The monthly volume for OpenSea in March was $2,424,901,598.58906 [Ethereum]. A long figure, to be sure, but it doesn’t disguise the reality that March’s monthly volume was a letdown when compared to the record-breaking high of almost $5 billion in January 2022. The number of NFTs sold in March by OpenSea [Polygon] was a dismal 511,648. According to Dune Analytics, only July and August 2021 will have lower figures. Another point to consider is that the reduction in NFT traction occurred despite Ethereum experiencing a large drop in average gas prices during the first quarter of 2022. The emergence of NFT capabilities on blockchains, as well as the Russia-Ukraine war.
LooksRare’s overall volume was $21,524,853,068, while OpenSea’s total volume since the launch of the competitor NFT marketplace was $12,234,570,421. This may appear to be sufficient proof to name LooksRare the new trending winner, but it is also important to remember that the total number of users on OpenSea since LooksRare’s introduction has been more than ten times that of LooksRare. Furthermore, LooksRare’s tendency to allow large amounts of wash trade does not assist it in this regard.
The daily volumes for both NFT marketplaces have decreased significantly. Currently, the two are roughly on par. So, there is no clear winner. For the time being, it appears that NFT traders’ focus is changing swiftly between new ventures, as the ‘original greats’ attempt to remain relevant.
