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

• OpenSea, the highest NFT market, noticed an enormous drop in buying and selling quantity for Ethereum NFTs, hitting its lowest degree since Might 2021
• Buying and selling exercise for Ethereum-based NFTs plummeted by 99.1% from its peak in Might 2022.

OpenSea, the main NFT market, has skilled a big downturn, in buying and selling quantity for Ethereum-based NFTs. Latest knowledge reveals that the platform has a mean each day quantity of roughly 600 ETH, marking its lowest level since Might 2021, predating the onset of the unique NFT bull market.

This vital drop displays a considerable 99.1% lower from the height buying and selling exercise noticed in Might 2022. Throughout that point, OpenSea facilitated 66,000 ETH in each day quantity. The sharp distinction between the present figures and the earlier highs underscores the notable shift in sentiment and exercise throughout the NFT market.

Ethereum NFTs on the Bleed

Whereas Ethereum has usually maintained dominance throughout a number of sectors within the cryptocurrency area, there appears to be a noticeable shift occurring particularly throughout the NFT sector. In keeping with latest knowledge, Blast NFT collections reminiscent of PAC REKT, Blastopians, and Plutocrats have collectively generated a buying and selling quantity surpassing that of the complete Ethereum NFT market throughout all exchanges.

Up to now month, famend Ethereum NFT collections reminiscent of BAYC and CryptoPunks failed to identify among the many top-selling NFTs. As an alternative, the Bitcoin-based Runestone claimed the highest place in NFT collections.

NFT Collections Rating (Supply: DappRadar)

Additional, the Blast-based Fantasy Prime assortment presently holds the highest place amongst NFT collections. In keeping with DappRadar knowledge, Ethereum-based NFTs like CryptoPunks noticed a big 69.87% lower in quantity, whereas BAYC skilled a decline of 56.11% in quantity.

If this development persists, Ethereum’s supremacy within the NFT sector may very well be prone to being usurped.