OpenSea’s NFT platform is experiencing its lowest user traffic since 2021.
NFT, which was once the most popular NFT market, now struggles to maintain its position as other platforms, such as Magic Eden You can also find out more about the following: Blur More activity is captured.
Data Token terminal shows that OpenSea NFT trading volume has fallen 33% within the past 30 day, and is now $89 millions. Platform’s user base for the week has decreased from about 21,000 to 89 million.
OpenSea is now trading at its levels from 2021. This was the period when NFT activity was low. The number of monthly users in April was around 73,000. This is the lowest level since August 2021. OpenSea had over 500,000 active monthly users at its height, a reflection of how the recent changes have affected its competitiveness.
OpenSea is struggling despite the increase in NFT volumes. This activity is largely going to its rivals Blur, and Magic Eden.
Sales volume on OpenSea has also slumpedNumber of NFTs Sold in April Dropped to 134,197 The figure is the lowest it has been since June 2021, and 19 times lower than its peak in which the market facilitated over 2.5 million NFTs being sold within a month.
The volume of monthly trades has decreased as well, falling below $100m for the first year. OpenSea had monthly trading volumes that were close to $5 billion during its peak. These fees remain high, despite the increasing Ethereum price. This has had a significant impact on revenue. OpenSea has not seen any improvement in revenue from these fees. In April, royalty fees reached a low record.
OpenSea is now ranked third, with about 9.5% share of total NFT trade volume, due to the rise of Blur Magic Eden. Blur has a market share of over 67%, followed by Magic Eden with 14%.
OpenSea’s CEO Devin Finzer acknowledged the challenges the platform is facing in an ever-changing marketplace by hinting at the possibility of a sale.
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Source: crypto.news
