- Ethereum and Polygon-based NFTs on OpenSea ended April at their lowest gross sales quantity but.
- Blur continues to outshine OpenSea as its market share grows.
In response to information from Dune Analytics, the gross sales quantity of Ethereum [ETH] and Polygon [MATIC]-based NFTs on main market OpenSea fell to its lowest to date on the finish of April 2023.
Info from the on-chain information supplier revealed that Ethereum-based NFT gross sales within the market soared to a nine-month excessive of $643.61 million by the tip of February. Nonetheless, with a 4.63% market-wide decline in NFT gross sales in March, OpenSea closed Q1 2023 with a 40% drop in gross sales quantity of its Ethereum-minted NFTs.
Nonetheless trending downwards in April, this fell by a further 26%, as gross sales quantity throughout the 30-day interval totaled $285.31 million.
Supply: Dune Analytics
NFTs in Q1
Following a record-breaking NFT gross sales quantity of $109.12 million in February, gross sales of Polygon-based NFTs on OpenSea closed the primary quarter of the yr with a whopping 98% decline. With even much less buying and selling exercise in April, this fell additional by 98%. Throughout that 30-day interval, gross sales quantity was a mere $34,109, per information from Dune Analytics.
Supply: Dune Analytics
The overall market drop within the variety of NFTs offered in March lingered into April because the rely of Ethereum and Polygon-based NFTs offered on OpenSea fell steeply. Concerning Ethereum-minted NFTs on OpenSea, 585,303 NFTs had been offered in April.
This represented a 28% decline from the 817,971 complete NFTs offered in March and a 49% fall from the 1.13 million complete Ethereum-based NFTs offered originally of the yr.
Supply: Dune Analytics
As for Polygon NFTs on OpenSea, gross sales plummeted by 99% in April, with solely 331 NFTs offered in comparison with the 35,337 NFTs offered in March. In response to Dune Analytics, this represented the bottom month-to-month rely of Polygon-minted NFTs offered on OpenSea since June 2021.
Supply: Dune Analytics
OpenSea stays in Blur’s shadows
For the reason that yr started, OpenSea has confronted intense competitors from Blur, whose market share has grown tremendously because it grew to become operational in October 2022.
In response to information from DappRadar, whereas OpenSea logged a quarterly improve of 68.41% in its buying and selling quantity in Q1 2023, in March, its buying and selling quantity fell by 35%, and its market dominance fell to 22%, the bottom since February 2021.
As of this writing, OpenSea’s share of the NFT market has fallen to twenty.2%. Blur’s market share, however, stood at 68%, per information from Dune Analytics.
Supply: Dune Analytics
