OpenSea’s Sales Plummet in 2023 Amid Deepening NFT Winter

Dune Analytics data indicates a substantial decline in monthly sales on the NFT platform OpenSea, with Ethereum and Polygon-based non-fungible tokens (NFTs) notably taking a hit in October.

Opensea’s Sales Plummet In 2023 Amid Deepening Nft Winter_65b9786ed8a0c.webp

The Trading Volume on OpenSea Hits a Record Low

OpenSea’s sales volume has hit new lows in 2023 as the NFT winter deepens. Data from Dune Analytics reveals that the NFT marketplace OpenSea is experiencing a significant drop in monthly sales, particularly in Ethereum and Polygon-based non-fungible tokens (NFTs) during the month of October.

This decline in sales can be attributed to the waning interest in digital collectibles this year, a trend brought about by various challenges, including increased regulatory scrutiny and fluctuations in Federal rates.

OpenSea, a prominent NFT marketplace, has witnessed a continuous decrease in monthly sales since March 2023. In October, the sales volume for Ether-based NFTs on the platform dwindled to $49 million, marking a 51% decrease from the $74 million recorded in September and a staggering 92% decline from the $659 million reported in January.

openseas sales plummet in 2023 amid deepening nft winter 65b9786edba35

Additionally, NFTs minted on the Polygon network have also seen their sales volume drop since reaching a peak of $109.12 million in February. In October, the figure fell to $2.7 million, representing a 40% decrease compared to the $4.5 million in September.

As the NFT industry experiences declining interest, it is worth noting that well-known projects like the Bored Ape Yacht Club have seen their floor prices plummet by over 80% since May 2022. This confirms the prevailing bearish sentiment in the market, which is further supported by a three-month floor price chart showing a consistent downward trend.

openseas sales plummet in 2023 amid deepening nft winter 65b9786ee2334

Despite the challenges faced by the NFT market, there is hope for a resurgence. Many analysts believe that the sector will recover, including YouTuber Giancarlo, who is optimistic about the current bullishness in the broader cryptocurrency market.

>>> Binance Challenges CFTC Lawsuit, Asserting Jurisdictional Limitations

According to him, NFT prices tend to surge during bull markets in the digital asset space, citing the example of punks, which saw their value increase 8-fold from 15 Eth to 120 Eth between June and October 2021, coinciding with Bitcoin’s rise from $28,000 to the $60,000 range.

openseas sales plummet in 2023 amid deepening nft winter 65b9786ee94a8

Giancarlo believes that when individuals in the crypto space accumulate wealth, they are more likely to invest in NFTs and other blockchain-related projects, driving growth in the NFT market.

In essence, a crypto bull rally can lead to an influx of wealthier participants who are eager to spend their digital assets on speculative games and NFT exchanges, ultimately boosting the NFT market.

(100 votes)

5.0/5

(100 votes)

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.