Tight conditions in the broader financial markets continue to drive the cryptocurrency market down. Of course, portrait NFTs (PFPs) have also suffered from a significant drop in investor interest. The low interest was demonstrated by the significant decrease in sales volume, number of NFTs sold, etc. in the leading NFT markets.
OpenSea’s flagship market has been hit hard as its share of market size and number of users has fallen sharply since the beginning of the year. In a new report assessing overall market performance in the third quarter, Binance Research found that OpenSea recorded a significant drop in the number of users and sales volume.
This was mainly due to the general downturn in the cryptocurrency market, whThis has led many investors to shy away from speculative asset classes. Fierce competition from markets such as Solana-based Magic Eden may also have played a role.
Sea of Ls
According to the information received from sand dune analyticsOpenSea Ethereum’s headline numbers are at their lowest so far this year. At the time of writing, NFT’s monthly trading volume is $237 million. This was a 29% drop from $348 million in market turnover, and a 94% drop from $4 billion in January.
For context, the above numbers represent the lowest sales volume since July 2021.
On the contrary, OpenSea Polygon’s sales volume this month was slightly better. At the time of publication, approximately $5.93 million has been raised on Polygon’s market rollout since the beginning of the month.
In addition to lower monthly trading volume, the number of NFTs sold so far this month is the lowest since the beginning of the year. According to data from Dune Analytics, the number of NFTs sold on OpenSea Ethereum in the last 23 days is 899,000.
This is a 10% decrease from the 1.34 million NFTs sold in September, and a 55% decrease from the 2.28 million NFTs sold in January.
As expected, the decrease in the volume of sales and the number of NFTs sold was due to a decrease in active traders in the market. So far this month, OpenSea Ethereum has registered an index of 280,778 active traders. In January, the market recorded a monthly peak of 547,300 active traders.
Listen, NFT dough
According to NFTGo, the month so far has been marked by a general decline in sales volumes across the entire NFT market. As of press time, this figure is $2927 million.
The total market capitalization of the NFT market is up a paltry 0.023% in the last 23 days.