- In comparison to January’s high this year, OpenSea’s trading volume has declined by a massive 94%.
- A notable fall in floor prices of popular NFT collections has been observed as well.
- The major reason behind the lower trading volume might be Solana acquiring market share besides broader NFT trends showing an end to their hype.
OpenSea‘s trading volume has reduced 13% to $303 million, which is the marketplace’s lowest level since June last year.
The marketplace is going through a fall in volumes even after welcoming collections from Arbitrum in September this year.
Upon hitting an all-time high of $4.86 billion this year in January, OpenSea’s trading volume has gone down by 94%. Dune Analytics’ data has also shown a decrease of over 86% in the ETH trading volume right from the starting of 2022. The marketplace assists non-fungible tokens from several blockchains which include Klatyn, Ethereum, Avalanche and Solana. Recently, Arbitrum announced about listing its NFTs on OpenSea.
DappRadar’s transaction data shows a major fall in NFT transactions on OpenSea from $406 million in May to $7.63 million at press time, which shows a reduction of 98%.
Bored Ape Yacht Club NFT collection’s floor price has declined from 144.9 ETH on May 1 to 64.7739 ETH at press time. The floor price of CryptoPunks has decreased over 122 ETH on August 30 last year to 100 ETH.
A recent Activate Technologies report has mentioned that the craze for NFTs has ended. Adults within the age group 18 or more who purchase NFTs have fallen from 76% last year to 51% this year. This data has been supported by Binance Research that shows a decrease in OpenSea users is the result of broader fall in cryptocurrency markets.
NFTkek, an NFT analyst, has shared that in the last month, there’s been a reduction in the number of NFTs minted, which shows that NFT artists are making lesser collections.
Mint volume also decreased in the current month together with the mint count. Less and less collection are launching— NFTkek (@NFTkek_) October 31, 2022
Less and less rug pull maybe?
OpenSea has risks from multichain marketplaces such as Magic Eden that have increased their product offerings. Magic Eden’s range has Ethereum NFT collections such as BAYC, ArtBlocks, CryptoPunks and Otherdeed for Otherside. Moving on, social media platform Reddit has also witnessed an increase of interest in its NFT collection as users have created 3 million wallets.
Multichain listings always offer perks to the end user. The reason behind is the chances of trading NFTs throughout various blockchains, enhancing the liquidity of non-fungible tokens and accelerating their value. Users can consider other blockchains on a particular marketplace that offers lower fees as compared to the Ethereum network.
As of now, CryptoPunks, on Magic Eden, has made the highest trading volume of 881,800 ETH.