OpenSea’s Ethereum (ETH) NFTs trading volume has declined for the fourth consecutive month, dropping 13% to $303M, the lowest since June 2021, according to Dune Analytics data.
According to the data, OpenSea’s Ethereum monthly active traders have also dropped for the fourth consecutive month. Active traders on the platform dropped by roughly 5% to 332,824 from 362,957 recorded in September.
Token Terminal data shows that the NFT marketplace revenue has also been on a downward spiral in the past six months. OpenSea generated over $40 million in May; however, it was only able to generate around $8.2 million as of Oct. 31.
OpenSea’s declining number is coming amidst a broader crypto market winter that has seen NFTs’ trading volume and the value of these digital assets tank to new lows. A recent DappRadar report highlighted seven NFTs that traded for record prices last year but are now worth only a fraction of their previous value. Cumulatively, investors who bought these NFTs lost
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