OpenSea NFT trading volume down 157% for the week

After a massive surge in NFT sales in August, recent figures suggest that the NFT market has returned to Earth after a long period of lunar exploration.

Analytical data from DappRadar shows that NFT sales on OpenSea are down 157.72% from 105.59 retailers to $ 587.35 million in the past seven days, down 14.68% from last week.

Source: DappRadar

The high Ethereum gas fees are believed to be the main cause of the decline in NFT transaction volume, with minting or trading an NFT currently costing users up to several hundred dollars, a number that is causing many traders to withdraw.

Despite this short-term correction, OpenSea retains a dominant position over its closest rivals Axie Infinity and CryptoPunks, which are trading at $ 155.43 million and $ 42.35 million, respectively.

However, over a 30-day period, OpenSea shows no signs of slowing down, with volume still up 213% from the previous 30 days, reaching $ 3.6 billion.

In a recent technical bug at OpenSea, a bug related to the transfer of ERC721 to ENS names accidentally deleted $ 100,000 worth of NFT assets. After the incident, the platform compensated users appropriately.

Last week, OpenSean tweeted a job posting on Twitter claiming that they are giving away 1 ETH to anyone who recommends an engineer or designer to the company. The overheated market growth has overwhelmed the company’s entire workforce.

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Thach Sanh

According to Cointelegraphg

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