OpenSea sees a decline in sales of Ethereum and Polygon NFT; Details inside

• Ethereum and polygon-based NFTs on OpenSea surrender to close Q1 on their lowest sales volume to date.
• OpenSea’s market share has fallen significantly since the start of the year.

Q1 sales figures for Ethereum and Polygon-based non-fungible tokens (NFTs) on OpenSea are on track to record the lowest monthly volume of the year so far, according to data from Dune Analytics.

Ethereum-based NFT sales on the market rose to a nine-month high of $643.61 million at the end of February. But with four days to go until the end of the first quarter of the year, OpenSea has logged $324.30 million in Ethereum-denominated NFT sales in March, representing a 50% drop in sales volume from its February high.

Source: Dune Analytics

After a record NFT sales volume of $109.12 million in February, sales of polygon-based NFTs on OpenSea have experienced a sharp decline this month. In the past 26 days, only $2.5 million in sales volume has been recorded, indicating a staggering 97% drop in sales.

Source: Dune Analytics

The sharp decline in sales volume for Ethereum and Polygon-based NFTs on OpenSea was attributed to the drop in the number of NFTs sold so far this month.

In terms of Ethereum-denominated NFTs on OpenSea, 715,925 NFTs have been sold so far. This represented a 16% decrease from the total of 853,391 NFTs sold in February and a 37% drop from the total of 1.13 million Ethereum-based NFTs sold in January.

Source: Dune Analytics

As for Polygon NFTs on OpenSea, sales have plunged 93% this month, with only 35,064 NFTs sold compared to 565,964 NFTs sold last month, and a 98% decrease from the 1,514,895 NFTs – the ones that were sold in January.

Source: Dune Analytics

OpenSea’s dominance has declined sharply

Data from DappRadar revealed a steep decline in key growth metrics for leading NFT marketplace OpenSea since the start of the year.

For example, the number of unique active wallets traded on the marketplace has dropped by 98% in the last 90 days. In the same way, the transactions reckon that OpenSea has witnessed a decline of 99% in the same period.

Source: DappRadar

The decline in OpenSea’s dominance can be attributed to the launch of Blur, which has gained significant influence since it became operational in October 2022.

According to a recent report from Glassnode, Blur’s market share experienced a remarkable increase after the token went airborne on February 14th.

Prior to the distribution of the BLUR token, the NFT marketplace and aggregator held 48% of NFT transfer volume across the entire market. However, the airdrop led to a significant increase in Blur’s NFT transfer volume, which rose to 78% at its peak.

Over the past week, Blur accounted for a significant portion of the total NFT sales volume, representing 73.8% of the market share. In contrast, OpenSea had a smaller share of 17%.

Source: Dune Analytics