OpenSea, a non-fungible token (NFT) marketplace, faces a significant challenge with its daily trading volume in ETH NFTs.

This volume has dropped to its lowest point since May 2021, with figures currently hovering around 600 ETH per day. 

OpenSea NFT Volume Hits Record Low Since May 2021

OpenSea hit a record for the lowest monthly sales volume since the initial NFT bull market surge. Analysis from a Dune Analytics dashboard shows that OpenSea’s NFT sales for April ended at just $97 million.

”The volume is down 99.1% from the May, 2022 peak, when OS was doing 66,000 ETH of volume per day.” NFTstats.eth said.

The decline in OpenSea’s sales sharply contrasts with Blur’s rapid ascent in the NFT market. As a new entrant, Blur has dramatically increased its market share during the same period. While OpenSea struggles, Blur has seized 78.7% of all NFT transactions in the past week, leaving OpenSea with just 21.3% of the market volume.

Read more: Top 9 OpenSea Alternatives in 2024

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Author: Shota Oba

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