- NFT sales volume has fallen 4% since early March.
- This month also saw a decline in the performance of Blue-Chip NFTs.
Leading non-fungible token (NFT) marketplace OpenSea is poised to end March with a decline in monthly NFT sales volume.
According to data from Dune Analytics dashboard compiled by Rchen8, NFT sales on the market over the past 28 days totaled $147 million, representing a 4% decline from the $153 million recorded in February.
The decline in OpenSea sales volume is due to the steady decline in user activity in the market since the beginning of the year. So far this month, 75,000 active users have completed at least one transaction on OpenSea.
This marked a decline of 27% from 103,000 active users in February and a decline of 40% from 125,000 in January. According to the Dune Analytics dashboard, March represents OpenSea’s lowest monthly user count since July 2021.
Source: Dune Analytics
Due to the decline in user activity on the market so far in March, the monthly number of NFTs sold on OpenSea has fallen to the lowest level of the year so far.
In the last 28 days, the number of NFTs sold on OpenSea totaled 123,000. This is a decline of 38% from the 199,000 total NFTs sold on the marketplace in January, representing the lowest monthly number on the marketplace since May 2021.
Interestingly, despite low user activity and sales volume on OpenSea this month, the platform’s monthly fees, derived from primary transactions and royalties, have risen to their highest level since the beginning of the year.
In the last 28 days, primary transaction and royalty fees totaled $4 million each.
Blue-Chip NFTs in the first quarter of 2024
The first two months saw an increase in activity in the NFT vertical of the ecosystem. This was reflected in the growth of rock bottom prices for various NFT collections.
As for Blue-Chip NFTs, their values increased between January and February. These are NFT collections characterized by their high floor price, strong community, and potential for future utility.
However, according to NFTGos According to data, the Blue-Chip Index, which measures their performance, peaked at 5,800 ETH on March 8 and has started a decline since then.
Source: NFTGo
At 4,263 ETH at the time of writing, the 27% decline in the Blue-Chip Index recorded in the past three weeks suggested a decline in the performance of the top NFT collections since then.