Ethereum vs. Polygon and an “OpenSea” of decline in NFT trading

The craze surrounding profile picture NFTs (PFPs) in 2021 subsided significantly according to data from Dune Analytics. According to the blockchain analytics platform, monthly NFT trading volume on OpenSea had fallen by 93% from its all-time high of $4.86 billion in January.

The past nine months have been full of ups and downs for both the crypto and NFT markets. However, a massive move south leads to questioning the events of the past.

OpenSea Ethereum vs. OpenSea Polygon

As of September 30, the monthly NFT trading volume for Ethereum was [ETH] on OpenSea fell by 32%. According to data from Dune Analytics, OpenSea Ethereum recorded a sales volume of $339 million in the last 30 days. In August, this was 502 million dollars.

Furthermore, the total sales volume logged during the period under review represented the lowest sales volume since July 2021. For context, OpenSea Ethereum ended Q3 with a 36% decrease in sales volume.

Source: Dune Analytics

On the contrary, the sales volume for OpenSea Polygon was better in the last 30 days. About 6.97 million were generated in online sales during September. This was only a 2% drop from sales volume of $6.84 million in August.

However, on a quarter-to-quarter basis, OpenSea Polygon experienced its worst quarter to date in 2022. Polygon ended Q3 with a 75% decline in sales volume from the previous quarter.

Source: Dune Analytics

With the drop in sales volume on OpenSea Ethereum, it was not surprising that the number of NFTs sold on the network during the 30-day period also dropped.

Representing the lowest number in Q3, data from Dune Analytics showed that 1.3 million NFTs were sold on the network in the last 30 days.

Source: Dune Analytics

However, OpenSea Polygon told a different story. The number of total NFTs sold on the network in the last 30 days was 141,726, a 40% growth recorded from the 84,971 recorded in August.

Source: Dune Analytics

Furthermore, in the last 30 days, OpenSea Ethereum saw an index of 355,985 active monthly traders. This was a 10% decrease from the 392,789 registered in August and a 16% decrease in active monthly traders on the network in Q3.

On the other hand, considering the OpenSea Polygon, the index of active traders in the last 30 days went up by 27% and by 17% during the quarter.

Q3: A quarter of the misses

According to data from NFTGo, the total market capitalization of the NFT market grew by a meager 0.07% over the past 90 days. At press time, this figure was $22.23 billion.

However, sales volume fell significantly in the quarter. With a sales volume of $1.6 billion recorded on all NFT transactions in the last three months, a 78% decrease in NFTs sales was recorded.

Source: NFTGo