Despite OpenSea’s Drop In Volume, NFT Projects Soar

Last year proved to be a great year for OpenSea. The leading NFT platform even crossed the mark of $14 billion in transaction volume.

However, OpenSea has now taken a hit. The market rate dropped by 40% to almost $3 billion from the previous month.

The world’s leading platform was recently struck among many NFT fraud controversies. Despite that, the platform has seen a rise in unique users.

There is a clear spike in NFT projects even though OpenSean is not very big on its record.

It has been a great year for OpenSea as it has achieved various milestones throughout the year. The marketplace even surpassed the mark of $14 billion in transaction volume.

The world’s leading platform, OpenSea, very quickly broke its own monthly transaction volume. Dune Analytics disclosed that in January 2022, the OpenSea network broke its own highest monthly transaction volume ever.

Quickly breaking the highest transaction volume record of $2 billion in December 2022, the NFT platform reached the mark of $5 billion in 2022, according to the on-chain data platform. The exact amount being $4,795,721,595,90746.

Unfortunately, the last month didn’t turn out that amazing for OpenSea.

Break On OpenSea Growth

A notable drop of 40% in the market rate from the previous month to nearly $3 billion. Meanwhile, the performance of NFT projects is quite noteworthy. The unique users and transactions are increasing with each day.

As per the recent reports, many NFT projects are entering the secondary market; meanwhile, the rest of the industry is planning the next moves in terms of utility and integrations into the Metaverse.

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OpenSea Stuck In The Sea Of NFT Frauds

Reportedly, OpenSea is also at the locus of different unethical activities such as NFT frauds recently. The users are now skeptical regarding the platform’s security.

Since NFT, as an entity, just like cryptocurrencies, is decentralized and is not operated by a single identity, it imposes the risk of the owner’s password getting stolen. There are no such measures to prevent this as of now.

The interesting thing is while there are allegations and controversies around it, the world’s leading platform is growing with each passing day, as more people join this highly profitable market every day.

However, there is no doubt that the current risks and obstacles that the NFT market is facing will require the involvement of regulators.

The demand for an international regulating institution is also being realized each day as the NFT market grows and expands, and so do its use-cases. An international organization is needed to protect consumers.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing