After weeks of rumors and speculations, OpenSea — the world’s greatest NFT market — lastly gave customers entry to purchase and promote Solana NFTs as a part of an preliminary beta launched on April 7.
— OpenSea (@opensea) April 6, 2022
Regardless of the much-anticipated launch, buying and selling quantity numbers have been dipping for OpenSea and different NFT platforms in current weeks.
OpenSea vs. Magic Eden
Being the primary Ethereum-based NFT market, OpenSea has been on a roll when it comes to development and growth, introducing new options often. Nevertheless, the emergence of different platforms and its current spate of hacks and vulnerabilities has led to questions concerning the high quality of its safety and security measures.
At the moment, Magic Eden is taken into account the primary Solana NFT market and handles roughly 90% of all Solana NFT gross sales. Nevertheless, it’s possible that buying and selling quantity will start to tilt towards OpenSea as time goes on, contemplating its large recognition.
Based on information from DappRadar, OpenSea’s complete buying and selling quantity dropped by round 3% throughout the final 24 hours, whereas Magic Eden’s is down 24%. On the time of writing, it has been roughly 12 hours because the Solana beta was launched on OpenSea.
Magic Eden processed virtually 25,000 Solana NFT transactions within the final 24 hours regardless of the drop, whereas OpenSea has processed roughly 500 such transactions because the beta’s launch.
NFT market decline continues
NFT gross sales in current weeks have been a far cry from when the area noticed file buying and selling volumes at first of 2022.
In February, the variety of distinctive NFT consumers dropped beneath 800,000 for the primary time since October 2021, as curiosity in NFTs waned, based on Google Search metrics. By the top of March, general NFT buying and selling quantity dropped to file lows, marking a steep fall for the much-heralded area.
Based on DappRadar, OpenSea’s buying and selling quantity has declined by 67% because the starting of March, whereas LooksRare and Magic Eden noticed an 84% and 85% fall in buying and selling quantity, respectively.
The variety of distinctive consumers in March was round 630,000, displaying that it will take a major flip of occasions for the area to return to its earlier highs.