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Since August of last year, OpenSea has been routinely producing billions of dollars’ worth of transaction volume each month, making it the most successful marketplace in the whole NFT industry.
However, the transaction volume of OpenSea based on Ethereum in May was $2.596 billion, which is a fall of approximately 25% from April’s value, and the number of monthly active users was 422,300, which is a decrease of around 11% from April’s flow rate.
According to Dune, OpenSea snapped a decreasing trend in transaction volume by recording a 40% percent month-over-month increase in trading volume in April. During the same month, approximately $3.5 billion worth of Ethereum NFT deals were completed.
The non-fungible token market as a whole is moving away from the manner in which it was historically controlled by Ethereum. Traders are now more equally distributed across many alternative-chain markets, and the average number of user transactions is growing while costs are decreasing.
Magic Eden Tops OpenSea’s Transaction Volumes
Meanwhile, Magic Eden, a Solana-based NFT marketplace, has surpassed OpenSea in the total daily trading volume. At the time of writing, the cryptocurrency market tracker DappRadar reports that Magic Eden has had over 376,000 daily NFT transactions, whilst OpenSea has seen approximately 72,000 transactions.
In addition, the data from DappRadar reveals that Magic Eden has executed NFT transactions at a far greater pace than OpenSea. Despite this, the marketplace situated in Solana has reported lower sales metrics owing to the scarcity of blue-chip NFTs.