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Giant NFT marketplace OpenSea announced canceling trading fees on the digital collectibles temporarily in addition to two major changes to attract consumers.



OpenSea&#8217;s move came as a reactionary measure with the aim to gain more users after news showed that no-fee marketplace Blur surpassed Opensea in terms of daily Ethereum trading volume seeking a trading portion, <a href="https://cointelegraph.com/news/opensea-implements-0-fees-to-win-over-nft-userbase-lost-to-blur" target="_blank" rel="noreferrer noopener">according to Cointelegraph</a>.



The other two changes included defaulting all collections without on-chain royalty enforcement to optional creator royalties starting at 0.5% in addition to adjusting its blocklist of other marketplaces that don&#8217;t honor full royalty payments to creators, allowing sales on NFT marketplaces with the same policies.



OpenSea confessed that its loss of users recently in favor of other NFT marketplaces is an attempt to restore its dominating control over the NFT space.



&#8220;Recent events – including Blur’s decision to roll back creator earnings (even on filtered collections) and the false choice they’re forcing creators to make between liquidity on Blur or OpenSea – prove that our attempts are not working,&#8221; Opensea said.



NFT community members lauded OpenSea moves, asserting the importance of competition among the marketplaces, however, they doubt that OpenSea would increase its platform fees in the future after restoring its migrating users.



Earlier in January, UPYO, the largest NFT marketplace in the Middle East, announced the cancellation of all fees imposed on trading, buying, and selling NFTs on its marketplace to encourage Arab NFT artists in the region to release more digital collectibles and those who are interested to join the Web 3.0 world.

OpenSea

OpenSea Cancels Fees to Restore Migrating Users to Blur

Opensea announced that it sold more than 1.3 million Polygon NFTs in December 2022, with transactions amounting to over $15.3 million from 116,000 active users, <a href="https://www.cryptonewsz.com/opensea-witnesses-sale-of-1-3-m-polygon-nfts-in-dec-2022/" target="_blank" rel="noreferrer noopener">CryptoNewsZ reported</a>.



Based on NFTs sold for each active trader, December was the third-highest month. Despite the high sales of Polygon on the world&#8217;s largest NFT marketplace, Opensea lost 23% of its dominance throughout 2022, in addition, the total number of NFT transfers during the year slipped by 25%.



The number of NFT transfers on Opensea hit 80,000 at the beginning of 2022, but the number continued to decline to reach 60,000 by December 31. The market share of Opensea was also significantly affected as it recorded 50% of the overall market share of NFTs by the start of 2022 and decreased to 33% by the end of the year.



However, traders expect that Opensea would come back in the coming few months in light of the growing popularity of Polygon NFTs.



In general, the value of global NFT sales plummeted by 76% year-over-year (YoY), recording $638.4 million in December 2022, according to CryptoPresales.com.



According to NFT collectibles data aggregator CryptoSlam, the value of NFT sales in December 2021 recorded $ 2.8 billion, a number that reflects the effect of the crypto bear market in 2022 on NFT sales. After recording a high level in January worth $4.77 billion, the NFT sales began to fall remarkably in the following months.



The NFT sales in October recorded a notable drop when they reached $460 million to recover again and hit $638.4 in December. According to data by Cryptoslam, the average sales value decreased to $144.9 in December 2022, compared to $384.4 in the same period in 2021, showing a 62% drop YoY.



Moreover, the NFT market witnessed a massive drop in the number of active wallets, which went down 80% in December in addition to a decline in the number of unique buyers and sellers.

polygon-opensea

Over 1.3 Million Polygon NFTs Sold on Opensea in December

The all-time sales of NFTs on the top five marketplaces exceeded the $40 billion mark since the beginning of the year, hitting about $41.3 by the end of October.



According to figures released by Dappradar, Opensea was the biggest NFT marketplace in the terms of sales, recording $32.78 billion, dominating almost 79% of the whole sales of the top five marketplaces.



<a href="https://news.bitcoin.com/the-top-5-nft-marketplaces-surpass-40-billion-in-all-time-sales/" target="_blank" rel="noreferrer noopener">Bitcoin News</a> reported that Opensea&#8217;s sales were conducted by 2.35 million traders with an average price paid for an NFT of around $352.



