- Ethereum and Polygon-based NFTs on OpenSea recorded their lowest sales volume this year in September.
- Blur continued to surpass OpenSea in terms of monthly sales volume.
Ethereum’s monthly sales volume [ETH] and Polygon [MATIC]-based non-fungible tokens (NFTs) on leading marketplace OpenSea closed September this year at their lowest level yet, data from Dune Analytics revealed.
During the overall bull market in the first quarter of the year, the market’s monthly sales of Ethereum-minted NFTs reached an impressive peak of $659.02 million in February.
As interest in this form of digital collectibles began to wane in March, monthly sales volume on OpenSea began to decline and has been steadily declining over the past seven months.
By the end of September, sales volume for Ethereum NFTs on OpenSea totaled $74 million. This represented a 98% decline from the February peak and a 30% decline month-on-month.
Source: Dune Analytics
Similarly, after record-breaking NFT sales volume of $109.12 million in February, Polygon-based NFTs on OpenSea have seen less support from OpenSea’s users.
Total sales volume in September was $5 million – a 95% decline in sales since February and a 29% decline month-over-month. This was the lowest sales volume since the beginning of the year.
Source: Dune Analytics
In addition to declining sales volume, the number of merchants completing transactions with Ethereum and Polygon-based collectibles on OpenSea in September also fell.
In terms of the number of Ethereum-minted NFTs sold on OpenSea in September, this totaled 248,089. This was a 1% increase from the 244,907 Ethereum-based NFTs sold on the market in August.
However, on a year-on-year (YTD) basis, there still remains a significant decline. In January, more than 1 million Ethereum NFTs were sold on OpenSea.
For Polygon-based collectibles, sales fell to a year-to-date low in September. During the 30-day period, 169,072 Polygon NFTs were sold on OpenSea.
OpenSea remains in Blur’s shadow
Fade [BLUR] continues to dominate OpenSea in terms of monthly NFT trading volume, data shows DappRadar revealed. According to the data provider, NFT trading volume on Blur totaled $138.8 million.
OpenSea lagged behind with trading volume of $59 million, down 22% in the past month. Moreover, Blur saw more NFT trading activity, despite having fewer traders than OpenSea during the period considered.
According to DappRadar, there were a total of 173,000 merchants who completed NFT transactions on OpenSea last month. However, Blur only saw 28,000 merchants.
Source: DappRadar
