OpenSea Sees Its Lowest Monthly Trading Volume Since July 21 As It ...

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.

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.

To get a historical look at the monthly volume a Dune dashboard created by Richard Chen, a General Partner at crypto investment firm 1confirmation, shows the previous months' data in graphical form.

Worryingly, the volume of Polygon sales was just $6.4 million down from a high of $79 million in January 2022.

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

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

CryptoSlate Daily Brief

Daily signals, zero noise.

Market-moving headlines and context delivered every morning in one tight read.

5-minute digest 100k+ readers Email address Get the brief

Free. No spam. Unsubscribe any time.

Whoops, looks like there was a problem. Please try again. You’re subscribed. Welcome aboard.

NFT collector Penguin.eth commented that “This @opensea volume is pretty horrifyingly bad ngl.” Treeverse developer Loopify also remarked 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.

The past 3 days have had the highest percentage of OpenSea volume in WETH in the past year.

WETH trades happen when sellers accept bids below their asking price. pic.twitter.com/WWwWgmMSr9

— NFTstatistics.eth (@punk9059) June 13, 2022

Meanwhile, the total volume on Solana-based Magic Eden was reported at $162 million in NFT sales for the same period. The total raw on-chain volume on Magic Eden is now close to OpenSea however that may include funds unrelated directly to NFT sales. Further, Magic Eden NFT sales volume is down just 53% compared to OpenSea's 195%.

OpenSea DappRadar NFTs OpenSea Author View profile → Liam 'Akiba' Wright Editor-in-Chief • CryptoSlate

Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

@akibablade LinkedIn Context

Related coverage

Switch categories to dive deeper or gain broader context.

NFTs Top Category Press Releases Newswire

Crime

Two major crypto events canceled after city hit by 18 violent physical attacks on crypto holders amid market downturn

Organizers blame a “market collapse” for the sudden shutdown, but a string of brutal kidnappings and home invasions across France suggests the risks of being seen in public have changed.

3 weeks ago

AI

Can blockchain tame AI’s IP problem?

Camp Network aims to solidify on-chain provenance and ensure creators receive royalties for AI's use of their registered content.

3 months ago

NFTs are coming back but Blue Chip projects are on life support

NFTs · 3 months ago

OpenSea is evolving to become a platform to ‘trade everything’; set to launch token in 2026

Crypto · 4 months ago

NFTs stage comeback with $530M in July trades, flipping DeFi user activity

NFTs · 6 months ago

Solana co-founder labels memecoins and NFTs as ‘digital slop’ despite booming activity

People · 6 months ago

Paradex Confirms $DIME TGE Timeline and Expands Airdrop Allocation Following XP Season 2 Conclusion

Paradex to airdrop 25% of $DIME supply and expand community rewards in anticipation of TGE.

3 days ago

Paradex Introduces Money Badgers, the Cultural and Identity Layer of Its Ecosystem

Money Badgers aligns finance with culture and identity, shaping the decentralized social framework of the Paradex ecosystem.

4 days ago

“USS Status” Launch: Crypto Veteran Returns With Satirical Cartoon, Privacy App, and Gasless L2

PR · 4 days ago

MEXC 2025 Report: Zero-Fee Strategy Delivers $1.1B in User Savings, Capturing Leading Market Share

PR · 5 days ago

QXMP Labs Announces Activation of RWA Liquidity Architecture and $1.1 Trillion On-Chain Asset Registration

PR · 5 days ago

Deffio Integrates BLIK to Enable Instant Crypto Purchases for Polish Users

PR · 6 days ago

The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. For more information, see our company disclaimers.