NFT Marketplace User Numbers Dip to 2021 Lows

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  • NFT marketplace use has dropped to 2021 lows, according to Dune Analytics
  • Top marketplaces are among those experiencing the steepest drops
  • NFT sales across NFT trading platforms have also been on a decline in the last week 

NFT marketplace usage has dropped to levels last seen in 2021, with Blur and OpenSea being among the platforms experiencing the steepest drops. According to data from Dune Analytics, the drop in active daily users has also affected NFT sales across NFT exchanges in the last week. Although there’s no clear reason to explain the drop, some think that increasing transaction costs and the onset of the tax season are likely culprits.

OpenSea Hanging on the Balance

According to Dune Analytics, the number of unique traders across the top three NFT exchanges, LooksRare, OpenSea and Blur, touched lows of 7,805 on April 19 values last seen roughly two months after the May 2021 crypto crash.

NFT sales across trading platforms also took a hit, plummeting to 16,149 on April 19. Such lows in the number of sales were close to the 12,910 witnessed in early November 2021. On Blur, the 90-day NFT sales reached a low of 5,688 on April 20 while the number of daily unique users touched a 3-month low of 1,777.

OpenSea also saw a decline in daily users but the values didn’t reach the lows recorded in 2021. Although there aren’t clear reasons to support the drop, increasing gas fees and the fading NFT trading hype on Blur are possible reasons.

Ethereum NFT Marketplace Lost $5.6 Billion

The Dune Analytics analysis comes two months after reports emerged showing that the Ethereum NFT market lost $5.6 billion last year, a phenomenon that seems to cross over to 2023. However, metaverse-based NFT trading is on the rise and recently touched new highs.

With traditional firms like Nike, Adidas, Starbucks and Canon entering the NFT space, the tide is bound to change.