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Tightening conditions across the broader financial markets continue to precipitate a decline in the cryptocurrency market. Needless to say, profile pictures (PFP) NFTs have suffered a significant decline in investors’ interest too. The drop in interest has exhibited itself through a significant decline in sales volume, count of NFTs sold, etc., across leading NFTs marketplaces.
Leading marketplace OpenSea has been the most affected as its share by market volume and number of users have declined severely since the beginning of the year. In a new report assessing the general market’s performance in Q3, Binance Research found that OpenSea noted a significant fall in its user count and sales volume.
This was primarily due to the general decline in the cryptocurrency market, which led many investors to move away from speculative asset classes. Stiff competition from marketplaces like Solana-based Magic Eden may have also played a part too.
Source: Binance Research
As per data from Dune Analytics, key metrics on OpenSea Ethereum are at their lowest so far this year. As of this writing, monthly NFT trading volume stood at $237 million. This was a 29% decline from the $348 million logged as sales volume on the marketplace and a 94% drop from the $4 billion recorded in January.
For context, the aforementioned figures represent the lowest sales volume since July 2021.
Source: Dune Analytics
On the contrary, this month’s sales volume for OpenSea Polygon has been slightly better. At press time, about $5.93 million had been generated on the marketplace’s deployment on Polygon since the month started.
In addition to a drop in monthly trading volume, the count of NFTs sold so far this month is at its lowest since the beginning of the year. According to data from Dune Analytics, the count of NFTs sold on OpenSea Ethereum over the last 23 days totalled 899,000.
This represented a 10% decline from the 1.34 million NFTs sold in September and a 55% decline from the 2.28 million NFTs sold in January.
Source: Dune Analytics
As expected, the decline in sales volume and the count of NFTs sold was brought about by a fall in active traders on the marketplace. So far this month, OpenSea Ethereum has registered an index of 280,778 active traders. In January, the marketplace saw a monthly high of 547,300 active traders.
Source: Dune Analytics
According to NFTGo, the month so far has been marked by a general decline in sales volume across the entire NFTs market. At press time, this figure stood at $2927 million.
The total market capitalization of the NFTs market grew by a meagre 0.023% in the last 23 days.
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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