OpenSea, the leading marketplace for non-fungible tokens (NFTs), has witnessed a substantial decline in trading volume for Ethereum-based NFTs. Recent data reveals that the platform’s average daily volume has reached its lowest point since May 2021, signaling a significant downturn in activity.
This drop in trading volume is particularly striking, as it reflects a staggering 99.1% decrease from the peak trading activity observed in May 2022. During that period, OpenSea facilitated a daily volume of 66,000 ETH. The sharp contrast between the current figures and the previous highs highlights a notable shift in sentiment and activity within the NFT market.
Interestingly, there appears to be a significant shift occurring within the NFT sector, specifically in relation to Ethereum. While Ethereum has traditionally dominated various sectors in the cryptocurrency space, recent data suggests that Blast NFT collections, such as PAC REKT, Blastopians, and Plutocrats, have collectively generated a higher trading volume than the entire Ethereum NFT market across all exchanges.
Renowned Ethereum NFT collections, including Bored Ape Yacht Club (BAYC) and CryptoPunks, have failed to secure top-selling positions in the past month. Instead, the Bitcoin-based Runestone has claimed the top spot among NFT collections.
Moreover, the Blast-based Fantasy Top collection currently holds the leading position among NFT collections. DappRadar data reveals that Ethereum-based NFTs like CryptoPunks have experienced a significant 69.87% decrease in volume, while BAYC has seen a decline of 56.11% in volume.
If this trend persists, Ethereum’s supremacy in the NFT sector could be at risk of being overtaken.