Ethereum and Polygon-minted NFTs on OpenSea fall to new lows

Posted: September 2, 2023

• NFT gross sales quantity for Ethereum and Polygon-minted NFTs fell to new lows in August. 
• On account of dropping curiosity, NFTs gross sales rely plunged as properly.

The month-to-month gross sales quantity of Ethereum [ETH] and Polygon [MATIC]-based non-fungible tokens (NFTs) on main market OpenSea plummeted to new lows in August, information from Dune Analytics revealed.

Data from the on-chain information supplier revealed that the month-to-month gross sales of Ethereum-minted NFTs on {the marketplace} reached a formidable peak of $659.02 million in February earlier than experiencing a subsequent downturn.

On the finish of August, the gross sales quantity for this class of NFTs on OpenSea totaled $106.12 million, marking its lowest month-to-month quantity since Could 2021. This additionally represented an 84% fall from its February peak. 

Supply: Dune Analytics

Equally, following a record-breaking NFT gross sales quantity of $109.12 million in February, Polygon-based NFTs on OpenSea since obtained decreased patronage from OpenSea’s customers. The overall gross sales quantity in August was $7.02 million, marking a 94% decline in gross sales since February. 

Supply: Dune Analytics

What brought about this decline?

The regular decline of gross sales quantity for each Ethereum and Polygon NFTs on {the marketplace} was a results of waning curiosity in profile image NFTs (PFPs) and OpenSea’s lack of market share to Blur.

On-chain information revealed that the market capitalization of high PFP NFT tasks peaked at $5 billion in February 2023. As the general NFT market declined, curiosity on this asset class waned, and the market capitalization is now $2.2 billion, down by over 50% from its peak.

The USD market cap of those high PFP tasks peaked at $5b this yr.

It is now $2.2b, down 56% ($2.8b) from the Feb peak. pic.twitter.com/6aaUvyXTT0

— NFTstats.eth (@punk9059) August 29, 2023

Additionally, since its launch in October 2022, Blur, an NFT market and aggregator, has gained important traction, overtaking business chief OpenSea. Based on information tracked by DappRadar, of all NFT marketplaces, Blur recorded the best gross sales quantity of $222 million within the final month. 

This occurred regardless of a 34% decline in month-over-month (MoM) gross sales. OpenSea, which noticed a forty five% uptick cross-board throughout the identical interval, trailed behind the NFT aggregator, information from DappRadar revealed.

Supply: DappRadar

Along with a decline in gross sales quantity, the variety of merchants who accomplished transactions involving Ethereum and Polygon-based collectibles on OpenSea in August additionally declined. 

Relating to Ethereum-minted NFTs on {the marketplace}, 244,907 NFTs have been offered in April. This was an 11% decline from the 273,709 complete NFTs offered within the month earlier than and a 79% fall from the 1.14 million NFTs offered firstly of the yr.

As for Polygon NFTs on OpenSea, gross sales plummeted by 37% to succeed in its lowest in 9 months