OpenSea: As Q2 ends, here's how the NFT marketplace is faring

OpenSea: As Q2 ends, here’s how the NFT marketplace is faring

3 July 2023

in Meta News

Reading Time: 5 mins read

Ethereum and Polygon-based NFTs on OpenSea ended June at their lowest sales volume in Q2.
Blue Chip Index also experienced a decline.

According to data from Dune Analytics, the monthly sales volume of Ethereum [ETH] and Polygon [MATIC]-based NFTs on leading marketplace OpenSea closed the second quarter (Q2) at its lowest level since the year began.

Information from the on-chain data provider revealed that Ethereum-based NFT sales in the marketplace soared to a nine-month high of $643.61 million by the end of February. However, due to a market-wide decline in interest in profile-picture NFTs, which cascaded into plummeting sales, OpenSea logged a 75% decline in monthly sales by the end of June.

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NFT trading volumes take a dip

During the three-month period under consideration, on its Ethereum-minted NFTs, OpenSea registered the most sales in April. It saw monthly sales that totaled $285.98 million. In May, this dropped by 36%. Closing June with total sales of $161.79 million, OpenSea saw a 43% drop in sales volume within a 90-day period.

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Source: Dune Analytics

Interestingly, despite June being the lowest month so far this year in terms of sales volume for Ethereum-based NFTs on OpenSea, data from Dune Analytics revealed that the month saw its NFTs sales count rally by 82%. In May, only 246,857 Ethereum-minted NFTs were sold on OpenSea. In June, this crossed the 450,000 mark. However, the quarter was still marked by a 23% shortfall in NFTs sales count.

Source: Dune Analytics

OpenSea’s Polygon-based NFTs did not perform any better in the last quarter. On-chain data revealed a 59% drop in monthly sales volume. Following a record-breaking NFT sales volume of $83.49 million in February, sales of Polygon-based NFTs on OpenSea have since dipped 89%.

Moreso, its Polygon NFTs recorded their lowest sales count in Q2 in June. With a total count of 228,859 Polygon NFTs sold on OpenSea in June, a 34% fall was recorded during the 90-day period.

Blue chips market was not spared

Per data from NFTgo, the Blue Chip NFT Index also took a hit in Q2. The Blue Chip Index is calculated by weighing the market capitalization of Blue Chip NFT collections to determine their performance. At 5990 ETH ON 30 June, this fell by 28% during that period.

Leading NFT projects such as the Bored Ape Yacht Club (BAYC) and CryptoPunks have gradually seen their floor prices trend downwards in the past six months. With a BAYC NFT trading at an average price of 31.5 ETH at press time, its floor price has fallen by 54% since the year began.

As for CryptoPunks, the value has dropped by 34% within the same period.