The market for Non-Fungible Tokens (NFTs) based on Ethereum and Polygon is experiencing a notable downward trend in 2023. According to recent data from Dune Analytics, monthly NFT sales have reached their lowest levels in September, signaling a consistent decrease in interest from digital collectors in these unique assets.
During the peak of the bullish market in the first quarter of this year, monthly sales of Ethereum-based NFTs on the leading platform OpenSea reached an impressive peak of $659.02 million in February. However, as interest in these digital collectibles began to wane in March, monthly sales on OpenSea have been on a decline for the past seven months.
Blur Advances: Surpassing OpenSea in the NFT Markets Ranking
While the overall NFT market experiences a slowdown, an intriguing competition story has emerged. The Blur platform has surpassed OpenSea in the NFT Markets ranking, according to data from DappRadar. Blur has achieved a monthly trading volume of $138.8 million, surpassing the $59 million recorded by OpenSea in the last month. Surprisingly, Blur has attracted this significant trading activity despite having fewer traders than OpenSea during this period.
By the end of September, sales of Ethereum-based NFTs on OpenSea plummeted to $74 million, marking an alarming 98% decrease from the February peak and a 30% drop compared to the previous month. In addition to the decrease in sales volume, the number of traders completing transactions with Ethereum and Polygon-based NFTs on OpenSea also declined in September. This trend could indicate a decrease in overall activity in the NFT market or a shift towards other platforms.
The constant evolution of the digital asset market has led investors and collectors to adopt a more cautious stance at this time. This has resulted in a shift in focus towards other forms of investing or collecting within the blockchain space.
