According to a report by Balthazar, an NFT gaming platform, sales volume dropped in November across four of five nonfungible token marketplaces, continuing a year-long downward trend.
Over $100 million was lost in sales across the NFT marketplaces of OpenSea, Magic Eden, X2Y2, LooksRare, and Solanart in November, as calculated by Balthazar. This represents a drop of 20% from the sales volumes seen in October. The number of NFTs sold hit a yearly low in November.
In November, sales at Magic Eden increased from $58.66 million in October to $94.40 million, making it the only marketplace to do so among the five examined. Solanart was the most brutal hit of the five, with sales falling from $410,000 in November to $6.25 million in October, dropping 93%. OpenSea, one of the most widely used NFT marketplaces, saw its value drop by $52.31 million, or 30%, from October.
Also, DappRadar reports that OpenSea and Magic Eden’s unique active wallets (UAW), an indicator of the number of user wallets engaging with the platform, fell in December. The UAW for OpenSea fell by 12.68 percent, which is very close to the loss of 12.77 percent seen at LooksRare. Like X2Y2, Magic Eden saw a decrease of 45.91% in UAW over the past 30 days. With a drop of 85.67% over the past 30 days, Solanart saw the most significant percentage of UAW decline.
Based on information from DappRadar, Balthazar decided to examine these marketplaces because they had the highest total sales volume. In late 2021 and early 2022, the full value of the NFT market was estimated to be around $40 billion.
When asked for comment, representatives from four different marketplaces have yet to respond immediately. Magic Eden has indicated that it is preparing a response.
Marine Corps Veteran-turned-national-tv-personality Eric Mitchell is a world leading expert in sports media, regularly appearing on the world’s largest outlets from BBC, MSNBC, Fox News, Bloomberg, CNN and more. His signature blend of snark and industry expertise landed him columns at none other than RollingStone, GritDaily, PopWrapped, Disrupt — and most recently — Editor in Chief at NFT Today Magazine. When he’s not making media appearances or running his empire at LifeFlip Media, he can be found entertaining his thousands of loyal followers on social media through his authentic filter-free content.