A large jump in NFT transactions may be linked to the airdrop of OpenSea's $SEA token

NFT trading volumes fell 45% compared to the previous quarter, according to the new DappRadar report — despite a 78% increase in sales.

The study claims that there is still a healthy interest in digital collectibles, but there has been a 'sharp decline' in the average prices paid.

In a sign that the million-dollar sales of Bored Ape Yacht Club and CryptoPunks are in the past, trading volume stood at $823 million in the second quarter — a drop from the $4 billion recorded in the same period last year.

A total of 12.5 million sales were recorded during this three-month period. Although this number is lower than the 15 million in the second quarter of 2024, it represents a significant jump from the 7 million observed in the first quarter of 2025.

Showing how the sector is becoming more accessible, the DappRadar report added: 'The art category saw a 51% decrease in volume, but a 400% increase in sales, suggesting that prices have dropped significantly, making art NFTs more accessible to a broader audience.'

It was also a good quarter for domain NFTs, with the report suggesting that this is mainly due to increased activity on the Telegram TON blockchain.

'Telegram users are buying anonymous domains based on numbers that can be linked to Telegram accounts without the use of a SIM chip, a very specific use case that seems to be gaining traction,' the report says.

New token from OpenSea excites traders

NFT marketplaces also suffered a double-digit decline in sales. But OpenSea is the exception, with a quarterly increase of 156%, driven by expectations surrounding the launch of the $SEA token.

'Many users are now actively trading cheaper collections to accumulate points, hoping to maximize their future rewards,' noted DappRadar.

In other areas, the number of dApp users remained relatively stable at 24.3 million — and, although gaming is still the most popular category, the market share of AI-related projects jumped to 18.6%.

It was also a dark period for hacks, with Web3 losing $6.3 billion due to exploits in the second quarter — one of the largest amounts since the collapse of FTX. This represents a 215% increase compared to the first three months of the year.

'We expected that after all these years, the industry would have learned its lessons to remain vigilant, take better care of user funds, and mature at least to some degree. But unfortunately, this quarter proved otherwise,' added DappRadar.