Data from the Dune Analytics dashboard showed that monthly sales volume on OpenSea embarked on its descent since March and has fallen consistently in the past seven months.
So far this month, the sales volume for Ethereum-minted NFTs on OpenSea has totaled $49 million. This represents a 51% decline from the $74 million recorded in sales volume in September and a 92% decrease from the $659 million registered in January.Likewise, following the record-breaking sales volume of $109.12 million logged in February, Polygon-based NFTs have experienced reduced patronage from OpenSea’s users.
Data sourced from Dune Analytics put the total sales volume so far this month at $2.7 million, a 40% drop from the $4.5 million recorded in September.To complete transactions on OpenSea, gas fees are paid in the Ethereum network’s native currency Ether. Due to low activity on the network, this has dwindled since May., on 5 May, the median transaction fee paid to complete transactions on Ethereum was 142 GWEI. However, at press time, this stood at 21.1.
Surprisingly, Polygon-minted NFTs have seen a surge in the number of users participating in at least one trade since the month began. Further, a month-over-month uptick of 15% was recorded for Polygon NFTs sold on OpenSea. But for Ethereum NFTs on the marketplace, a 30% fall has been registered.However, OpenSea has led other NFT marketplaces in terms of trader count in the past 30 days. According to DappRadar, traders that have completed NFTs transactions on OpenSea in the last month totaled 186,000. Blur has seen a mere 27,000 traders.Abiodun is a full-time journalist working with AMBCrypto.