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This month, marked by growth in most sectors, the cryptocurrency ecosystem saw relief from the beatdown it received in the first half of the year. This relief has made many believe we have finally found the bottom of the bear market.
However, despite the bullish uptick in the wider cryptocurrency market, interest in NFT projects continues to dwindle. In fact, according to NFTGo, figures of $234,944,782.13 were recorded in sales volume over the last 30 days – A 12.25% decline.
Furthermore, data from CryptoSlam revealed a decline in the sales volume of blue-chip projects such as Bored Apes and Otherdeed. These dropped by 36% and 25%, respectively, in the last 30 days.
Still seeing some decline in a few metrics, OpenSea, the world’s most popular NFT marketplace, registered a drop in its performance in July. This, when compared to its performance in June.
Additionally, Opensea Polygon recorded some notable drops too.
According to data from Dune Analytics, in June, OpenSea Ethereum registered a sales volume of $695 million. However, with $513 million logged in sales volume over the last 30 days, a 26% drop was seen.
Source: Dune Analytics
Still, on a decline since the beginning of the year, the last 30 days were no different for sales on OpenSea Polygon. With $6,216,798 in sales on the network, a 42% drop from the $8,856,717 recorded in the month before was posted in the last 30 days.
Source: Dune Analytics
Interestingly, despite a decline in sales volume on OpenSea Ethereum, the last 30 days were marked by an uptick in the quantity of NFTs sold on the network.
With 1,649,129 NFTs sold, a 6% hike was seen from the figures recorded in June.
Source: Dune Analytics
OpenSea Polygon, however, told a different story. With the count for total NFTs sold on the network in the last 30 days standing at 101,949, a 51% decline was registered from the figures of 154,282 in June.
Source: Dune Analytics
Finally, in the last 30 days, OpenSea Ethereum noted an index of 407,115 as its monthly active traders. This represented a 3% growth from the 393,737 recorded in June. On the other hand, on OpenSea polygon, the index for active traders in the last 30 days dropped by 28%.
According to data from NFTGo, over the last 30 days, the total number of unique addresses that bought or sold at least one NFT from any of the collections listed on the analytics platform dropped by 1.67%. In June, this had dropped by 12%.
This brought the total number of traders across NFTs marketplaces in July to 336,455, compared to the 313,341 traders the market recorded in June.
Source: NFTGo
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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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