NFT

Bored Ape NFT Token Almost Lost its Value

09/29/2022
Bitcoin Ethereum News

  • The trading volume of non-fungible tokens slipped by almost 97% from the beginning of 2022.
  • The data collected from the leading NFT trading platforms like OpenSea, NFTX, Larvalabs, LooksRare, SuperRare, Rarible, and Foundation.

NFT Trading Volume

As per the Bloomberg report,Dune Analytics showed that the trading volume for NFTs dropped from $17 Billion to just $466 Million in the last nine months. It indicates a precipitous 97% drop in this year. 

The data follows on from earlier reports this month that OpenSea, currently the largest NFT trading platform by volume, noted the sales drop 75% compared to just two months prior.

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As per the data posted by Dune Analytics user hildobby, there were over 42,000 total traders in September 2022 compared to a peak of over 66,000 in March. Also, DappRadar shows that OpenSea users are down nearly by 5% this year.

Source: OpenSea Statistics, DappRadar

The Founder of @NFT, Jason Falovitch, recently shared a Tweet in which stated that he had four NFTs stolen from his wallet this Sunday, with the hacker apparently making a $150,000 profit. He then tweeted that over $1 million had been hacked in ETH and NFTs.

However, OpenSea is making people more interested in trading by adding the Optimism blockchain network to its slate of supported networks. And the daily  revenue for the company’s NFT platform reportedly dipped under $4,000 in August 2022.

It must be noted that more companies are trying to implement NFTs onto their platforms by simply not calling them NFTs. Starbucks recently talked about its own NFT platform but mentioned it as “stamps.” Reddit announced “collectible avatars” in July, but company execs strongly opposed use of any reference to NFTs in any of its promotional material.

Source: https://www.thecoinrepublic.com/2022/09/29/bored-ape-nft-token-almost-lost-its-value/