• OpenSea monthly trading volume down 12%

  • Recently, NFT has been generating billions of dollars worth of transactions every month. However, the latest sales data from top markets and collectibles suggests that the momentum in the Ether NFT market is still waning from its frenetic heights in August.

    OpenSea, the leading peer-to-peer marketplace, is a prime example of the gradual decline in monthly trading volume. According to Dune Analytics, Ether trading volume on the platform fell from $3.4 billion in August to $3 billion in September and then to nearly $2.64 billion in October – each step is a 12 percent monthly decline.

    This decline, of course, comes after a sharp increase in the platform’s trading volume, as OpenSea jumped from $329 million in July to a $3.4 billion figure in August. In other words, the decline was much slower compared to the sudden rise in late summer.

    All told, the broader NFT market soared to $10.67 billion in Q3 2021, up more than 700% from Q2 2021’s total, according to DappRadar. We don’t yet have a market-wide estimate of NFT deal volume for October, but DappRadar’s month-by-month breakdown shows a previous decline from more than $5 billion in August to just over $4 billion in September.

    August marked a sudden spike in trading volume across much of the NFT market as popular collectibles like CryptoPunks and Art Blocks soared, Axie Infinity continued its summer streak, and OpenSea set a single-day record for nearly $323 million worth of ETH trades. By comparison, OpenSea had its best single day in October with nearly $157 million in ETH trading.

    According to Cryptoslam, sales momentum around some of the largest ethereum NFT series has declined recently, with CryptoPunks trading from $679 million in August to nearly $218 million in September and then $157 million in October. Meanwhile, Art Blocks’ trading volume dropped from nearly $589 million in August to $243 million in September and nearly $94 million in October – a significant drop each month.

    Nonetheless, while many prominent Ether NFT collectibles did not maintain their August peak levels, other markets and collectibles saw an increase in trading volume from September to October. In addition, new NFT projects are being launched.

    For example, the aforementioned Axie Infinity – a monster fighting game traded on the ethereum sidechain Ronin – rose from $518 million in September to nearly $546 million in October. the NFT avatar collectible CrypToadz jumped from $62 million in secondary trading in September (at launch) amid rising demand to Over $86 million.

    How Lobster NFT and DAO are helping cryptocurrencies make their voices heard in Washington

    Art marketplace SuperRare posted its best month ever, with about $37 million in Ether trading volume, up from about $24.5 million in September. Fellow art platform Foundation also had its best month ever, with over $18.5 million in trading volume in October, up from $16.8 million in September.

    Meanwhile, October saw the launch of a number of Ether Profile Image NFT projects that put up strong secondary volume numbers, including the controversial MekaVerse, with $148 million, Doodles, with about $56 million, and MutantCats, with nearly $51 million.

    Outside of the ethereum ecosystem, there have been notable highlights as well. the WAX blockchain has recently soared to new heights, including a new record of over $10 million in transaction volume in 24 hours in late October, thanks to rising games like Farmer’s World and Farming Stories.

    Meanwhile, the Flow-based NBA Top Shot doubled in volume, from $20 million in September to nearly $41 million in October, against the backdrop of the Classic Moments package and the start of the new NBA season. However, NFT activity on Solana has declined recently, with Solana Analytics reporting $20.3 million in transactions over the past seven days, a 35 percent drop week over week.

    What's your reaction?