OpenSea set to close January with a new low in monthly volume
- Trading volume on OpenSea has been low this month.
- Blur, on the other hand, has seen a surge in trading activity.
The NFT monthly sales volume of leading marketplace OpenSea is poised to close January at its lowest since September 2023, data from a Dune Analytics dashboard revealed.
With four days left in January, NFT sales volume on OpenSea has totaled $126.43 million this month. This represents a 26% decline from the $171 million recorded in sales volume on the marketplace in December 2023.
Source: Dune Analytics
The drop in sales volume seen on OpenSea this month has been due to a decline in active users on the marketplace.
According to the Dune Analytics dashboard, 107,000 traders have completed at least one NFT transaction on the marketplace since the year began. This marks a 13% fall from the 122,000 active users that used the platform in December 2023.
With fewer traders on OpenSea this month, the marketplace has also seen a decline in the total count of NFTs sold in the last 26 days. This has fallen by 23%.
According to data from Dune Analytics, the number of NFTs sold on OpenSea since the year began has totaled 241,000.
Blur leads; others follow
On the other hand, the NFT marketplace and aggregator Blur has seen a surge in user activity and trading volume in the last month. According to data from DappRadar, trading volume on the platform has exceeded $700 million in the last 30 days, climbing by 21%.
The number of NFTs sold during that period also grew by 3.27%. According to the data provider, Blur has recorded 219,180 sales transactions in the last 30 days.
While OpenSea saw its trader count fall, the number of users who have completed at least one transaction on Blur in the last month has increased by 4%.
Furthermore, Blur currently holds the highest market share of all NFT trades completed in the past week, according to data from a Dune Analytics dashboard prepared by Hildoby.
Over the past seven days, Blur captured 74.2% of all trades executed, leaving OpenSea far behind with a 14.3% share.
Source: Dune Analytics
In the last 30 days, data from NFTGo revealed a 9% uptick in the total volume of NFT sales across all collections in the market. However, the NFT market capitalization has since declined by a minor 3.26%.
