{"id":244399,"date":"2022-06-21T05:00:47","date_gmt":"2022-06-21T04:00:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=244399"},"modified":"2022-06-21T22:15:19","modified_gmt":"2022-06-21T21:15:19","slug":"opensea-sees-its-lowest-monthly-trading-volume-since-july-21-as-it-falls-195","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/opensea-sees-its-lowest-monthly-trading-volume-since-july-21-as-it-falls-195\/","title":{"rendered":"OpenSea sees its lowest monthly trading volume since July 21 as it falls 195%"},"content":{"rendered":"

Data from DappRadar suggests that trading volume on OpenSea is down 57% across all networks over the past 30 days. The total volume comes to just $785 million in the past month after having several months with well over $1 billion in NFT sales.<\/p>\n

\"dappradar\"
Source: DappRadar<\/a><\/figcaption><\/figure>\n

The analytics tool shows that there has however been an increase in both users and the number of transactions suggesting that more NFTs are being sold at a lower price. Transactions are up 69% while users are up 6.5%. Interestingly, when you break the transactions down across Ethereum, Polygon, and Solana we see that Ethereum has seen an increase of just 0.5% at 1.6M transactions but the newly added Solana has brought an additional 951K.<\/p>\n

To get a historical look at the monthly volume a Dune dashboard created by Richard Chen<\/a>, a General Partner at crypto investment firm 1confirmation,\u00a0shows the previous months' data in graphical form<\/a>.<\/p>\n

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Source: Dune<\/a><\/figcaption><\/figure>\n

Worryingly, the volume of Polygon sales was just $6.4 million down from a high of $79 million in January 2022.<\/p>\n

\"opensea
Source: Dune<\/a><\/figcaption><\/figure>\n

Solana performed better with $37 million in total volume. However, neither Solana nor Polygon came close to Ethereums nine-figure sum.<\/p>\n

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Source: Dune <\/a><\/figcaption><\/figure>\n

Total website traffic for OpenSea has also been trending down since March with a 15% decline<\/a> from April to May. The site had 67 million visitors in May which is still 30 times greater than competitor Rarible.<\/p>\n

NFT collector Penguin.eth commented<\/a> that “This @opensea volume is pretty horrifyingly bad ngl.” Treeverse developer Loopify also remarked<\/a> that “this chart looks awful.” In more bad news for the NFT platform, NFTstatistics.eth reported that users may be accepting bids below their market price.<\/p>\n

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The past 3 days have had the highest percentage of OpenSea volume in WETH in the past year. <\/p>\n

WETH trades happen when sellers accept bids below their asking price. pic.twitter.com\/WWwWgmMSr9<\/a><\/p>\n

— NFTstatistics.eth (@punk9059) June 13, 2022<\/a><\/p><\/blockquote>\n