Ethereum vs. Polygon and an ‘OpenSea’ of decline in NFTs trading

The craze that surrounded profile picture NFTs (PFPs) in 2021 dwindled significantly as per data from Dune Analytics. According to the blockchain analytics platform, monthly NFT trading volume on OpenSea had declined by 93% from the all-time high of $4.86 billion in January.

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

OpenSea Ethereum vs. OpenSea Polygon

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

Further, the total sales volume logged within the period under consideration represented the lowest sales volume since July 2021. For context, OpenSea Ethereum closed Q3 with a 36% decline in sales volume.

Source: Dune Analytics

On the contrary, sales volume for OpenSea Polygon was better off in the last 30 days. Approximately 6.97 million was generated in sales on the network during September. This was only a 2% drop recorded from the $6.84 million in sales volume in August.

However, on a quarter-on-quarter basis, OpenSea Polygon experienced its worst quarter yet as of 2022. Polygon closed Q3 with a 75% decline in sales volume from the previous quarter.

Source: Dune Analytics

With the fall in sale volume on OpenSea Ethereum, it was not surprising that the quantity of NFTs sold on the network within the 30-day period fell as well.

Representing the lowest count 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

OpenSea Polygon, however, told a different story. The count for total NFTs sold on the network in the last 30 days stood at 141,726, a 40% growth registered 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% decline from the 392,789 recorded in August and a 16% drop in active monthly traders on the network in Q3. 

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

Q3: A quarter of misses

According to data from NFTGo, the total market capitalization of the NFTs market grew by a meager 0.07% in the last 90 days. At press time, this figure stood at $22.23 billion. 

Sales volume, however, fell considerably during the quarter. With a sales volume of $1.6 billion recorded on all NFTs transactions in the last three months, a 78% decline in NFTs sales was registered.

Source: NFTGo