Ethereum and Polygon-based NFTs see drop in sales volume

OpenSea experiences decline in NFT sales volume in second quarter.

The monthly sales volume of Ethereum and Polygon-based NFTs on leading marketplace OpenSea closed the second quarter at its lowest level since the beginning of the year, according to Dune Analytics.

Ethereum-based NFT sales had reached a nine-month high of $643.61 million by the end of February, but due to a decline in interest in profile-picture NFTs, OpenSea experienced a 75% decline in monthly sales by the end of June.

Despite June being the lowest month for Ethereum-based NFT sales on OpenSea, data from Dune Analytics showed an 82% increase in NFT sales count. However, there was still a 23% shortfall in NFT sales count for the quarter. Polygon-based NFTs on OpenSea also experienced a decline, with a 59% drop in monthly sales volume and an 89% dip since February.

The Blue Chip NFT Index also took a hit in Q2, falling by 28%. Leading NFT projects such as Bored Ape Yacht Club and CryptoPunks have seen their floor prices trend downwards, with BAYC’s floor price falling by 54% and CryptoPunks’ value dropping by 34% within the same period.