As interest in profile picture NFTs begins to dwindle, OpenSea, the leading NFT marketplace, saw a sharp decline in sales volume of both Ethereum and Polygon-based NFTs in April.
-based NFTs on leading marketplace OpenSea fell to its lowest so far at the end of April 2023.
Information from the on-chain data provider revealed that Ethereum-based NFT sales in the marketplace soared to a nine-month high of $643.61 million by the end of February. However, with a 4.63% market-wide decline in NFT sales in March, OpenSea closed Q1 2023 with a 40% drop in sales volume of its Ethereum-minted NFTs.
Still trending downwards in April, this fell by an additional 26%, as sales volume within the 30-day period totaled $285.31 million.Following a record-breaking NFT sales volume of $109.12 million in February, sales of Polygon-based NFTs on OpenSea closed the first quarter of the year with a whopping 98% decline. With even less trading activity in April, this fell further by 98%. During that 30-day period, sales volume was a mere $34,109, per data from Dune Analytics.
This represented a 28% decline from the 817,971 total NFTs sold in March and a 49% fall from the 1.13 million total Ethereum-based NFTs sold at the beginning of the year.As for Polygon NFTs on OpenSea, sales plummeted by 99% in April, with only 331 NFTs sold compared to the 35,337 NFTs sold in March. According to Dune Analytics, this represented the lowest monthly count of Polygon-minted NFTs sold on OpenSea since June 2021.
As of this writing, OpenSea’s share of the NFT market has fallen to 20.2%. Blur’s market share, on the other hand, stood at 68%, per data from Dune Analytics.
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