As extra folks transfer away from speculative asset lessons, main NFTs market OpenSea continues to undergo a decline in its share by market quantity and variety of customers.
Furthering its 10-month decline streak, current knowledge 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 knowledge 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, knowledge from Dune Analytics revealed that NFTs gross sales quantity on OpenSea Polygon rallied by 100%. In October, complete gross sales on Polygon-minted NFTs on OpenSea was $14 million, representing the best gross sales quantity up to now 5 months.
Supply: Dune Analytics
Additional to a decline in month-to-month buying and selling quantity, the full depend of Ethereum-based NFTs offered on OpenSea fell by 16% in October. Per knowledge from Dune Analytics, the depend of NFTs offered on OpenSea Ethereum inside the 31-day interval totaled 1.12 million.
For context, whereas the market basked within the euphoria of the NFTs growth of 2021, the depend of NFTs offered on OpenSea Ethereum in January was 2.28 million.
The reverse, nonetheless, was the case on OpenSea Polygon. The depend of Polygon-based NFTs offered on OpenSea in October totaled 308,947, representing a 110% month-over-month spike from the 146,661 NFTs offered in September.
Supply: Dune Analytics
Tightening circumstances throughout the broader monetary markets and the declining common cryptocurrency market have resulted within the falling depend of NFTs merchants in the previous few months.
October was no completely different on OpenSea Ethereum because the depend of month-to-month NFTs merchants fell by 7.4%. Inside the 31-day interval, 335,000 merchants offered and bought Ethereum-minted NFTs on OpenSea. In January, knowledge from Dune Analytics revealed that this was as excessive as 547,000.
In distinction, the depend of month-to-month merchants OpenSea Polygon grew by 6% in October.
Supply: Dune Analytics
It’s getting colder
In response to NFTGo, the overall NFTs ecosystem suffered a drop in gross sales quantity in October. With $408 million recorded in gross sales throughout the overall market, gross sales quantity dropped by 10% inside that interval.
Apparently, inside the identical interval, complete market capitalization grew by 3%.
Supply: NFTGo