ready to close Q1 at their most affordable sales volume yet.
  • OpenSea’s market share has actually decreased considerably because the year started.

The Q1 sales figures for Ethereum and Polygon-based non-fungible tokens (NFTs) on OpenSea are on track to sign up the most affordable month-to-month volume of the year up until now, according to information from Dune Analytics.

Ethereum-based NFT sales on the market skyrocketed to a nine-month high of $643.61 million by the end of February. With 4 days left to end the very first quarter of the year, OpenSea has actually logged $324.30 million in Ethereum-minted NFT sales in March, representing a 50% decrease in sales volume from the February high.

Source: Dune Analytics

Following a record-breaking NFT sales volume of $109.12 million in February, sales of Polygon-based NFTs on OpenSea have actually experienced a sharp decrease this month. Over the previous 26 days, just $2.5 million in sales volume have actually been taped, showing a shocking 97% drop in sales.

Source: Dune Analytics

The high decrease in sales volume of Ethereum and Polygon-based NFTs on OpenSea was credited to the drop in the count of NFTs offered up until now this month.

Regarding Ethereum-minted NFTs on OpenSea, 715,925 NFTs have actually been offered up until now. This represented a 16% decrease from the 853,391 overall NFTs offered in February and a 37% fall from the 1.13 million overall Ethereum-based NFTs offered in January.

Source: Dune Analytics

Regarding Polygon NFTs on OpenSea, sales have actually plunged by 93% this month, with just 35,064 NFTs offered compared to the 565,964 NFTs offered last month, and a 98% decrease from the 1,514,895 NFTs offered in January.

Source: Dune AnalyticsOpenSea’s supremacy has actually diminished badly Data from

DappRadar

revealed a high decrease in essential development metrics for leading NFT market OpenSea because the year started.

For example, the count of special active wallets that trade on the market has actually visited 98% in the last 90 days. The deals count on OpenSea has actually seen a 99% decrease throughout the very same duration.

Source: DappRadar

The decrease in OpenSea’s supremacy is attributable to the launch of Blur, which has actually acquired substantial traction because it ended up being functional in October 2022.

According to a current report from Glassnode, Blur’s market share experienced a significant rise following the airdrop of its token on 14 February.

Before the circulation of the BLUR token, the NFT market and aggregator held 48% of the NFT transfer volume throughout the whole market. The airdrop led to a considerable boost in Blur’s NFT transfer volume, which skyrocketed to 78% at its peak.


Throughout the last week, Blur accounted for a considerable part of the overall NFT sales volume, representing 73.8% of the market share. On the other hand, OpenSea held a smaller sized share of 17%.Read the very best crypto stories of the day in less than 5 minutes



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