• OpenSea’s transaction volume decreased by 25% in May compared with April.
• Ethereum’s NFT industry is gradually losing ground to Ethereum.
• Magic Eden is more popular than OpenSea for transaction volume.

Since August of last year, OpenSea has been routinely producing billions of dollars’ worth of transaction volume each month, making it the most successful marketplace in the whole NFT industry.

However, the transaction volume of OpenSea based on Ethereum in May was $2.596 billion, which is a fall of approximately 25% from April’s value, and the number of monthly active users was 422,300, which is a decrease of around 11% from April’s flow rate.

Dune claims that OpenSea stopped a downward trend in transaction volume. In April, OpenSea saw a 40% increase in trading volume month over month. In April, Ethereum NFT transactions worth approximately $3.5 billion were concluded.

Non-fungible token markets are moving away from being controlled in the traditional way by Ethereum. The average transaction volume is increasing while the cost of trading has fallen.

Magic Eden Tops OpenSea’s Transaction Volumes

Magic Eden, an NFT market based in Solana, is now surpassing OpenSea’s daily volume. DappRadar has reported that Magic Eden currently has over 376,000 daily NFT transactions. OpenSea, on the other hand, has only seen around 72,000.

DappRadar’s data shows Magic Eden has performed NFT transactions at an even faster pace than OpenSea. The scarcity of NFTs from blue-chip companies has resulted in lower market sales.

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