OpenSea: As Q2 ends, here’s how the NFT marketplace is faring

The NFT marketplace OpenSea has experienced a decline in sales volume, primarily due to a fall in interest in profile picture NFTs. Data from Dune Analytics reveals that monthly sales volume of Ethereum and Polygon-based NFTs on OpenSea reached its lowest point in Q2.

In February, Ethereum-based NFT sales on OpenSea reached a nine-month high of $643.61 million. However, by the end of June, monthly sales had declined by 75%, reflecting the market-wide decline in profile picture NFTs. The decline in sales volume was significant, with a drop of 36% in May and a further 43% in June.

Despite the decrease in sales volume, the number of Ethereum-based NFTs sold on OpenSea saw an increase in June, with a rally of 82% compared to May. However, there was still a 23% shortfall in NFT sales count for the quarter.

Similarly, OpenSea's Polygon-based NFTs also experienced a decline in sales volume, with a drop of 59% in the last quarter. After a record-breaking sales volume of $83.49 million in February, sales of Polygon-based NFTs on OpenSea have declined by 89%.

The Blue Chip NFT Index, which measures the performance of Blue Chip NFT collections based on market capitalization, also saw a decrease of 28% in Q2. Notable NFT projects like the Bored Ape Yacht Club (BAYC) and CryptoPunks have seen their floor prices trend downwards over the past six months, with BAYC's floor price falling by 54% since the beginning of the year and CryptoPunks experiencing a 34% drop in value within the same period.

These trends highlight the challenges faced by the NFT market, particularly in relation to profile picture NFTs, and the impact they have on sales volume and market performance.

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