NFT Trading Volume On OpenSea Drops To 1-year Low

Crypto winter is often associated with bleak trades, with even the underlying non-alternative token market (NFT) platform being affected. OpenSea, the world’s largest market for NFTs, has seen a significant drop in daily transactions.

As the effects of the crypto winter took hold, trading volume on the NFT marketplace plummeted as low as $10.05 million on August 26, the lowest since July 2021 and a one-year low. According to the most recent DappRadar statistics, the volume has increased modestly to $12.42 million as of August 31.

This amount is far lower than that experienced in May 2022, when NFT trading volume on OpenSea reached $405 million. With trading activity on the most important NFT marketplace, OpenSea, down 99% from its high in May, the market that was earlier fueled by FOMO and rising during the 2021 crypto bull market is now cooling.

According to the DAO maker, the crypto winter has significantly impacted NFT sales. The platform reports that trading volume has declined by at least 90% ($500 million), while trading fees have reduced by 95% ($8 million).

This suggests that the value of NFT collectibles and interest in them has declined in recent months. This is further demonstrated by the falling floor pricing of top digital collectible projects such as BAYC and CryptoPunks.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News