OpenSea Monthly NFT Sales Fell Over 60% In Q3

OpenSea NFTs, which were extremely popular in 2021 but have since seen a sharp decline in demand as a result of declining sales volumes, are currently experiencing a challenging time along with the rest of the cryptocurrency market.

Indeed, the sales of NFTs on OpenSea – the largest marketplace for digital collectibles – plummeted in the third quarter of 2022, 60% down compared to the second quarter, according to the data published by market analytics platform Cryptounfolded on October 5.

The data shows that the NFT monthly sales peaked in January 2022, when they exceeded 4 billion, before sharply falling in June and continuing to decline ever after.

Statistics from the second quarter of the year had already decreased by 40%, according to earlier data from August, as interest in digital collectibles waned due to the substantial difficulties the crypto sector was facing. The end of August also brought news that NFT trade volume on OpenSea had fallen to a 1-year low.

Meanwhile, a June poll revealed that the vast majority of consumers, or more than 64%, only bought digital collectibles in order to sell them at a higher price and make money, which may be largely to blame for the declining interest in NFTs.

Only 12.4% of NFT consumers bought them for the purpose of collecting digital art, while a very small number (8.6%) got them to access games and tools. The remaining 14.7% bought them in order to “join a community and flex.”

There’s still a chance, right? – OpenSea

It’s interesting to note that some people in the cryptocurrency community are still optimistic about NFTs. Katie Haun, the founder of the $1.5 billion Web3 VC firm Haun Ventures, had previously predicted a revival for NFTs.

She claimed that the general transition to a digital world, which would, in her opinion, open up a lot of new use cases once the infrastructure is improved, “more efficient, and user-friendly,” would be the main driver of this comeback.

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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