In February, the NFT trading platform OpenSea experienced a sharp decline in monthly sales, reaching its lowest level in the last three years. According to data analysis from Dune Analytics, the number of NFTs sold on OpenSea dropped to 199,000 over a 29-day period, which is 33% less compared to the 297,000 NFTs sold in January, marking the lowest monthly sales figure since May 2021.
The number of users who made at least one sale on OpenSea in February decreased to 103,000, which is 18% lower than in January and the lowest figure since July 2021. Despite the decrease in the number of sales, the trading volume on OpenSea increased by 5%, reaching $153.03 million, the highest level in the last two months. This also led to a 3% increase in revenue from primary transactions and royalties, totaling $3.2 million and $3.5 million, respectively.
While OpenSea saw a decline in activity, Blur, a competitor in the NFT space, showed an increase in the number of active users. According to DappRadar data, the number of NFT investors on Blur increased by 13%, with 60,000 traders conducting 237,000 NFT transactions. Despite a 16% decrease in transaction volume for the month, the transaction volume on Blur increased by over $500 million, exceeding OpenSea's figures by 306%.
The overall market picture shows that many NFT collections have seen a noticeable increase in their minimum prices, coinciding with a double-digit growth in the NFT market value last month. However, it's important to note that the information in the article is not investment advice, considering the high volatility and risks associated with cryptocurrencies.
