Crypto News– Based on the most recent data, the Ethereum trading volume on the platform experienced a significant decline in the past month, dropping to just $106 million. This marks the lowest monthly trading volume in U.S. dollars since May 2021.
OpenSea Records Lowest Monthly Ethereum Trading Volume at $106 Million
This decline in trading activity coincided with a notable decrease in the number of active users, which amounted to 125,000 for the month. This represents a substantial reduction and also represents the lowest monthly user count within the past year. Several factors have contributed to this decrease in trading volume and user engagement on the Ethereum network. These factors include rising gas fees and shifts in market sentiment.
Furthermore, expansion to other blockchain networks, such as Polygon, faced challenges in August. The transaction volume on the Polygon network was reported to be only $7.02 million, indicating a sharp decrease compared to previous months.
Similarly, the number of active users on Polygon also experienced a significant drop, with only 96,000 users participating on the platform during the same period. Both of these metrics reached their lowest points in the past nine months, highlighting the difficulties in OpenSea’s expansion efforts.
To regain momentum in the coming months, the company will likely need to adapt to the evolving dynamics of the market and address user concerns. Despite these challenges, the NFT space continues to evolve within the broader blockchain ecosystem, and the future success of OpenSea will depend on its ability to innovate and meet the evolving demands of its user base.
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