Opensea was followed by the Axie Marketplace, whose volume of sales reached $4.26 billion. The average price paid for an NFT via Axie Marketplace is $171.32 as the marketplace saw 2.17 million traders.



CryptoPunks came in third place with all-time sales amounting to $2.96 billion settled by only 7,162 traders. While sales on Solana&#8217;s Magic Eden recorded $1.83 billion, making it in fourth place with an average price for an NFT of $124.09. However, it witnessed a high number of traders compared to CryptoPunks, reaching 1.214 million.



The fifth place was occupied by the NFT marketplace Looksrare as the volume of sales hit $1.62 billion. The average price paid for an NFT was $6.59K. Only 108,005 traders settled via Looksrare.



X2Y2 marketplace, for its part, is on its way toward the $1 billion milestone by achieving $895.1 million in terms of sales.



The global NFT sales in October recorded $428.8 million with a decline of 20.61% compared to September. October witnessed 4,366,220 NFT transactions among 510,859 buyers, <a href="https://cryptoslam.io/" target="_blank" rel="noreferrer noopener">according to Cryptoslam io platform</a>.

NFT Marketplaces

Sales of Top 5 NFT Marketplaces Surpass 40 Dollars Bln in October

OpenSea, the world&#8217;s first and biggest crypto collectibles and non-fungible tokens (NFTs), earned $144.5 million in the third quarter of 2022 in fees from users as most of the money goes to the creators, the Token Terminal platform said.&nbsp;



According to <a href="https://beincrypto.com/opeansea-recorded-144-5m-in-revenue-in-q3/" target="_blank" rel="noreferrer noopener">Beincrypto</a>, OpenSea&#8217;s profits reached only $35 million, which means 76% of the total fees go to the creators.&nbsp;



It is worth mentioning that OpenSea only collects fees worth 2.5% of the sale, while creators can set up to 10% as fees on a collection.



However, the overall sales on OpenSea, during this year, declined from $5.2 billion in January to about 349 million in September.&nbsp;



Beincrypto attributed the reasons for the decline to several factors, including the bear market, the macroeconomic conditions that affected the liquidity in the market, and the reducing interest in the NFTs.&nbsp;



The Volume of NFT Sales This Month&nbsp;



In September, the volume of NFT sales was $1.26 billion, with a decrease of 24.4% compared to August, according to Dune Analytics.&nbsp;



About 88% of the total NFT sales goes to Ethereum in September, a drop of 5% compared to 95% in August, while Solana hiked 6% in September to reach 10% of the total sales after it was only 4% in August.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Overall USD volume in September was $1.26B, a 24.4% fall in comparison to August. &#8211; ETH NFT vol represented 88% of the total NFT vol, a decrease from 95% in Aug. &#8211; SOL NFT vol saw a 91% rise in comparison to Aug, now representing 10% of the total NFT vol (4% in Aug). <a href="https://t.co/IM0Nfil6xy">pic.twitter.com/IM0Nfil6xy</a>&mdash; NFTgators 🐊 (@NFTgators) <a href="https://twitter.com/NFTgators/status/1576509461644316672?ref_src=twsrc%5Etfw">October 2, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Moreover, the number of users went up 0.5% to record more than 569,000 in September. Ethereum users fell by 9.5% to reach 393,000, however, Solana users increased by 41%, amounting to 155,000, representing 27% of the total users in September, while they were 19% in August.&nbsp;



Beincrypto pointed to a strong start in October for the NFTs, indicating that NFT sales on Ethereum surpassed $10 million over the past 24 hours, with 18,895 transactions.&nbsp;



In addition, sales on Solana increased by 28%, recording $2.1 million in 24 hours.



It is worth noting that the volume of trade of NFTs went down around 97% since the beginning of 2022, according to figures released by&nbsp;<a target="_blank" href="https://dune.com/thomas_m/NFT-stats" rel="noreferrer noopener">Dune Analytics</a>.&nbsp;



Dune&#8217;s figures showed a decline in the trading volume from $17 billion in January this year to $466 million in September, reflecting the loss of about $2 trillion in the market capitalization of the crypto market between November 2021 and July 2022.&nbsp;

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