Dune Analytics data indicates a substantial decline in monthly sales on the NFT platform OpenSea, with Ethereum and Polygon-based non-fungible tokens (NFTs) notably taking a hit in October.OpenSea's Sales Plummet in 2023 Amid Deepening NFT Winter

The Trading Volume on OpenSea Hits a Record Low

OpenSea's sales volume has hit new lows in 2023 as the NFT winter deepens. Data from Dune Analytics reveals that the NFT marketplace OpenSea is experiencing a significant drop in monthly sales, particularly in Ethereum and Polygon-based non-fungible tokens (NFTs) during the month of October.

This decline in sales can be attributed to the waning interest in digital collectibles this year, a trend brought about by various challenges, including increased regulatory scrutiny and fluctuations in Federal rates.

OpenSea, a prominent NFT marketplace, has witnessed a continuous decrease in monthly sales since March 2023. In October, the sales volume for Ether-based NFTs on the platform dwindled to $49 million, marking a 51% decrease from the $74 million recorded in September and a staggering 92% decline from the $659 million reported in January.

Additionally, NFTs minted on the Polygon network have also seen their sales volume drop since reaching a peak of $109.12 million in February. In October, the figure fell to $2.7 million, representing a 40% decrease compared to the $4.5 million in September.

As the NFT industry experiences declining interest, it is worth noting that well-known projects like the Bored Ape Yacht Club have seen their floor prices plummet by over 80% since May 2022. This confirms the prevailing bearish sentiment in the market, which is further supported by a three-month floor price chart showing a consistent downward trend. Despite the challenges faced by the NFT market, there is hope for a resurgence. Many analysts believe that the sector will recover, including YouTuber Giancarlo, who is optimistic about the current bullishness in the broader cryptocurrency market.