NFT marketplace OpenSea saw its monthly trading volume on Ethereum plunge to 60,200 ETH in August. The weak level is akin to what was recorded back in June 2021.
According to Dune Analytics, OpenSea’s monthly volume dwindled to approximately $106 million in August. It is a significant drop from its January 2022 high of nearly $4.87 billion.
OpenSea Marketplace Records Volume Weakness
Dune Analytics data finds that OpenSea’s monthly volume has decreased close to the record lows clocked in June 2021. As of September 1, ETH trading volume has barely crossed the 170 ETH mark, amounting to $289,000.
A peak of 1.6 million ETH ($4.87 billion) was recorded throughout the peak in January 2022. This past month, OpenSea volumes languished at just 60,218 ETH.
Meanwhile, OpenSea recorded sales of 244,907 NFTs in August. It is a drastic reduction compared to over 1.7 million sales in January of the previous year.
Top Collections Defy Overall Trends
Despite the slump, most of OpenSea’s top collections have grown in the past month.
DeGods saw an astonishing 1,125% increase in volume, recording 31,608 ETH in the last 30 days. Sales also catapulted by 1,733%, reaching 5,774. However, the floor price dipped by 48%, settling at 4.95 ETH.
Over the previous month, Bored Ape Yacht Club experienced a 211% uptick in volume at 30,831 ETH. The second biggest collection on the marketplace saw a 273% increase in sales at 1,145. The floor price slid slightly by 3%, now at 29 ETH.
Mutant Ape Yacht Club saw a volume increase of 147%, recording at 17,737 ETH. It noted a 180% sales bump to 3,251. The floor price marginally declined by 1% during the same period, standing at 5.5366 ETH.
Read more on the best places to buy NFT Trading Cards here: Top 3 Platforms To Buy and Sell NFT Trading Cards in 2023
Azuki observed a moderate 43% volume hike to 8,022 ETH and a 108% rise in sales to 1,680. The floor price, however, dropped by 10% to 4.6374 ETH in the last 30 days.
Milady Maker experienced a 764% volume explosion to 6,016 ETH and a 504% sales hike to 1,492, with the floor price currently at 3.995 ETH.
Polygon Data and OpenSea Policy Shifts
Compared to OpenSea’s Ethereum volumes, Polygon’s transaction volume on the platform in August was just over $7 million.
Additionally, OpenSea also saw its lowest monthly user engagement in the past year.
The platform reportedly saw 125,000 active users buying and selling Ethereum-based NFTs and 96,000 active users on Polygon. These represent the lowest figures in nine months.
The decline comes in the wake of OpenSea announcing key policy changes. The platform recently ceased support for NFT transactions on the BNB Chain. It will also no longer implement royalty payments on secondary sales.
The policy shifts have led to a divide within the NFT community, sparking mixed reactions. Meanwhile, OpenSea needs to double down on its efforts in the Ethereum-based NFT marketplace, where competition is increasingly fierce.
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