NFT Market Slumps As Trading On Ethereum And Solana Falls 14

NFT Market Slumps As Trading On Ethereum And Solana Falls

  • OpenSea sales recorded a slight decline in February.
  • The marketplace recorded sales worth $3.65 billion as compared to $5 billion reported last month
  • Meanwhile, Avalanche and Flow Blockchains continue to soar despite the current NFT market slump

The overall trading volume of NFTs recorded a slight slump in February, after gaining wider momentum in January 2022 in terms of the record-breaking sales worth $5 billion. 

NFT Market Registers A Slight Fall In Overall Trading Volume 

The leading non-fungible token marketplace OpenSea recorded NFT sales worth $3.65 billion on Ethereum and Solana blockchains, according to the data acquired from Web3 analytics platform Dune Analytics. The numbers denote a slight slump (nearly 27%) in NFT sales as compared to its previous sales record that surpassed $4.5 billion in January 2022. 

OpenSea recorded three solid days of sales with more than $200 million worth of Ethereum NFT trading. However, the chart denotes a downward curve suggesting a slight decline in sales as compared to the previous month. 

DappRadar data reported via Decrypt further highlighted a decline of nearly 33% in Ethereum trading volume across the market, while Solana registered nearly 61% fall in its trading volume. The data further revealed that popular play-to-earn NFT game Axie Infinity’s Ronin chain slumped approximately 38% in February 2022. 

However, other blockchain networks saw considerable gains despite the wider slump reported in the NFT sector in February 2022. According to sources, Dapper Labs’ Flow blockchain soared a striking 83% in February. The considerable rise of the network was accredited to the recent launch of UFC Strike NFTs, which stimulated the blockchain network. 

Similarly, the Avalanche network also gained further momentum in February by soaring nearly 20% in terms of the trading volume. The network’s popularity significantly shot up due to the launch of the Crabada NFT game. 

Pedro Hererra, senior blockchain analyst of Dappradar defined February as a month that is “pretty placid for NFTs.” In an interview with Decrypt, Herrero commented on the NFTs being diversifying as newer protocols such as Azuki and CloneX continue to emerge.

“This, to me, says the space is slowly but surely diversifying and maturing,” Herrero told Decrypt.