Sales of Ethereum (ETH) and Polygon (MATIC)-based non-fungible tokens (NFTs) on the popular marketplace OpenSea hit their lowest point of the year in the second quarter (Q2), according to data from Dune Analytics.
The decline in sales was primarily attributed to a decrease in interest in profile-picture NFTs, leading to a significant drop in monthly sales volume.
In February, sales of Ethereum-based NFTs on OpenSea reached a nine-month high of $643.61 million.
However, as the market interest in profile-picture NFTs waned, sales on the platform plummeted, resulting in a 75% decline in monthly sales by the end of June.
During the three-month period, OpenSea saw the highest sales volume in April, with monthly sales totaling $285.98 million.
However, this figure dropped by 36% in May and further declined by 43% in June, closing the quarter with total sales of $161.79 million.
Although June had the lowest sales volume for Ethereum-based NFTs on OpenSea this year, data from Dune Analytics revealed an 82% increase in the number of NFTs sold during the month.
In May, only 246,857 Ethereum-based NFTs were sold, while in June, this number surpassed 450,000. Nevertheless, there was still a 23% decrease in the total count of NFTs sold during the quarter.
OpenSea’s Polygon-based NFTs also experienced a significant decline in sales volume during Q2, with a drop of 59%.
After a record-breaking sales volume of $83.49 million in February, Polygon-based NFT sales on OpenSea have since declined by 89%.
June saw the lowest sales count of Polygon NFTs during the quarter, with a total of 228,859 sold, representing a 34% decline over the 90-day period.
The Blue Chip NFT Index, which measures the performance of top-tier NFT collections by market capitalization, also suffered in Q2. According to data from NFTgo, the index fell by 28% during the period, reaching 5990 ETH on June 30.
Leading NFT projects like the Bored Ape Yacht Club (BAYC) and CryptoPunks have experienced a downward trend in floor prices over the past six months.
The average price of a BAYC NFT currently stands at 31.5 ETH, marking a 54% decrease since the beginning of the year.
Similarly, the value of CryptoPunks has dropped by 34% in the same period.
Overall, the second quarter witnessed a decline in sales volume for both Ethereum and Polygon-based NFTs on OpenSea, as well as a decrease in the performance of Blue Chip NFT collections.
The market has been impacted by changing trends and a waning interest in certain types of NFTs.
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