Four out of five nonfungible token marketplaces saw a decline in sales volume in November compared with October, following an ongoing declining trend over the past year, according to a report by NFT gaming platform Balthazar.
Four out of 5 nonfungible token marketplaces saw a decline in sales volume in November compared with October, following an ongoing declining trend over the past year, according to a report by Balthazar, an NFT gaming platform.
According to the Balthazar analysis, OpenSea, Magic Eden, X2Y2, LooksRare and Solanart NFT marketplaces saw a combined loss in sales of over $100 million, or down 20% compared with October’s sales volumes. November set a record low for NFT sales volume this year. Magic Eden was the only marketplace out of 5 that saw an increase, rising to $94.40 million in November in sales from $58.66 million in October. OpenSea, which is one of the most popular NFT marketplaces, saw a $52.31 million decline, or down 30% from October. The hardest hit among the five was Solanart, which went to $6.25 million in October sales from $410,000 in November, a 93% decline.
Unique active wallets on OpenSea, Magic Eden, which show how many user wallets are interacting with the platform, also declined in December, according to DappRadar. OpenSea’s UAW declined by 12.68%, similar to LooksRare’s decline of 12.77%. Magic Eden’s UAW declined by 45.91% in the last 30 days, similar to X2Y2’s decline of 49.29%.Balthazar chose to analyze these marketplaces based on data from DappRadar, which indicated that these had the highest all-time sales volume recorded.
Representatives from four marketplaces did not immediately respond to a request for comment. Magic Eden said it was working on a response.
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