OpenSea: From volumes to gas, a look at how the biggest NFT marketplace is doing

OpenSea: From volumes to gas, a look at how the biggest NFT marketplace is doing

In order for you a fast and soiled strategy to gauge the state of the NFT market, it’s price a shot to try the stats for OpenSea, arguably the most effective recognized NFT market within the crypto trade at current. The top of 2021 and early 2022 noticed {the marketplace} breaking report after report by way of month-to-month volumes and and NFTs offered, however issues have been going downhill since then.

As we attain the center of April, it’s time to have a look and see if this month will set a brand new low, a brand new excessive, or one thing in between.

‘Sea’ you on the opposite facet

At press time, Dune Analytics confirmed that the month-to-month buying and selling volumes for OpenSea [Ethereum] in April 2022 have been round $1.48 billion. Whereas nonetheless a lot lower than March’s whole of $2.48 billion, April’s month-to-month volumes might simply beat out March if merchants keep their momentum.

Supply: Dune Analytics

On that observe, may April be the month when merchants beat January 2022’s all time highs? This isn’t possible when contemplating macroeconomic situations, inflation FUD, and the rise of extra rivals – corresponding to Solana NFTs being listed on OpenSea.

Properly, might one other perpetrator be the same old downside of extravagant gasoline charges on Ethereum? This isn’t possible both, as the common gasoline worth on 14 April was 53.37 Gwei. Actually, March’s dismal numbers got here regardless of an uncharacteristic discount in gasoline charges when in comparison with April.

Supply: YCharts

One other curious issue to notice right here is that in response to Dune Analytics, each day volumes on OpenSea [Ethereum] appeared like they have been going to make a robust restoration in April. Nonetheless, they quickly receded once more, making merchants fear in regards to the destiny of the NFT market.

‘Dorsey’ what I see?

Referred to as the “Mona Lisa of the digital world” by its purchaser, an NFT that includes former Twitter CEO Jack Dorsey’s very first tweet was offered to Bridge Oracle CEO Sina Estavi for $2.9 million final 12 months. Nonetheless, on 14 April, the highest bid for mentioned NFT was just a little over $12,000 at press time.

Whereas many merchants – and NFT critics – questioned if this was an indication of a dying craze, it’s price noting that at press time, the Bored Ape Yacht Membership noticed gross sales of $5,094,542 within the final 24 hours.

Clearly, NFT artwork is as subjective because the fungible variety.

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