As the actual usefulness of non-fungible token (NFT) projects comes under intense scrutiny, recent data suggests that interest in the sector is declining. Especially compared to the explosive growth and attention in the NFT space last year. Rug pulling, scams, and more importantly, the cryptocurrency bloodbath, have all dampened interest in the space.
OpenC, the world’s most popular NFT marketplace, recorded new lows last month compared to its performance in April. Opensea Ethereum and Opensea Polygon last month reported a steep drop in performance compared to those recorded in April.
Let’s take a look at the most recent data from Dune Analytics.
Collectors did not collect much
According to information From Dune Analytics, OpenC Ethereum reported a drop in its transaction volume in May. The month of April saw a 25% drop from the figure of $3.48B, with transaction volume of $2.59B last month.
Similarly, there was a drop in transaction volume on OpenC Polygon. With transaction volume of $39.99M recorded in April, $26.80M for May represented a drop of 27%.
Also marking a drop last month was the count of the total number of NFTs sold on Opensea Ethereum and OpenC Polygon.
On OpenC Ethereum, data from Dune Analytics showed that a total of 2,070,139 NFTs were sold in April. However, a total of 1,805,955 were recorded in NFT sales last month. This represents a drop of 12%.
On OpenC Polygon, the total number of NFTs sold in May registered a decline of 26% with the index at 305,039. In April it was 413,587.
According to data available on Dune Analytics, there has also been a decline in the number of active monthly traders on OpenC Ethereum and OpenC Polygon.
On OpenC Ethereum, a total of 457,238 active traders used the platform in April. However, in May, it saw a drop of 7%, with a total of 422,295 registered as active traders on the platform.
OpenC Polygon was no different as it reported a 26% loss among its active traders on the platform in May.