OpenSea trading volumes nosedive as ETH activity falls to 2021 levels

OpenSea Facing Decline in User Activity

OpenSea, a prominent NFT marketplace, is experiencing a decrease in user activity, dropping to its lowest level since 2021. Newer platforms like Magic Eden and Blur are gaining traction, posing a threat to OpenSea’s dominance in the market.

Decrease in NFT Trading Volumes for OpenSea

Data from Token terminal reveals a significant 33% decline in OpenSea’s NFT trading volumes over the past 30 days, now standing at $89 million. The platform’s weekly user base has also decreased to approximately 21,000 traders, reflecting a challenging period for OpenSea in the competitive NFT market.

Challenges Faced by OpenSea in NFT Market

Despite a general increase in NFT trading volumes industry-wide, OpenSea is struggling as many users migrate to competitors like Blur and Magic Eden. The decline in sales volume and monthly trading volumes has impacted OpenSea’s revenue, prompting discussions of a potential sale of the company by CEO Devin Finzer.

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