NFT marketplace OpenSea is experiencing a decline in user activity, reaching its lowest level since 2021. The platform, once considered a top NFT marketplace, is now facing tough competition from newer players like Magic Eden and Blur, which are attracting more users.

Data from Token Terminal reveals that OpenSea’s NFT trading volumes have dropped by 33% in the last 30 days, currently standing at $89 million. The platform’s weekly user base has also decreased to around 21,000 traders.

The daily ETH volume on OpenSea is currently at its lowest point since May 2021, reflecting the challenges the platform is facing in retaining its user base. This decline has pushed OpenSea back to its 2021 trading levels, with monthly user numbers hitting a low of 73,000 in April, the lowest since August 2021.

Despite the overall increase in NFT trading volumes, OpenSea is struggling to compete as many users are turning to competitors like Blur and Magic Eden. Sales volume on OpenSea has also dropped, with the number of NFTs sold in April plummeting to 134,197, the lowest since June 2021.

Monthly trading volumes have also decreased, falling below $100 million for the first time this year. This decline has impacted OpenSea’s revenue, with fees charged remaining high despite rising Ethereum prices. The platform’s market share has dropped to about 9.5%, with Blur leading with a 67% market share and Magic Eden following with over 14%.

OpenSea CEO Devin Finzer has hinted at a potential sale of the company in light of these challenges, recognizing the difficulties the platform faces in a rapidly changing market.

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