OpenSea Volume Hits Lowest Mark in Almost a Year

OpenSea Volume Hits Lowest Mark in Almost a Year

OpenSea monthly sales volume fell to its lowest level since July of last year, according to data from Dune Analytics.

The NFT marketplace saw just $696 million for the month — the first time in 11 months there has been less than a billion dollars in volume on the site, according to a Dune query from richardchen39.

The site saw $328 million in sales in July 2021. 

Meanwhile, there were more than 1.5 million NFTs sold during June, about a 70,000 increase over May, and the number of registered users (ones that have made at least one transaction) continues to increase — there were 1.874 million such users on June 30, compared to 1.76 million on June 1.

Some of the decline of OpenSea volume could be attributed to the rise in use of NFT marketplace competitors LooksRare and x2y2, which have seen more volume combined than OpenSea this month (though 75 percent is due to wash trading, according to statistics on Dune). Since June 1, x2y2 has seen more than 495,000 ETH in volume.

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