NFT sales volume at a record low after 20% drop in November

By Anushree Dave

Overall sales volume saw a decline across four NFT marketplaces in November.

Four out of 5 nonfungible token marketplaces saw a decline in sales volume in November compared with October, following an ongoing declining trend over the past year, according to a report by Balthazar, an NFT gaming platform.

According to the Balthazar analysis, OpenSea, Magic Eden, X2Y2, LooksRare and Solanart NFT marketplaces saw a combined loss in sales of over $100 million, or down 20% compared with October’s sales volumes. November set a record low for NFT sales volume this year.

Magic Eden was the only marketplace out of 5 that saw an increase, rising to $94.40 million in November in sales from $58.66 million in October. OpenSea, which is one of the most popular NFT marketplaces, saw a $52.31 million decline, or down 30% from October. The hardest hit among the five was Solanart, which went to $6.25 million in October sales from $410,000 in November, a 93% decline.

Unique active wallets (UAW) on OpenSea, Magic Eden, which show how many user wallets are interacting with the platform, also declined in December, according to DappRadar. OpenSea’s UAW declined by 12.68%, similar to LooksRare’s decline of 12.77%. Magic Eden’s UAW declined by 45.91% in the last 30 days, similar to X2Y2’s decline of 49.29%.

Solanart saw the greatest decline in UAW with 85.67% in the last 30 days.

Balthazar chose to analyze these marketplaces based on data from DappRadar, which indicated that these had the highest all-time sales volume recorded. NFT trading volume saw peaks in late 2021 and early 2022, when the entire NFT sector was estimated to be around $40 billion.

Representatives from four marketplaces did not immediately respond to a request for comment. Magic Eden said it was working on a response.

-Anushree Dave

(END) Dow Jones Newswires

12-05-22 1642ET

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