• OpenSea, a leading marketplace for Ethereum-based Non-Fungible Tokens (NFTs), has recorded its highest monthly sales volume since August 2022.
• The strong performance of the Ethereum-based NFTs was driven by a surge in the number of Ethereum-minted NFTs sold on the marketplace.
• The transactions count on OpenSea also grew by 9%, resulting in a 62% rise in sales volume.
The world of Non-Fungible Tokens (NFTs) has been experiencing a resurgence of interest in recent times, with Blue Chip collections becoming the talk of the town. Ethereum-based NFTs have been at the forefront of this growth, with OpenSea, a leading marketplace for Ethereum-based NFTs, recording its highest monthly sales volume since August 2022.
Data from Dune Analytics revealed that the sales volume of Ethereum-minted NFTs on OpenSea totaled $409 million, representing a 21% increase from the $283 million logged as sales volume at the end of 2022. This increase in sales volume can be attributed to the surge in the number of Ethereum-based NFTs sold on the OpenSea marketplace. Dune Analytics data revealed that in the last 28 days, 1.03 million Ethereum-minted NFTs were sold on the leading NFT marketplace, representing a two-month high in the sales count of Ethereum-based NFTs on OpenSea.
In addition to the increase in the number of Ethereum-based NFTs sold, the OpenSea platform itself has seen increased traction since the commencement of the 2023 trading year. Data from DappRadar showed that the transactions count on OpenSea grew by 9% in the last month, resulting in a rally in sales volume. In the last 30 days, sales volume on OpenSea grew by 62%. This growth happened despite the 1.21% decline in the count of unique active wallets within the period under consideration.
The strong performance of Ethereum-based NFTs is reflective of the increasing popularity of the blockchain-based collectibles. With OpenSea recording its highest monthly sales volume since August 2022, it is safe to say that Ethereum-based NFTs are here to stay. In the coming months, it will be interesting to see how the Ethereum-based NFTs perform and if the recent surge in sales volume is sustainable or not.