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NFT marketplace sales, users dip to 2021 lows, Dune Data shows

NFT marketplace sales, users dip to 2021 lows, Dune Data shows

According to different dashboards compiled by researchers on analytics platform Dune, OpenSea and Blur are suffering notable losses in both daily users and sales.

The number of daily users and sales has dipped across non-fungible token (NFT) markets over the last week, according to data pulled from analytics platform Dune, hitting new lows not seen since July 2021.

Based on Dune dashboard made by NFT researcher SeaLaunch, the number of unique users across top NFT marketplaces including Blur, OpenSea and LooksRare has been slowly declining over the past seven days and dropped to 7,805 on April 19. The number of unique users across NFT markets hasn’t been that low since July 31, 2021, when the number of unique users on OpenSea and other platforms was recorded at 7,455.

buys across NFT platforms have also dipped over the last seven days, with 16,149 buys recorded on April 19, according to the same data from Dune. The last time the amount of sales was that low was on Nov. 9, 2021, when there were 12,910 sales.

It appears that both top platforms OpenSea and Blur are seeing notable drops in unique users and sales. According to another report gathered by SeaLaunch, Blur, the pro-focused NFT marketplace, has experienced a shrinking number of sales on its platform this week, counting 5,688 sales on Thursday – its lowest daily sales count in 90 days. The number of Blur daily unique users has also dropped, with 1,777 unique users reported on April 19, the lowest in 90 days.

In terms of OpenSea, a Dune dashboard made by researcher Hildobby shows the number of daily traders has fallen sharply over the last week, hitting 10,640 on April 18. According to the records, OpenSea’s daily trader count hasn’t gone below 10,000 since July 2021.

“Unique daily users are effectively at a low amount historically on both marketplaces,” SeaLaunch said.

It’s unclear why daily users and sales have taken a nosedive across NFT networks. SeaLaunch noted that because there has been an observable drop in activity across marketplaces and users – from pro traders to more casual users – it is most likely that a “macro scenario” has impacted trading trends. SeaLaunch points to “high gas prices” and “tax season liquidity issues” as possible causes.

“Other scenarios may also have contributed to this, such as high-volume Blur airdrop farmers reducing the trading volumes and reducing liquidity, and the meme coin trading frenzy in the last days with coins such as PEPE,” SeaLaunch added.

Hildobby shared similar ideas with CoinDesk. “I think it’s a combination of factors, but the biggest factors [in my opinion] are that not much interesting has been happening in NFTs lately and rapidly rising gas prices aren’t helping.”

Representatives from OpenSea and Blur did not immediately respond to CoinDesk for comment.

Not all measures look pessimistic. Trading volume in ether (ETH) across NFT marketplaces has stayed relatively stable over the last 30 days, according to data from Dune. SeaLaunch also points out that compared to the number of daily active users across OpenSea and Blur, Uniswap has managed to gain daily active users over the past two weeks.

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About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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