OpenSea: From volumes to gas, a look at how the biggest NFT marketplace is doing

If you need a fast and soiled approach to gauge the state of the NFT market, it’s price a shot to check out the stats for OpenSea, arguably one of the best identified NFT market within the crypto trade at current. The tip of 2021 and early 2022 noticed {the marketplace} breaking document after document when it comes to month-to-month volumes and and NFTs bought, however issues have been going downhill since then.

As we attain the center of April, it’s time to have a look and see if this month will set a brand new low, a brand new excessive, or one thing in between.

‘Sea’ you on the opposite facet

At press time, Dune Analytics confirmed that the month-to-month buying and selling volumes for OpenSea [Ethereum] in April 2022 had been round $1.48 billion. Whereas nonetheless a lot lower than March’s complete of $2.48 billion, April’s month-to-month volumes may simply beat out March if merchants keep their momentum.

Supply: Dune Analytics

On that word, may April be the month when merchants beat January 2022’s all time highs? This isn’t doubtless when contemplating macroeconomic situations, inflation FUD, and the rise of extra rivals – comparable to Solana NFTs being listed on OpenSea.

Effectively, may one other wrongdoer be the standard downside of extravagant fuel charges on Ethereum? This isn’t doubtless both, as the common fuel value on 14 April was 53.37 Gwei. In truth, March’s dismal numbers got here regardless of an uncharacteristic discount in fuel charges when in comparison with April.

Supply: YCharts

One other curious issue to notice right here is that in response to Dune Analytics, each day volumes on OpenSea [Ethereum] seemed like they had been going to make a robust restoration in April. Nevertheless, they quickly receded once more, making merchants fear concerning the destiny of the NFT market.

‘Dorsey’ what I see?

Known as the “Mona Lisa of the digital world” by its purchaser, an NFT that includes former Twitter CEO Jack Dorsey’s very first tweet was bought to Bridge Oracle CEO Sina Estavi for $2.9 million final yr. Nevertheless, on 14 April, the highest bid for mentioned NFT was somewhat over $12,000 at press time.

Whereas many merchants – and NFT critics – questioned if this was an indication of a dying craze, it’s price noting that at press time, the Bored Ape Yacht Membership noticed gross sales of $5,094,542 within the final 24 hours.

Clearly, NFT artwork is as subjective because the fungible form.

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