The NFT marketplace OpenSea, which was frequently mentioned in the past bull market, witnessed a significant drop in the number of monthly NFT sales in February, reaching the lowest level in three years. According to a chart based on data provided by Dune Analytics, it was revealed that only 199,000 NFTs were sold on OpenSea in the last 29-day period.
Current Status of OpenSea
The emerging figure of 199,000 represents a 33% decrease compared to the 297,000 NFTs sold in January, indicating the lowest monthly sales number since May 2021. This decline, when considered, could be associated with the decrease in the number of users during the same period.
In February, only 103,000 users performed at least one sales transaction on OpenSea. This number is an 18% decrease from the 125,000 in January and marks the lowest monthly user count on the platform since July 2021.
While these events were unfolding, another interesting development was observed in the sales volume. Although there was a decrease in the number of NFTs sold on OpenSea in February, the volume generated by the sales increased by 5%. Looking at the information in the chart, the NFT sales volume in the marketplace for February was seen to be $153.03 million, which was considered the highest level for the last two months.
As a result of the increase in sales volume on OpenSea, there was a 3% increase in both the monthly fees obtained from primary transactions and royalties. During the last 29 days, the revenue from primary transactions amounted to $3.2 million, while the income from royalties was $3.5 million.
Blur Widens the Gap
According to data provided by DappRadar, the transaction volume on Blur, an NFT collector and marketplace that has been frequently mentioned recently, experienced a 16% decrease over the past month. Despite the decrease, the platform’s transaction volume saw an increase of over $500 million, securing a significant lead over OpenSea by 306%.
While a decrease in active users was observed on OpenSea last month, Blur experienced growth in this area. Data provided by DappRadar showed a 13% increase in the number of NFT investors on Blur during a 30-day review. 60,000 traders carried out 237,000 NFT sales transactions.
Considering the overall performance of the market, it becomes apparent that many NFT collections have experienced a noticeable increase in their floor prices. This situation is consistent with the double-digit growth seen in the NFT market value last month.
