Updated on January 26, 2023 02:51 PM
The October stats for NFTs traded on OpenSea for Ethereum and Polygon are here. Who won
According to Dune Analytics, a blockchain analysis firm, from the peak of $17 Billion in early 2022, the NFT market declined over 97% in September 2022 to $470 Million. This raises concern for investors and believers of NFTs.
Surprisingly, stats reveal that OpenSea Polygon outperformed OpenSea Ethereum in October.
According to Dune’s data, the OpenSea monthly volume (Ethereum), saw a significant decline. From $348,901,375 in Sept. to $319,250,807 in October, the NFT volume declined by over 9.09%.
OpenSea monthly NFTs sold (Ethereum) declined too. In Sept., over 1,345,252 NFTs got sold on the Ethereum blockchain in OpenSea. In October, that number declined to 1,129,072, generating a loss of 16.07%.
The stats for the Polygon blockchain have a different story to tell.
While OpenSea Ethereum mostly registered a significant decline, OpenSea Ethereum registered major gains in October. In Sept., the monthly traded volume of OpenSea Polygon was $7,201,709. And it went to $14,922,744 in October, an increase of over 50%.
The number of NFTs sold on the same went from 146661 to 308947. In terms of monthly NFT traded volume and NFTs sold, OpenSea Polygon registered a growth of over 50%.
The number of total OpenSea traders overtime on both Ethereum and Polygon saw continuous growth. From September to October, the number of traders on the Ethereum blockchain went up from 2.1 million to 2.3 million. And the same went from 1.35 million to 1.42 million in OpenSea Polygon.
Seeing the tough times the NFT market is going through makes us believe that NFTs will not survive. But is it so? Is the existing 97% decline the end of NFTs? The crash in the NFT market has wiped out not millions or billions but trillions in wealth! And investors have started to lose faith in this asset class. But if we compare this crash with the late 1990s dot-com bubble, this could just be the beginning of a new era.