OpenSea Polygon outperformed OpenSea Ethereum in October, here’s why

As more people move away from speculative asset classes, leading NFTs marketplace OpenSea continues to suffer a decline in its share by market volume and number of users.

Furthering its 10-month decline streak, recent data from Dune Analytics showed that OpenSea Ethereum closed October with a severe drop in all of its key metrics. 

Are the glory days behind?

Per data from Dune Analytics, sales volume on OpenSea Ethereum in October totaled $319 million. This figure represented an 8% decline from the $348 million logged as sales volume on the marketplace in September and a 92% drop from the $4 billion which the platform recorded in January.

So far this month, sales volume on OpenSea Ethereum was $30 million at the time of writing.

Source: Dune Analytics

In contrast, data from Dune Analytics revealed that NFTs sales volume on OpenSea Polygon rallied by 100%. In October, total sales on Polygon-minted NFTs on OpenSea was $14 million, representing the highest sales volume in the past five months.

Source: Dune Analytics

Further to a decline in monthly trading volume, the total count of Ethereum-based NFTs sold on OpenSea fell by 16% in October. Per data from Dune Analytics, the count of NFTs sold on OpenSea Ethereum within the 31-day period totaled 1.12 million.

For context, while the market basked in the euphoria of the NFTs boom of 2021, the count of NFTs sold on OpenSea Ethereum in January was 2.28 million.

The reverse, however, was the case on OpenSea Polygon. The count of Polygon-based NFTs sold on OpenSea in October totaled 308,947, representing a 110% month-over-month spike from the 146,661 NFTs sold in September.

Source: Dune Analytics

Tightening conditions across the broader financial markets and the declining general cryptocurrency market have resulted in the falling count of NFTs traders in the last few months.

October was no different on OpenSea Ethereum as the count of monthly NFTs traders fell by 7.4%. Within the 31-day period, 335,000 traders sold and purchased Ethereum-minted NFTs on OpenSea. In January, data from Dune Analytics revealed that this was as high as 547,000. 

In contrast, the count of monthly traders OpenSea Polygon grew by 6% in October.

Source: Dune Analytics

It is getting colder

According to NFTGo, the general NFTs ecosystem suffered a drop in sales volume in October. With $408 million recorded in sales across the general market, sales volume dropped by 10% within that period. 

Interestingly, within the same period, total market capitalization grew by 3%.

Source: NFTGo