NFT volume on the open sea drops by 50% after a strong increase

After a massive $ 4 billion increase in sales in August for the leading non-fungible token or NFT market, OpenSea, recent numbers point to a return of the earth metaphor to the majestic heights of the moon after an engine.

NFT markets have matched mainly the bearish momentum seen in crypto markets over the past week as platforms, collections, and minimum prices have been corrected.

Analytical data from DappRadar shows that OpenSea’s sales volume has plummeted nearly 50% in the past seven days to $ 792.23 million with a pool of 156,811 dealers, 10% less than a group of 156,811 dealers a week.

Despite this short-term correction, OpenSea remains dominant over its closest rivals, Axie Infinity and CryptoPunks, in terms of volume index at $ 158.24 million and $ 45.92 million, respectively.

To distort the downward trend of history, it should also be deliberately reported that using the same data set and widening the range over 30 days, it can be pretty judged that OpenSea shows no signs of a long-term decline with a. shows the optimistic figure. Is 336.94%.

See also: Auction NFT 101 Bored Apes at Sotheby’s ends at over $ 24 million.

In a temporary oversight this week, a platform bug affecting the translation of ERC721 to ENS names accidentally deleted a small number of users’ NFT assets totaling $ 100,000. The problem was resolved promptly, and the money was refunded.

Last week the platform posted a guerrilla-style job posting claiming it would generously give away 1 Ethereum (ETH) token to any member of the public who recommends an engineer or potential designer for the company, and they become one become a successful candidate.

In the statement, product manager Nate Chastain pleaded: “We have 37 employees handling 98% of all NFT volumes,” and the company has “urgent staffing needs.”