NFT Sales on OpenSea Plummet to Record Lows, Blur Dominates

•OpenSea has seen its lowest trading volume for Ethereum and Polygon-based collections.
•The monthly sales volume of Ethereum and Polygon-minted NFTs on OpenSea have dropped significantly since February.
•OpenSea has recorded a decrease in Ethereum NFTs sold this month, while the count of Polygon NFTs sold on OpenSea has increased.

Decline in Sales of Ethereum and Polygon-Minted NFTs on OpenSea

The leading marketplace for non-fungible tokens (NFTs), OpenSea, has recently logged its lowest trading volume for its Ethereum and Polygon-based collections. Data from Dune Analytics revealed that the monthly sales of Ethereum and Polygon-minted NFTs on the marketplace reached an impressive peak of $659.02 million in February before experiencing a subsequent downturn with one day left in July totaling only $120.79 million, representing an 82% drop from February’s high. Similarly, following a record-breaking NFT sales volume of $109.12 million in February, Polygon-based NFTs on OpenSea have received decreased patronage from OpenSea’s users closing the first quarter with a 98% decline in sales volume with total sales amounting to only $8.35 million this past 30 days.

Drop in Count of Ethereum NTF Sold

With July coming to an end, the overall count of Ethereum-minted NFTs sold on OpenSea this month was 258,798 representing a 43% drop from 450,325 total NFTs sold by the end of June. The highest monthly count was recorded back in January when 1.14 million were traded according to data from Dune Analytics but since then it has trended downward consistently each month until now.

Growth in Count of Polygon NTfs Sold

On the other hand, despite the shortfall in sales volume generally, there is some good news as 296,343 Polygon-minted NTFs have been traded on OpenSea this month representing an increase 29% jump from 228,859 total NFTS sold just last month June – indicating at least some growth amongst all the decline happening within the market right now leaving many people wondering what’ll happen next?

Cause Behind This Downward Trend

The declining interest towards profile picture type NFTS appears to be the main culprit behind these recent drops which appear to be surpassing those seen during April’s Crypto Art Boom – yet another sign that people are becoming more selective about their investments when it comes to digital art pieces as they prefer quality over quantity nowadays not wanting to invest irresponsibly into anything they find aesthetically appealing anymore as they did when crypto art first started gaining traction earlier this year making them cautious about how exactly they allocate their funds towards different projects moving forward instead or rather than risking money impulsively into whatever catches their eye like before causing them to focus more heavily towards utility type tokens instead such as ones used for gaming or governance purposes as opposed to buying solely aesthetic based ones like most do at present due to recent events raising awareness around investment responsibility & sustainability within blockchain technology overall pushing them away from speculative assets even further away than initially thought possible so far thus far overall creating much uncertainty throughout markets especially amongst newcomers who remain unsure whether or not blockchain technology can still be considered viable option or not going forward despite these current issues present today?

Prediction For What Happens Next?

It remains unclear what will happen next concerning these falls within cryptocurrency markets but if history is anything to go by we can expect prices within this sector will eventually turn around once again with certain sectors such as DeFi remaining strong even regardless amidst all current circumstances showing signs that at least something positive can still come out despite everything happening right now giving us hope that we can still make progress even during these trying times ahead if enough effort is put forth by everyone assisting each other along every step throughout journey together no matter how long might take us get there eventually cause nothing worth having ever comes easy after all so let’ keep fighting till very end so better future awaits us all just beyond horizon waiting patiently our arrival one way another whenever may come someday soon hopefully wishful thinking right?