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.

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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.

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