The NFT marketplaces have experienced a significant decrease in daily users and sales over the last week, according to data from Dune. This decline has affected popular markets such as OpenSea, Blur, and LooksRare. The total number of unique users across these marketplaces has dropped to 7,805 on April 19, as reported by NFT researcher SeaLaunch. This marks the lowest number of unique users since July 31, 2021, when the number of unique users was 7,455 across various marketplaces.
Sales across marketplaces have also decreased in the last week, with a total of 16,149 recorded on April 19, according to the same data from Dune. This is the lowest sales figure recorded since November 9, 2021, when sales were 12,910.
OpenSea and Blur, two of the biggest players in the NFT market, have seen a major fall in sales and users. SeaLaunch’s dashboard shows that Blur has suffered a decline in the number of daily unique users, with only 1,777 unique users on April 19, and a shrinking number of sales this week, with total sales being 5,688 on April 20.
For OpenSea, researcher Hildobby’s Dune dashboard shows that the number of daily traders has dropped to 10,640 on April 18, and the daily trader count has fallen below 10,000 since July 2021.
The reason behind the decline in users and sales remains unclear. However, SeaLaunch believes that the decrease in activity across marketplaces and users, both casual and professional, indicates that trading patterns are affected by a “macro scenario.” Additionally, high gas prices and tax season liquidity concerns may be contributing factors.
The high-volume Blur airdrop farmers are decreasing trading volumes, which is curbing liquidity, while the meme coin trading frenzy, with coins like PEPE in recent days, is another potential factor.
Hildobby shares the same thoughts, stating that he believes it’s a mix of factors, with the biggest being that nothing quite interesting is going on in NFTs, and the rapid increase in gas prices isn’t doing any good.
However, all metrics are not negative. For example, trading volume in ETH across NFT marketplaces has been stable over the last 30 days, as reported by Dune. Additionally, according to SeaLaunch, Uniswap has gained daily active users over the last two weeks compared to the number of daily active users across Blur and OpenSea.
In conclusion, OpenSea and Blur are facing a significant drop in users and sales, with the exact reasons still unclear. It is essential for these marketplaces to address the issue and take measures to bring back users and boost sales to maintain their position as the leading NFT marketplaces.
