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

ambcrypto.com:

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.

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.