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OpenSea Shows Steep Decline in ETH NFT Trading Volume, Why?

source-logo  thenewscrypto.com 08 May 2024 10:15, UTC
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  • OpenSea, the top $NFT marketplace, saw a big drop in trading volume for Ethereum NFTs, hitting its lowest level since May 2021
  • Trading activity for Ethereum-based NFTs plummeted by 99.1% from its peak in May 2022.

OpenSea, the leading $NFT marketplace, has experienced a significant downturn, in trading volume for Ethereum-based NFTs. Recent data reveals that the platform has an average daily volume of approximately 600 $ETH, marking its lowest point since May 2021, predating the onset of the original $NFT bull market.

OpenSea is doing around 600 $ETH of volume per day right now in $ETH NFTs, the lowest it has been since May of 2021, before the original $NFT bull market began.

That number is down 99.1% from the May, 2022 peak, when OS was doing 66,000 $ETH of volume per day. pic.twitter.com/6JzMdysWev

— NFTstats.eth (@punk9059) May 8, 2024

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This significant drop reflects a substantial 99.1% decrease from the peak trading activity observed in May 2022. During that time, OpenSea facilitated 66,000 $ETH in daily volume. The sharp contrast between the current figures and the previous highs underscores the notable shift in sentiment and activity within the $NFT market.

Ethereum NFTs on the Bleed

While Ethereum has typically maintained dominance across multiple sectors in the cryptocurrency space, there seems to be a noticeable shift occurring specifically within the $NFT sector. According to recent data, Blast $NFT collections such as PAC REKT, Blastopians, and Plutocrats have collectively generated a trading volume surpassing that of the entire Ethereum $NFT market across all exchanges.

In the past month, renowned Ethereum $NFT collections such as BAYC and CryptoPunks failed to spot among the top-selling NFTs. Instead, the Bitcoin-based Runestone claimed the top position in $NFT collections.

$NFT Collections Ranking (Source: DappRadar)

Further, the Blast-based Fantasy Top collection currently holds the top position among $NFT collections. According to DappRadar data, Ethereum-based NFTs like CryptoPunks saw a significant 69.87% decrease in volume, while BAYC experienced a decline of 56.11% in volume.

If this trend persists, Ethereum’s supremacy in the $NFT sector could be at risk of being usurped.

thenewscrypto.com