OpenSea trading volumes nosedive as ETH activity falls to 2021 levels

The NFT platform, once hailed as the leading NFT marketplace, is now struggling to hold its dominance as newer platforms like Magic Eden and Blur are capturing more activity.

Data from Token terminal show that OpenSea’s NFT trading volumes have nosedived 33% over the past 30 days, now standing at $89 million. The platform’s weekly user base has also declined to about 21,000 traders.

This drop has set OpenSea back to its 2021 trading levels, a period of low NFT activity. In April, monthly user numbers stood at around 73,000, the lowest since August 2021. At its peak, OpenSea boasted over 500,000 monthly active users, reflecting how recent shifts have challenged its competitiveness.

Despite the general increase in NFT trading volumes, OpenSea struggles as much of this activity flows to rivals Blur and Magic Eden.

Sales volume on OpenSea has also slumped, with the number of NFTs sold in April dropping to 134,197. This figure marks the lowest since June 2021 and is 19 times less than the peak when the marketplace facilitated the sale of over 2.5 million NFTs in a single month.