- Opensea’s spokesperson says in an email that OpenSea is not worried about lowering trading volume.
- Widely popular NFT collection Like Bored Ape Yacht Club fell 53%/.
As per Dappradar, of 1 May, the market has an all-time sales volume of $30.48 Billion and 1,933,649 traders on the platform. The highest sales the platform witnessed was of BAYC #8585 ($2.7 Million). It reached its highest daily trading volume during May, grossing $476 Million. But in the recent report, the DappRadar quotes that the OpenSea NFT marketplace recorded just $9.34 million worth of sales. Reports also highlight that the marketplace only got traffic of &24,020 on Sunday compared to the number of transactions recorded in May.
The enormous downfall in the volume on the NFT marketplace has overlapped with a nosedive in the crypto prices. The globally popular cryptocurrency Bitcoin(BTC) has declined nearly 57% from the start g of 2022 and reached $20,400. The second widely popular cryptocurrency currency registered a downfall of approximately 59% in the same interval of Time.
Likewise, trading volume and crypto prices mirrored a severe downtrend in the current year. The downtrend is newly coined as “crypto winters,” the floor prices for the multiple famous NFT collection points the lowest price an NFT in the collection is selling for has also plummeted.
Widely popular NFT collection Like Bored Ape Yacht Club fell 53% to 72.4 Ether which is around $110K. On April 30, it registered a high of 153.7 Ether. And another NFT collection CryptoPunks is down 19% from its July peak.
Opensea’s spokesperson says in an email that OpenSea is not worried about lowering trading volume.
The spokesperson also highlighted that “We’re playing the long game because we see what’s possible, so we’re not that concerned about short-term volatility.” and “We always expected frothiness, hype, and deflation as the community and use cases evolve, the tech gets more sophisticated, and creators figure out how to build more utility into their projects.”
Last week in a case study, Pew Research Center found that approximately 46% of Americans who have invested in crypto said that their investment had fallen short of their expectations.
Source: https://www.thecoinrepublic.com/2022/08/30/openseas-nft-marketplace-trading-volume-decreased-by-99-since-may/