Hard hit by the decline of the non-fungible token market, the NFT OpenSea marketplace saw a sharp drop in sales volume.
Launched four and a half years ago, OpenSea quickly rose through the ranks to become the world’s leading NFT marketplace. Nevertheless, the platform has not managed to escape the throes of the current bear market which is ravaging the entire crypto market.
After peaking at around $5 billion in January, OpenSea sales fell to $502 million in August, an 89% drop in seven months.
Figures for August 2022 were down 85% from the same month last year ($3 billion)and 5% from the $529 million recorded in July 2022.
Sales of the best nft collections plunge into the red
Top collections on OpenSea include, but are not limited to: Bored Ape Yacht Club (BAYC), Otherdeed (Otherside), Mutant Ape Yacht Club (MAYC), CryptoPunks and Moonbirds. In the table below, the only NFTs that are not in the top 10 best-selling non-fungible tokens are Ethereum Name Service, ABC, y00ts, DigiDaigaku Genesis, and CLONE X – X TAKASHI MURAKAMI.
Last month, Bored Apes, which is the top collection on OpenSea, saw its number of unique buyers hit its second-lowest low.
Despite an increase in the average sale price from $110,000 in June and July to $132,598 in August, the total number of transactions remained below 500, which corresponds to a volume of less than $60 million for the second consecutive month.
CryptoPunks also remains one of the most high-profile NFT collections, but its sales volume has plummeted throughout 2022. After peaking at $124 million in January, the collection has failed to surpass $150 million. monthly sales this year.
For its part, the Otherdeed collection of the Otherside metaverse set multiple records when it launched in May, achieving nearly $944 million in sales. Indeed, the collection closed its first month with over 20,000 unique buyers and an average sale price of nearly $20,000.
In August, four months after its launch, the collection saw its sales volume drop to less than $30 million in August, a drop of 97%.
During the same period, Moonbirds and Mutant Ape Yacht Club also fell 96% and 90% respectively from their all-time highs.
OpenSea still holds the lion’s share
The current bear market, which has hit the entire crypto market, has not been kind to the non-fungible token sector.
While OpenSea recorded $502 million in sales in August, global NFT sales fell 7% from $682 million in July to around $634 million.
Despite down more than 80% from its all-time high in January, OpenSea still leads the ranking of the best NFT marketplaces in terms of sales volume.
Last month, NFT platforms achieved a combined volume of $613 million. This means that with its volume of $502 million, OpenSea has carved out an 82% share of the non-fungible token market.
Magic Eden came in second with a volume of nearly $66 million. Other competitors like LooksRare, Solanart, Foundation and Nifty Gateway saw relatively lower volumes.
X2Y2 climbs the leaderboard
In the last 30 days, X2Y2, an NFT marketplace launched last February, has overtaken OpenSea in terms of volume. The platform has indeed achieved a volume of approximately $340 million from 80,000 transactions and 19,000 users.
During the same period, OpenSea generated just $334 million from 265,000 users on around 1.6 million transactions.
X2Y2 owes its success to the launch of Tokenomics 2.0, an initiative that removed transaction fees from the platform. The goal was to encourage users to list and trade non-fungible tokens, while rewarding the most loyal members of the community.
What future for the non-fungible token market?
Parsa Abbasi, the founder of LivelyVerse, shared with us his thoughts on the future of the non-fungible token market.
“We cannot deny that we are witnessing a bear market, and that this is affecting the whole crypto sector. NFTs are also part of this sector. But there are other reasons for this decline. On the one hand, owners accumulate losses rather than profits. Having said that, we must never forget that in financial markets, mass behavior is very common. When stocks, tokens or NFTs start making money for investors, other people invest money hoping to generate gains – This is what causes the market to crash.”
“In my opinion, people should invest their money in valuable assets and viable projects and make investment decisions based on logic. I believe digital monkeys are not a good choice as assets should be a store of value. As the crisis looms on the horizon, investors turn to bonds. It is therefore expected that the money will not stay in the NFTs. Ultimately, this could be a stress test for non-fungible tokens. Because that’s where we’ll see if they could be a store of value — or not,” he concluded.
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OpenSea: why its volume has fallen by more than 4 billion dollars? – BeinCrypto France
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