Both daily users and sales on the NFT marketplace have declined over the past week, hitting new lows since July 2021.
#NFT #market Sees unique users and sales drop, hit new lows https://t.co/P5SZc8VGvF
— Kyptos (@azcoinnews) April 20, 2023
According to the Dune report compiled by SeaLaunch NFT researchers, the number of unique users across the top NFT marketplaces including Blur, OpenSea and LookRare has declined steadily over the past seven days and fell to 7,805 on the 19th. April, the lowest since July On December 31, 2021, the number of unique users on OpenSea and other marketplaces was recorded at 7,455.
According to the same data from Dune, sales in the NFT marketplace have also declined over the past seven days, with 16,149 sales as of April 19. The last time sales were this low was on November 9, 2021, when 12,910 units were sold.
The two leading markets, OpenSea and Blur, appear to have seen significant declines in both user numbers and sales. According to a separate report compiled by SeaLaunch, Blur, which focuses on the specialized NFT market, saw sales on its platform drop to 5,688 this week. Blur’s daily unique users also declined, hitting a 90-day low of 1,777 on April 19.
An incredible drop in the number of unique NFT buyers/sellers last week
There are now less than 10,000 wallets across all platforms
(HT @SeaLaunch_ ) pic.twitter.com/pkem6v8rOe
— Giancarlo (@GiancarloChaux) April 20, 2023
As for OpenSea, the number of traders plummeted last Sunday, reaching 10,640 on April 18, according to a Dune report compiled by researcher Hildobby. The number of daily traders at OpenSea has never dropped below 10,000 since then, the data show. July 2021.
.@waihai Traders countdown to NFT boom numbers ahead of summer 2021
source: https://t.co/U86o9tvpGF pic.twitter.com/vbIREIMZIO
– Hildobby (@hildobby_) April 20, 2023
“The number of daily unique users in both markets is at an all-time low,” SeaLaunch said.
It’s unclear why the daily users and sales of the NFT marketplace have plummeted. SeaLaunch said that due to the significant reduction in activity across markets and users, from professional traders to more casual users, it is likely that “macro scenarios” are affecting market trading patterns. SeaLaunch also cited “high gas prices” and “liquidity issues during tax season” as possible reasons.
“Other circumstances could have contributed to this as well, such as a large number of Blur airdrop hunters reducing volume and liquidity, and memecoin frenzy over the past few days with currencies like PEPE”.
1/ Why is the number of users on the Ethereum NFT market declining?
source: https://t.co/wHKVRo4Cll@DuneAnalytics pic.twitter.com/ZJI4X72QFI
— sealaunch.xyz (@SeaLaunch_) April 20, 2023
Hildobby had a similar take:
“I think it’s a combination of factors, but the biggest factor (in my opinion) is that there hasn’t been a lot of interesting things happening with NFTs lately, and the rapid rise in gas prices isn’t helping either.”
Not all indicators sound pessimistic. Ether (ETH) trading volumes on the NFT market have remained relatively steady over the past 30 days, according to Dune. SeaLaunch also noted that Uniswap has seen an increase in daily active users over the past two weeks compared to those of OpenSea and Blur.
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According to CoinDesk