OpenSea: Ethereum and Polygon NFT sales hit 2023 lows

5 October 2023

in NFT

Reading Time: 5 mins read

Ethereum and Polygon-based NFTs on OpenSea recorded their lowest sales volume this year in September.
Blur continued to outpace OpenSea in terms of monthly sales volume.

The monthly sales volume of Ethereum [ETH] and Polygon [MATIC]-based non-fungible tokens (NFTs) on leading marketplace OpenSea closed September at its lowest level so far this year, data from Dune Analytics revealed.

During the general bull market in the year’s first quarter, the monthly sales of Ethereum-minted NFTs on the marketplace reached an impressive peak of $659.02 million in February.

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As interest in this form of digital collectibles began to wane in March, monthly sales volume on OpenSea embarked on a descent, and has fallen consistently in the past seven months.

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At the end of September, the sales volume for Ethereum NFTs on OpenSea totaled $74 million. This represented a 98% fall from its February peak and a 30% decline month-over-month (MoM).

Source: Dune Analytics

Similarly, following a record-breaking NFT sales volume of $109.12 million in February, Polygon-based NFTs on OpenSea have received decreased patronage from OpenSea’s users.

The total sales volume in September was $5 million – a 95% decline in sales since February and a 29% fall MoM. This marked its lowest sales volume since the year began.

Source: Dune Analytics

In addition to declining sales volume, the number of traders who completed transactions involving Ethereum and Polygon-based collectibles on OpenSea in September also declined.

Regarding the count of Ethereum-minted NFTs sold on OpenSea in September, this totaled 248,089. This was a 1% uptick from the 244,907 Ethereum-based NFTs sold on the marketplace in August.

However, there remains a significant decline on a year-to-date (YTD) basis. In January, over 1 million Ethereum NFTs were sold on OpenSea.

As for Polygon-based collectibles, the sales count fell to a YTD low in September. During the 30-day period, 169,072 Polygon NFTs were sold on OpenSea.

OpenSea remains in Blur’s shadows

Blur [BLUR] continues to dominate OpenSea in terms of monthly NFT trading volume, data from DappRadar revealed. According to the data provider, NFTs trading volume on Blur totaled $138.8 million.

OpenSea trailed behind it with a trading volume of $59 million, registering a 22% decline in the last month. Moreover, Blur saw more NFT trading activity despite having fewer traders compared to OpenSea during the period under consideration.

According to DappRadar, traders that completed NFTs transactions on OpenSea in the last month totaled 173,000. However, Blur saw a mere 28,000 traders.