• Ethereum and Polygon-based NFTs on OpenSea ended April at their lowest sales volume yet.
• Blur continues to outshine OpenSea as its market share grows. 

According to data from Dune Analytics, the sales volume of Ethereum [ETH] and Polygon [MATIC]-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. 

NFTs in Q1

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.

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Author: Abiodun Oladokun

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