Although it looks like OpenSea is trying to surpass January’s total trading volume of 5 billion USD by generating more than 1.3 billion USD trading volume in the last 7 days, the number of active users is accordingly more Down than 30% on data from Dune Analytics.

Are we beginning to see transient trading activity? precipitate as a sign of impending pullback, or are investors and collectors trading elsewhere?

Number of daily active OpenSea users | Source: Dune Analytics

Opensea’s closest competitor LooksRare has generated around $3.49 billion over the past 7 days, but problems with wash trading have also reduced its active traders by 3%.

Below are some of the factors that have influenced the overall decline in OpenSea’s trading volume and active traders.

Hape Prime takes first place

Hape Prime, a collection of 8,200 3D fashion monkeys, entered and ranked first in terms of total trading volume over the past 7 days. The project raised total revenues of more than USD 13.6 million and made a great impression on investors.

The collection quickly reached meme status but still managed to grow 80% of total sales in 7 days. At the same time, other notable collections, including Azuki and CloneX, have seen their trading volume drop by at least 50%.

On January 31st, the average daily price of Hape Prime was 9.17 Ether, but since then the price has fallen by 55%. This shows that the trader may have bought when the market was overvalued. Hape Prime currently has nearly 6,000 unique owners.

Average price and volume for Hape Beast in the last 14 days | Source: OpenSea

KaraFuru price has increased slightly

Since its launch on February 4th, KaraFuru has maintained an average reserve price of 4 Ethers ($12,506.36) and a small collection of 5,555 NFTs with 4,000 owners.

Holder seems to be waiting for the event disclosure NFT on February 10th, which is why the average daily selling price may have increased recently.

KaraFuru has generated over $44.8 million in total revenue, with some users increasing purchasing power and believing the project has huge potential.

Consecutive drops for CloneX owners

CloneX ranked third in total sales, with the top price of an avatar being 10 Ether ($31,000). RTFKT Studio will drop an NFT for each CloneX and Space Pod owned by the collector.

CloneX Average Price/Volume | Source: OpenSea

RTFKT is distribution Airdrop by dropping NFT to MNTHL and Loot Pod holders. The current reserve price of the MNTHL is close to 5 Ether, and it fluctuated a bit when collectors received the news that the Nike-tagged NFT would only be revealed after activation.

Between MNLTH and the NFT Loot Pod, holders were dropped at least 6 Ether ($18,500) at the current minimum price of each NFT. This doesn’t take price range into account, but it looks like this is just the start with more opportunities for those involved in the ecosystem.

HypeBears Official is about to climax

The HypeBears collection sold out on February 3rd with no public minting built in, and many people were disappointed with the process. Mining HypeBears doesn’t come cheap at 0.4 Ether ($1,240).

HypeBears seems to have caught the attention of traders with a rather vague but desirable roadmap featuring 50% royalty, a potential governance token, and access to other blue-chip projects.

Self-proclaimed blue-chip project HypeBears has grossed over $40 million in total revenue since launching on February 2nd gap and potentially valuable.

Despite dropping almost 49% from the highest average daily selling price of 1.37 Ether, HypeBears quickly took Azuki’s place on the leaderboard.

Azuki is declining in terms of total volume and average daily turnover

Since its launch on January 11th, Azuki has grossed over $313 million. In the last 7 days alone, it has generated more than USD 33 million, but the average daily sales volume has fallen by almost 66%.

Azuki 7-Day Avg Price/Volume | Source: OpenSea

Despite the decline in average sales volume, Azuki’s average selling price has increased by about 40% in almost a month. This shows that many collectors are willing to pay handsomely to own these anime-inspired NFTs.

OpenSea’s chart shows that Azuki’s reserve price has fallen slightly below the 10 ether mark, but on LookRare, buyers are shelling out at least 11 ethers per NFT.

By offering a $3,000 discount on trade rewards, users choose to buy from LookRare and may continue to prefer that market over OpenSea.

It looks like the new NFT collections are strong and determined to grab a “prominent” spot on the leaderboard and push other top contenders out of their positions.

OpenSea has clearly had an impressive start to the new year, but is this gain sustainable as the market sees a sharp drop in active traders and daily trading volume?

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