OpenSea Ethereum Transaction Volume Decreased by 25%: Could There Be A Less Interest In NFTs Already?

Since August of last year, OpenSea has been routinely producing billions of dollars’ worth of transaction volume each month, making it the most successful marketplace in the whole NFT industry ahead of BinanceNFT, SolSea and new marketplaces like LooksRare and Solis.

However, the transaction volume of OpenSea based on Ethereum in May was $2.596 billion, which is a decline of roughly 25% from April’s value, and the number of monthly active users was 422,300, which is a drop of around 11% from April’s flow rate. According to Dune, OpenSea clasped a decreasing trend in transaction volume by recording a 40% percent month-over-month rise in trading volume in April. During the same month, approximately $3.5 billion worth of Ethereum NFT deals were completed.

The non-fungible token market as a whole is moving away from the way in which it was historically controlled by Ethereum. Traders are now more equally distributed across many alternative-chain markets, and the average number of user transactions is growing while costs are decreasing. In addition, the data from DappRadar reveals that Magic Eden has executed NFT transactions at a far greater pace than OpenSea. Despite this, the marketplace situated in Solana has reported lower sales metrics owing to the scarcity of blue-chip NFTs. What move could help revive the downtrend?