As the actual utility of Non Fungible Token (NFTs) projects comes under intense scrutiny, recent data suggests dwindling interest in the space. Especially in comparison to the explosive growth and attention the NFT space saw last year. The rug pulls, scams, and more importantly, the cryptocurrency bloodbath, have all led to falling interest in the space.
Opensea, the world’s most popular NFT market, appears to have recorded new lows last month compared to its performance in April. Opensea Ethereum and Opensea Polygon noted a crippling drop in performance last month compared to what was seen in April.
Let’s take a look at recent data from Dune Analytics.
Collectors did not collect much
According Data from Dune Analytics, Opensea Ethereum saw a decline in trading volume in May. With a transaction volume of $2.59 billion recorded last month, a decline of 25% was observed compared to the figures of $3.48 billion in the month of April.
Similarly, transaction volume on Opensea Polygon registered a decline. With a transaction volume of $39.99M recorded in April, the $26.80M for May represented a 27% decline.
The total number of NFTs sold on Opensea Ethereum and Opensea Polygon also marked a decline last month.
On Opensea Ethereum, data from Dune Analytics revealed that a total count of 2,070,139 NFTs was sold in April. However, last month, a total count of 1,805,955 was recorded in NFTs sales. This represented a 12% decline.
On Opensea Polygon, a drop of 26% was recorded in the total number of NFTs sold in May with an index of 305,039 recorded. In April, that was 413,587.
According to available data on Dune Analytics, the number of active monthly traders on Opensea Ethereum and Opensea Polygon also took a nosedive.
On Opensea Ethereum, a total of 457,238 active traders used the platform in April. However, in May, with a total of 422,295 registered as active traders on the platform, a drop of 7% was seen.
Opensea Polygon was no different as it registered a 26% loss in its active traders on the platform in May.
