- The leading NFT marketplace saw a 57% reduction in trading volume in the past 30 days
- Less than 6 months ago, OpenSea had its best month to date, reaching record high trading volume, fees generated, and user activity on the site
- While Ethereum and Polygon NFT trading volumes are down, Solana NFTs saw a major bump in trading activity
Ethereum and Polygon volumes nose dive, Solana NFTs see a 78% monthly increase
The recent cryptocurrency downturn saw Bitcoin – and the rest of the crypto market – lose high double digits in the past month. In addition to the falling prices of crypto coins and tokens, non-fungible token (NFT) sales have also seen a considerable decrease in the same time period.
According to a blockchain analytics firm DappRadar, the world’s largest NFT marketplace OpenSea saw an overall 57% decline in trading volume in the past 30 days.
Both Ethereum and Polygon NFT volumes declined by roughly 70%, falling to $760.39 million and $10.53 million, respectively. However, there was a considerable increase in transactional volume taking place on Solana – the trading volume on the high-performance Proof-of-Stake (PoS) chain increased by 78% over the course of the last 30 days and hit $62.99 million.
Recall that OpenSea integrated Solana in early April, confirming months-long rumors and speculations about Solana joining the trio of blockchains supported by the marketplace, including Ethereum, Polygon, and Klaytn.
The drastic drop in NFT trading volume comes roughly 6 months after OpenSea had its best month ever. In January 2022, the collectibles marketplace hit record-breaking figures in terms of the number of NFTs sold, trading volume, and fees generated.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.