OpenSea is showing a sharp drop in ETH NFT trading volume, why?

• OpenSea, the main NFT marketplace, saw a big drop in trading volume for Ethereum NFTs, reaching the lowest level since May 2021
• Trading activity for Ethereum-based NFTs fell 99.1% from the peak in May 2022.

OpenSea, the leading NFT marketplace, has experienced a significant drop in trading volume for Ethereum-based NFTs. Recent data shows that the platform has an average daily volume of around 600 ETH, marking the lowest point since May 2021, before the start of the original NFT bull market.

This significant decline reflects a substantial decline of 99.1% from the peak trading activity observed in May 2022. During that time, OpenSea facilitated 66,000 ETH in daily volume. The stark contrast between the current numbers and previous highs underlines the remarkable shift in sentiment and activity within the NFT market.

Ethereum NFTs on the Bleed

While Ethereum has generally maintained dominance across multiple sectors in the cryptocurrency space, there appears to be a noticeable shift occurring within the NFT sector specifically. According to recent data, Blast NFT collections such as PAC REKT, Blastopians, and Plutocrats have collectively generated trading volume that exceeds that of the entire Ethereum NFT market across all exchanges.

Over the past month, renowned Ethereum NFT collections such as BAYC and CryptoPunks failed to rank among the top-selling NFTs. Instead, Bitcoin-based Runestone claimed the top spot in NFT collections.

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Ranking of NFT collections (source: DappRadar)

Moreover, the Blast-based Fantasy Top collection currently holds the top position among NFT collections. According to data from DappRadar, Ethereum-based NFTs like CryptoPunks saw a significant volume drop of 69.87%, while BAYC experienced a volume drop of 56.11%.

If this trend continues, Ethereum’s supremacy in the NFT sector is in danger of being usurped.