Ethereum, Polygon-Minted NFTs On OpenSea Fall
Dune Analytics reports that Ethereum and Polygon-based NFT sales on OpenSea plummeted to new lows in August, compared to a peak of $659.02 million in February. The market experienced a subsequent downturn.
In August, OpenSea’s sales volume for Ethereum and Polygon NFTs reached $106.12 million, the lowest monthly volume since May 2021 and an 84% drop from February. Polygon-based NFTs also experienced a 94% decline in sales, reaching $7.02 million, marking a 94% decline since February. This decline is attributed to waning interest in profile picture NFTs (PFPs) and OpenSea’s loss of market share to Blur.
The market capitalization of top PFP NFT projects reached $5 billion in February 2023. However, as the overall NFT market declined, interest in this asset category decreased, resulting in a market capitalization of $2.2 billion. Additionally, the number of traders who completed transactions involving Ethereum and Polygon-based collectibles on OpenSea declined in August. In April, 244,907 NFTs were sold, a 11% decline from the previous month and a 79% fall from the beginning of the year. Polygon NFTs on OpenSea experienced a 37% drop in sales, reaching its lowest in nine months.
(With inputs from Shikha Singh)
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