Ethereum and Polygon-minted NFTs on OpenSea fall to new lows

Ethereum and Polygon-minted NFTs on OpenSea fall to new lows

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  • NFT sales volume for Ethereum and Polygon-minted NFTs fell to new lows in August. 
  • Due to dropping interest, NFTs sales count plunged as well.

The monthly sales volume of Ethereum [ETH] and Polygon [MATIC]-based non-fungible tokens (NFTs) on leading marketplace OpenSea plummeted to new lows in August, data from Dune Analytics revealed.

Information from the on-chain data provider revealed that the monthly sales of Ethereum-minted NFTs on the marketplace reached an impressive peak of $659.02 million in February before experiencing a subsequent downturn.

At the end of August, the sales volume for this category of NFTs on OpenSea totaled $106.12 million, marking its lowest monthly volume since May 2021. This also represented an 84% fall from its February peak. 

Source: Dune Analytics

Similarly, following a record-breaking NFT sales volume of $109.12 million in February, Polygon-based NFTs on OpenSea since received decreased patronage from OpenSea’s users. The total sales volume in August was $7.02 million, marking a 94% decline in sales since February. 

Source: Dune Analytics

What caused this decline?

The steady decline of sales volume for both Ethereum and Polygon NFTs on the marketplace was a result of waning interest in profile picture NFTs (PFPs) and OpenSea’s loss of market share to Blur.

On-chain data revealed that the market capitalization of top PFP NFT projects peaked at $5 billion in February 2023. As the overall NFT market declined, interest in this asset category waned, and the market capitalization is now $2.2 billion, down by over 50% from its peak.

The USD market cap of these top PFP projects peaked at $5b this year.

It’s now $2.2b, down 56% ($2.8b) from the Feb peak. pic.twitter.com/6aaUvyXTT0

— NFTstats.eth (@punk9059) August 29, 2023

Also, since its launch in October 2022, Blur, an NFT marketplace and aggregator, has gained significant traction, overtaking industry leader OpenSea. According to data tracked by DappRadar, of all NFT marketplaces, Blur recorded the highest sales volume of $222 million in the last month. 

This occurred despite a 34% decline in month-over-month (MoM) sales. OpenSea, which saw a 45% uptick cross-board within the same period, trailed behind the NFT aggregator, data from DappRadar revealed.

Source: DappRadar

In addition to a decline in sales volume, the number of traders who completed transactions involving Ethereum and Polygon-based collectibles on OpenSea in August also declined. 

Regarding Ethereum-minted NFTs on the marketplace, 244,907 NFTs were sold in April. This was an 11% decline from the 273,709 total NFTs sold in the month before and a 79% fall from the 1.14 million NFTs sold at the beginning of the year.

As for Polygon NFTs on OpenSea, sales plummeted by 37% to reach its lowest in nine months

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