OpenSea witnesses sale of 1.3 M Polygon NFTs in Dec 2022

OpenSea recently announced that the platform sold over 1.3 million Polygon NFTs in December 2022. The transactions amounted to over 15.3 million dollars from 116,000 active traders.

Thus was the third-highest month in 2022 (based on NFTs sold for every active trader.) It amounted to 11.24 NFTs for every active trader, while December was the yearly lowest average volume/NFTs sold (11.8 dollars vs. 482 dollars in January 2022.) At the same time, it was 133 dollars for every active trader.

Although the numbers were great for Polygon NFTs, in general, OpenSea lost 23% dominance during the year. The overall number of NFT transfers over the platform dropped by 25%.

As per Cointelegraph’s data, OpenSea had around 80,000 transfers at the start of 2022. However, the numbers kept decreasing, going as far as 60,000 by December 31, noting a 25% dip. 

On the other hand, OpenSea’s market share has taken a massive hit as well. The platform went from 50% market share to 33% within the past 12 months. OpenSea accounted for 20% of all ETH gas usage, which dropped to 9% by the end.

Nonetheless, the popularity of Polygon NFTs has kept the platform in check. That is why traders are expecting OpenSea to make a comeback in the next few months. 

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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