As extra folks transfer away from speculative asset lessons, main NFTs market OpenSea continues to endure a decline in its share by market quantity and variety of customers.
Furthering its 10-month decline streak, latest information from Dune Analytics confirmed that OpenSea Ethereum closed October with a extreme drop in all of its key metrics.
Are the glory days behind?
Per information from Dune Analytics, gross sales quantity on OpenSea Ethereum in October totaled $319 million. This determine represented an 8% decline from the $348 million logged as gross sales quantity on {the marketplace} in September and a 92% drop from the $4 billion which the platform recorded in January.
Up to now this month, gross sales quantity on OpenSea Ethereum was $30 million on the time of writing.
Supply: Dune Analytics
In distinction, information from Dune Analytics revealed that NFTs gross sales quantity on OpenSea Polygon rallied by 100%. In October, whole gross sales on Polygon-minted NFTs on OpenSea was $14 million, representing the very best gross sales quantity prior to now 5 months.
Supply: Dune Analytics
Additional to a decline in month-to-month buying and selling quantity, the entire rely of Ethereum-based NFTs bought on OpenSea fell by 16% in October. Per information from Dune Analytics, the rely of NFTs bought on OpenSea Ethereum throughout the 31-day interval totaled 1.12 million.
For context, whereas the market basked within the euphoria of the NFTs increase of 2021, the rely of NFTs bought on OpenSea Ethereum in January was 2.28 million.
The reverse, nonetheless, was the case on OpenSea Polygon. The rely of Polygon-based NFTs bought on OpenSea in October totaled 308,947, representing a 110% month-over-month spike from the 146,661 NFTs bought in September.
Supply: Dune Analytics
Tightening circumstances throughout the broader monetary markets and the declining normal cryptocurrency market have resulted within the falling rely of NFTs merchants in the previous few months.
October was no completely different on OpenSea Ethereum because the rely of month-to-month NFTs merchants fell by 7.4%. Throughout the 31-day interval, 335,000 merchants bought and bought Ethereum-minted NFTs on OpenSea. In January, information from Dune Analytics revealed that this was as excessive as 547,000.
In distinction, the rely of month-to-month merchants OpenSea Polygon grew by 6% in October.
Supply: Dune Analytics
It’s getting colder
Based on NFTGo, the final NFTs ecosystem suffered a drop in gross sales quantity in October. With $408 million recorded in gross sales throughout the final market, gross sales quantity dropped by 10% inside that interval.
Curiously, throughout the identical interval, whole market capitalization grew by 3%.
Supply: NFTGo
