2024-03-30 04:08:00
- NFT sales volume has fallen 4% since the beginning of March.
- The month also saw a drop in the performance of top-line NFTs.
OpenSea, the leading non-fungible token (NFT) marketplace, is set to close out March with a decline in its monthly NFT sales volume.
According to data from Dune Analytics panel Prepared by Rchen8, NFT sales on the market in the last 28 days amounted to $147 million, representing a 4% decrease from the $153 million recorded in February.
The drop in OpenSea sales volume is due to the constant decline in user activity in the market since the beginning of the year. So far this month, 75,000 active users have completed at least one transaction on OpenSea.
This marked a 27% drop from the 103,000 active users registered in February and a 40% decline from 125,000 in January. According to the Dune Analytics dashboard, March represents OpenSea’s lowest monthly user count since July 2021.
Source: Dune Analysis
Due to the drop in user activity on the market so far in March, the monthly count of NFTs sold on OpenSea has plummeted to its lowest level so far this year.
In the last 28 days, the number of NFTs sold on OpenSea amounted to 123,000. This has marked a 38% drop from the total of 199,000 NFTs sold on the market in January, representing the market’s lowest monthly count since May 2021.
Interestingly, despite low user activity and sales volume on OpenSea this month, the platform’s monthly fees derived from primary transactions and royalties have increased to their highest level since the beginning of the year.
In the last 28 days, primary transaction fees and royalties each amounted to $4 million.
Top-of-the-line NFTs in Q1 2024
The first two months saw an increase in activity in the NFT vertical of the ecosystem. This manifested itself in the growth of the minimum prices of various NFT collections.
As for top-line NFTs, their values rose between January and February. These are NFT collections that are characterized by their high minimum price, strong community, and potential for future utility.
However, according to NFT Go According to data, the Blue-Chip index, which measures its performance, reached a high of 5,800 ETH on March 8 and has since begun a decline.
At 4,263 ETH at press time, the 27% drop in the Blue-Chip index recorded over the past three weeks suggested a decline in the performance of major NFT collections since then.
Next: Toncoin: What do the metrics tell you about TON’s April price prediction?
This is an automatic translation of our English version.
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