The NFT market, one of the most interesting phenomena in the crypto world, faces an unprecedented challenge in October 2023.
Data from Dune Analytics reveals that monthly sales on Ethereum and Polygon-based NFT marketplace giant OpenSea have fallen to all-time lows.
This decline has been a consistent trend since the first quarter of the year, marking a grim milestone in the world of cryptocurrencies.
Monthly sales of Ethereum-based NFTs have dropped by 51% since September, reaching a total of $49 million in October.
However, the decrease is even more noticeable if we go back in time, since it represents a 92% drop from the $659 million recorded in January 2023.
POLYGON-BASED NFTS ARE NOT SAFE EITHER
Experiencing a 40% decrease in sales compared to September, with total volume of $2.7 million in October. Overall interest in digital collections has seen a sharp decline since the start of the year.
Despite significantly low gas fees on the Ethereum network since May, traders show little interest in completing sales transactions.
The number of traders who have completed transactions with Ethereum-based collectibles on OpenSea in October has decreased by 34%.
An interesting note amid this decline is that Polygon-based NFTs have seen an increase in user engagement, with a 15% increase in monthly sales.
However, in the case of Ethereum NFTs, a 30% decrease is recorded on the OpenSea market.
Despite these drops, OpenSea continues to lead in terms of the number of traders compared to other NFT marketplaces, with 186,000 traders in the last month.
Although its monthly NFT transaction volume ranks below its competitor, Blur, which has recorded a total of $146 million in sales in the last month.