The number of daily users and sales has dipped across non-fungible token (NFT) marketplaces over the last week, according to data pulled from analytics platform Dune, reaching new lows not seen since July 2021.
According to a Dune dashboard compiled by NFT researcher SeaLaunch, the number of unique users across top NFT marketplaces including Blur, OpenSea and LooksRare has been steadily declining over the past seven days and dropped to 7,805 on April 19. The number of unique users across NFT marketplaces hasn't been that low since July 31, 2021, when the number of unique users on OpenSea and other marketplaces was recorded at 7,455.
Sales across NFT marketplaces have also dipped over the last seven days, with 16,149 sales recorded on April 19, according to the same data from Dune. The last time the number of sales was that low was on Nov. 9, 2021, when there were 12,910 sales.
It appears that both top marketplaces OpenSea and Blur are seeing notable declines in unique users and sales. According to another dashboard compiled by SeaLaunch, Blur, the pro-focused NFT marketplace, has experienced a shrinking number of sales on its platform this week, counting 5,688 sales on Thursday – its lowest daily sales count in 90 days. The number of Blur daily unique users has also fallen, with 1,777 unique users reported on April 19, the lowest in 90 days.
there's been an incredible drop off in unique NFT buyers/sellers in the last week
less than 10k wallets now on all platforms
(h/t @SeaLaunch_ )
— Giancarlo (@GiancarloChaux) April 20, 2023
As for OpenSea, a Dune dashboard compiled by researcher Hildobby shows the number of daily traders has fallen sharply over the last week, hitting 10,640 on April 18. According to the data, OpenSea's daily trader count hasn't dipped below 10,000 since July 2021.
.@opensea trader count down to pre summer 2021 NFT Boom numbers 😬
— hildobby (@hildobby_) April 20, 2023
"Unique daily users are effectively at a low amount historically on both marketplaces," SeaLaunch told CoinDesk.
It's unclear why daily users and sales have taken a nosedive across NFT marketplaces. SeaLaunch told CoinDesk that because there has been an observable decrease in activity across marketplaces and users – from pro traders to more casual users – it is most likely that a "macro scenario" has impacted trading patterns. SeaLaunch cites "high gas prices" and "tax season liquidity issues" as possible causes.
"Other scenarios may also have contributed to this, such as high-volume Blur airdrop farmers reducing the trading volumes and reducing liquidity, and the meme coin trading frenzy in the last days with coins such as PEPE," SeaLaunch added.
1/ Why is the Ethereum NFT Market decaying in terms of users?
Last few days were one of the worst in terms of users and sales on most NFT Marketplaces in the last 365D.
— sealaunch.xyz (@SeaLaunch_) April 20, 2023
Hildobby shared similar sentiments with CoinDesk. "I think it's a combination of factors, but the biggest factors [in my opinion] are that not much interesting has been happening in NFTs lately and rapidly rising gas prices aren't helping."
Representatives from OpenSea and Blur did not immediately respond to CoinDesk for comment.
Not all metrics appear pessimistic. Trading volume in ether (ETH) across NFT marketplaces has remained relatively stable over the last 30 days, according to data from Dune. SeaLaunch also points out that compared to the number of daily active users across OpenSea and Blur, Uniswap has managed to gain daily active users over the past two weeks.
