Over the past month, once-leading NFT marketplace OpenSea has seen a remarkable drop in its NFT sales and number of users. On the other hand, NFT marketplace Blur is preparing to end 2023 on a high note. It’s now in top position in terms of sales volume according to data from DappRadar.
Limited NFT sales
This December, Blur’s NFT sales volume almost reached $600 million, propelling it to the top of the ranking. OKX NFT Marketplace is a close second with sales volume of $558 million and Magic Eden is third with $144 million during the same period.
OpenSea’s sales volume was just $119 million. It registered a 29% increase in sales since November. The slow growth reflects the decline in the number of NFTs sold this month.
OpenSea facilitated the sale of 204,212 NFTs in December, down from 305,062 in November, when the marketplace announced a huge round of layoffs. December figures are a 92% drop from the impressive 1.14 million sold at the beginning of the year.
Active users are also declining
OpenSea is also seeing a decline in monthly active users, a trend that began in February. Dune Analytics data shows that fewer than 100,000 people have executed NFT trades on the marketplace this month so far.
This represents a drop of 13% from November, when the marketplace hosted 114,819 unique traders. In February 2023, OpenSea hosted around 529,000 active traders.
Slight growth of platform fees
Despite the drop in sales volume and the count of unique traders, there has been a slight increase in platform fees on OpenSea. These are the fees OpenSea charges for facilitating NFT sales.
NFT market cap is increasing
According to current data, the overall NFT market cap is $8 billion. According to NFTGo data, it has gained 10% in the last month. NFT sales volume increased by almost 40% during the same period, amounting to $674 million.
This news is republished from another source.
