NFT OpenSea June Revenue Drops 73%

NFT OpenSea Market’s June sales fell to $700 million. According to NonFungible.com co-founder Gauthier Zuppinger, the crypto bear market has a major impact on the NFT space.

According to statistics from Reuters, the revenue on the NFT and OpenSea market in June only reached $700 million. That figure represents only about 26.9% of May’s total revenue of $2.6 billion. Even the decline is evident when compared to January sales of $5 billion.

According to NonFungible.com, the average NFT sales on the Ethereum and Ronin blockchains dropped to $412. Meanwhile, the average NFT sales in April were $1,754. This drop is correlated with the correction of the cryptocurrency market. NonFungible.com co-founder Gauthier Zuppinger says:

“We have seen so much speculation, so much hype around this kind of asset. Now we see some sort of decrease just because people realize they will not become a millionaire in two days.”

The metaphor “millionaire in two days” from Gauthier Zuppinger partly shows that the FOMO mentality has been replaced by fear. The stablecoin crashes, hedge fund defaults, and liquidations also pushed the bear market to a climax.

According to dappradar.com, OpenSea’s last 30-day trading volume is $557.25 million. The average price of NFT is only $135.05 and 1.56 million transactions. However, the number of transactions on Ethereum is still the majority.

In the OpenSea NFT rankings, the Ethereum Name Service (ENS) leads with 437.9 thousand holders. NFT ENS collection is up 283.16% in the last seven days.

The number of registrations for the ENS service increased notably at the end of last week. According to the source, 64,000 .eth domains were created on Sunday and Monday alone.

During the period from June 22 to July 5, the number of domain name registrations was 156.7 thousand times, up 283.3%. The number of active .eth domains is 1.4 million, an increase of 10.3%. Additionally, ENS collection sales were $3.4 million, up 208.1% for the week.

In May, sales and registrations also recorded record increases. Only the first three weeks, the number of newly registered wallets was 304,968, an increase of 200% compared to the previous month. Revenue in USD exceeds $8.1 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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