Was it a lot of May-hem for OpenSea Ethereum and Polygon last month

Because the precise utility of Non Fungible Token (NFTs) tasks comes underneath intense scrutiny, current information suggests dwindling curiosity within the house. Particularly compared to the explosive progress and a spotlight the NFT house noticed final yr. The rug pulls, scams, and extra importantly, the cryptocurrency massacre, have all led to falling curiosity within the house.

Opensea, the world’s hottest NFT market, appeared to have recorded new lows final month when in comparison with its efficiency in April. Opensea Ethereum and Opensea Polygon famous a crippling decline in efficiency final month compared to what was recorded in April. 

Let’s check out current information from Dune Analytics.

Collectors didn’t accumulate a lot

Based on data from Dune Analytics, Opensea Ethereum registered a decline in its transaction quantity in Might. With a transaction quantity of $2.59B registered final month, a 25% decline was noticed from figures of $3.48B within the month of April.

Supply: DuneAnalytics

Equally, transaction quantity on Opensea Polygon registered a decline. With a transaction quantity of $39.99M recorded in April, the $26.80M for Might represented a 27% decline.

Supply: DuneAnalytics

Additionally marking a drop final month was the depend for the whole variety of NFTs bought on Opensea Ethereum and Opensea Polygon.

On Opensea Ethereum, information from Dune Analytics revealed {that a} complete depend of two,070,139 NFTs was bought in April. Nevertheless, final month, a complete depend of 1,805,955 was recorded in NFTs gross sales. This represented a 12% decline.

Supply: DuneAnalytics

On Opensea Polygon, a 26% decline was registered within the complete depend of NFTs bought in Might with an index of 305,039 recorded. In April, this stood at 413,587.

Supply: DuneAnalytics

Based on obtainable information on Dune Analytics, the variety of lively month-to-month merchants on Opensea Ethereum and Opensea Polygon additionally took a nosedive.

On Opensea Ethereum, a complete of 457,238 lively merchants used the platform in April. Nevertheless, in Might, with a complete of 422,295 registered as lively merchants on the platform, a decline of seven% was noticed. 

Supply: DuneAnalytics

Opensea Polygon was no totally different because it registered a 26% loss in its lively merchants on the platform in Might.

Supply: DuneAnalytics