OpenSea NFT Trading Volume Hits Historic 3-Year Low
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 Comparison with Blur's Market Share
The decline in OpenSea's sales sharply contrasts with Blur's rapid ascent in the NFT market. 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.
Effects on User Base and Transaction Volumes
Its user base is sharply declining, directly impacting its transaction volumes. In April, active users dropped to 74,113—a 8.19% decrease from March's active users. As a result, only 110,000 NFTs were traded over the last 25 days, marking the lowest monthly total since June 2021.
Market Dynamics and Strategies
To adapt, OpenSea cut its transaction fees to zero in April, while Blur's innovative strategies and user incentives have helped them gain market share. The ongoing battle with Blur highlights the importance of such strategies in the competitive NFT space.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.