25% reduction in OpenSea Ethereum transaction volume
- OpenSea trading volume fell 25% in May compared to April.
- The NFT industry is slowly moving away from Ethereum.
- Magic Eden outperforms OpenSea in terms of transaction volume.
Since August of last year, OpenSea has regularly generated billions of dollars worth of transactions each month, making it the most successful market for the entire NFT industry.
However, Ethereum-based OpenSea trading volume in May was $ 2,596 million, down about 25% from April, and monthly active users were 422,300, about 11% of April’s flow. It has decreased. ..
According to Dune, OpenSea recorded a declining trend in trading volume by recording a 40% month-on-month increase in trading volume in April. In the same month, about $ 3.5 billion worth of Ethereum NFT transactions were completed.
The non-fungible token market as a whole is moving away from the methods previously controlled by Ethereum. Traders are now evenly distributed across many alternative chain markets, reducing costs while increasing the average number of user transactions.
Magic Eden surpasses OpenSea trading volume
Meanwhile, Magic Eden, a Solana-based NFT marketplace, outperforms OpenSea in total daily trading volumes. At the time of this writing, crypto market tracker DappRadar reports that Magic Eden has more than 376,000 NFT transactions per day, while OpenSea has about 72,000 transactions. ..
In addition, DappRadar data show that MagicEden executed NFT transactions at a much faster pace than OpenSea. Nonetheless, the market located in reports low sales indicators due to the lack of good NFTs.
