DappRadar shows trading volume up for other Layer-1 blockchains but not Solana or Ethereum.
- OpenSea’s trading volume has declined due to high transaction fees on the platform.
- This has caused many users to move to other platforms such as Super Rare and Decentraland Marketplace.
- DappRadar data shows that while Ethereum NFT trading volume is down, other Layer-1 blockchains such as Wax, EOS, and Flow are seeing an increase in activity.
For the fourth month, Ethereum has seen a decline in NFT trading volume. The latest 13% drop to 303M is the lowest since June of 2021, this was shown via data by Dune Analytics. The data states that Ethereum’s monthly active traders have also dropped for the fourth month in a row as well. Active traders dropped roughly 5% to 332,824 from 362,957 recorded in September. It is worth noting that Solana’s trading volume has also seen a dip, with DappRadar showing a decrease of 20% in the last month. This can be attributed to the high transaction fees that are preventing many users from conducting trades on the platform.
OpenSea is one of the most popular marketplaces for buying and selling digital collectibles. The platform has seen a drop in trading volume, with BAYC (the token associated with the BitBay cryptocurrency exchange) flooring the price.
Don't think I've seen this before — the OpenSea floor is the 23rd cheapest listed ape. 22 cheapest prices are on other exchanges. pic.twitter.com/qOrGsU6mKB— NFTstatistics.eth (@punk9059) October 31, 2022
The BAYC/USDT pair on OpenSea switched to Solana earlier this month and the new platform’s high transaction fees have caused many users to move to other platforms such as Super Rare and Decentraland Marketplace.
DappRadar shows that while Ethereum NFT trading volume is down, other Layer-1 blockchains such as Wax, EOS, and Flow are seeing an increase in activity. The data analytics firm attributes this to the “alt-season” that is currently taking place in the cryptocurrency market.
DappRadar data also shows that Polygon (MATIC) NFTs on OpenSea have risen 69.25% in the past month to $10.6 million fuelled by the new wave of interest in Reddit NFTs. Avalanche (AVAX) NFTs and Klatyn(KLAY) have risen by 519% to $972,130 and 73.92% to $13,800 respectively.
The appearance of the 23rd cheapest floor price BAYC NFT on the “largest marketplace” is indicative of the platform losing its dominance in the NFT market. According to members of the community, sellers are leaving OpenSea for other platforms such as Blur IO, Raible, and Foundation due to the high transaction fees associated with the platform.
Blur users have allegedly risen by 3,082.9% within the past month as the newly launched NFT platform revealed an all time high of 1694 ETH in volume on October 29, 2022. Blur has been able to steal some of OpenSea’s thunder by promising traders an airdrop of the $BLUR token in January 2023.