According to a report by Balthazar, an NFT gaming platform, four out of five non-fungible token marketplaces saw their sales volume decrease in November compared to October, following a continued downward trend over the past year.
According to Balthazar’s analysis, the markets OpenSea, Magic Eden, X2Y2, LooksRare, and Solanart NFT recorded a combined loss of sales of more than $100 million, a 20% decrease from the volumes of sale in ‘October. November set a record high for NFT sales volume this year.
Magic Eden was the only market out of the 5 that saw an increase, reaching $94.40 million in November sales from $58.66 million in October. OpenSea, which is one of the most popular NFT markets, saw a decrease of $52.31 million, down 30% from October. The hardest hit of the five was Solanart, which fell to $6.25 million in sales in October from $410,000 in November, a drop of 93%.
OpenSea’s unique active wallets (UAWs), Magic Eden, which show how many user wallets are associated with the platform, were also denied in December, according to DappRadar. OpenSea’s UAW fell 12.68%, similar to LooksRare’s 12.77% decline. Magic Eden’s UAW has decreased by 45.91% in the last 30 days, similar to the 49.29% decrease in X2Y2.
Solanart saw the biggest drop in UAW with 85.67% in the last 30 days.
Balthazar chose to analyze these markets based on data from DappRadar, which shows that they have the highest sales volume ever. NFT transaction volumes peak in late 2021 and early 2022, when the entire NFT industry is estimated to be around $40 billion.
Representatives from the four markets did not immediately respond to a request for comment. Magic Eden said it was working on a response.