OpenSea, the leading Non-Fungible Token (NFT) marketplace, is experiencing a historic plunge in sales volume. Data indicates that April 2024 will be the platform’s weakest month ever, continuing a downward trend that began earlier this year.

This decline coincides with a significant drop in user activity on OpenSea. Since peaking at $153 million in monthly sales volume in February, the platform has seen a steady decrease. April’s projected total of $82 million represents the lowest point since September 2023, and the number of NFTs sold is set to be the lowest since June 2021.

The drop in sales volume directly impacts OpenSea’s revenue, which is generated through transaction fees. Reduced user activity has led to a decrease in both primary transaction fees and royalty fees.

Meanwhile, rival NFT marketplace Blur has seen a rise in trading volume. Despite having fewer users, Blur captured 79% of all NFT transactions in the past week, compared to OpenSea’s 21.3%. This suggests a shift in user preference towards Blur, possibly due to its features or fee structure.

OpenSea’s struggles reflect a broader slump in the global NFT market. Data from CryptoSlam shows a 26% drop in sales volume over the past 24 hours, likely due to a shift in investor focus back to cryptocurrencies like Bitcoin and Ethereum, which still lead in NFT sales.

Adding complexity to the NFT market’s current state is the issue of creator royalties. Yuga Labs, the powerhouse behind the Bored Ape Yacht Club and Mutant Ape Yacht Club collections, recently partnered only with NFT marketplaces that honor creator royalties.