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Drop in OpenSea NFT trading volume drops to the lowest level in 13 months. According to DappRadar data, only $10.1 million worth of NFTs were traded on the platform on August 9, compared to $184.5 million worth of users trading on the same date exactly 7 months prior when they reached all-time highs.
As demand for these cutting-edge digital assets continues to fall, OpenSea, a well-known exchange for non-fungible tokens (NFTs), is said to have seen its daily trading volume drop to its lowest point in the last 13 months.
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OpenSea NFT Trading Volume Drops
Throughout the summer of 2021, the demand for non-fungible tokens skyrocketed. However, after a year, the volume of trades on the NFT market has decreased. Because of the lowest trade volumes in a year and the rising tide of NFT attacks, interest in NFTs has declined alongside the general crypto space.
According to dune statistics from the crypto analytics community, OpenSea’s transaction volume peaked in January at more than $5.8 billion. However, trade on the platform fell dramatically in the first two quarters of the year, falling to $3.1 billion in May.
Compared to the previous months, June’s trade volumes fell 74% to $826 million, the worst drop in the exchange’s history. In July, OpenSea saw $456.9 million, continuing its downward trend.
Second-quarter 2022 NFT Value Falls
According to NonFungible.com, a website that tracks the success of this emerging sector, the monetary value of NFT transactions fell by 24.8% from the previous quarter to $8.1 billion. Notably, total resale earnings fell by 46% as the value of digital artwork fell during this period, while the number of active wallets transacting with these digital assets fell by 33.1% to 1.25 million in Q1 2022.
According to the same study, search traffic for NFTs has dropped dramatically, with levels last seen in September 2021, dropping around 80% from their peak. Yuga Labs’ NFTs will dominate the market regarding value and trade volume. It includes BAYC NFTs and the brand-new Otherside NFTs, which were introduced alongside the company’s new metaverse.
The report’s authors claimed that the market had changed significantly in just the first quarter. This recent drop served as a wake-up call to everyone about how volatile the cryptocurrency market is, and many investors took notice.
When the cryptocurrency bear market tightened its grip in the third quarter of this year, many traders abandoned NFTs. Many people may be piously bag-holding due to the terrible decline in Q2 2022. As things become more difficult, NFT holders are turning to tried-and-true assets.
Even though newer exchanges have given OpenSea a lot of competition, it is clear that the total number of trades is still decreasing. Following OpenSea, X2Y2, and LooksRare, the top two exchanges have been unable to make up the deficit with their recent trading volumes.
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