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OpenSea Trading Volume Down 99% From IN HISTORY Highs

OpenSea trading volumes transpired by 99% since their all-time high recorded back May. The info collected by DappRadar confirms that the favorite NFT marketplace had just $9.34M worth of transactions last weekend. Nevertheless, the NFT community sees a bright side in the brand new stats: there could be fewer scams and much more valuable projects left!

abstract image of an arrow pointing downwards alongside the OpenSea NFT marketplace logo
OpenSeas trading volume transpired by 99% this Sunday in comparison to its all-time high reported in-may. Credit: FreePik

How did the OpenSea trading volume decrease by 99%?

The best NFT marketplace OpenSea is entering fall on the incorrect foot using its trading volume down 99%. The most recent data from DappRadar shows $9.34M worth of transactions completed on Sunday. That is surprisingly less than the $2.7 billion recorded on, may 1st, once the platform reached an all-time high.

Furthermore, the platform had 24,020 active users throughout Sunday 1/3 less in comparison to May 1st. These concerning stats come soon after OpenSea faced case over its stolen NFT policy (that they ultimately had to update).

digital poster of the OpenSea NFT marketplace
The NFT marketplace is allegedly not worried about the decreasing amount of NFT transactions. Credit: OpenSea

Is reduced trading volume a very important thing in the end?

Soon after Sundays trading volume data surfaced, an OpenSea spokesperson released a good statement:

Were playing the long game because we see whats possible, so weren’t that worried about short-term volatility. We always expected frothiness, hype, and deflation because the community and use cases evolve, the tech gets more sophisticated, and creators work out how to build more utility to their projects.

Furthermore, some members of the NFT community believe fewer OpenSea transactions may be a very important thing. Heres grounds why:

Twitter screenshot of a message about the reduced OpenSea trading volume via DappRadar
Some Twitter NFT users believe OpenSeas reduced traffic could bring more value to new NFT projects. Credit: Twitter

Needless to say, theres no evidence to claim that reduced trading volume means more valuable NFT projects. Even though it were true, this theory doesnt make the stats less concerning.

What else has OpenSea been around?

As its trading volume stats continue down, OpenSea is concentrating on its Seaport protocol. Seaport aims to boost the users experience while reducing NFT transaction costs.

The newest addition to Seaport has been its Polygon integration revealed on Wednesday. Accordingly, the brand new feature allows bulk transfers, creator payouts, and new attribute offers on Polygon.

Most of these promising features come following a tough summer, though. Back July, the OpenSea co-founder Alex Atallah surprisingly resigned to start out new projects from scratch. Weekly after his announcement, the business had fired 20% of its employees, CEO Devin Finzer confirmed.

To summarize, days gone by quarter has been filled with changes for the favorite NFT marketplace. Nevertheless, OpenSeas Seaport innovation and improved UX might increase its trading volume even yet in the crypto winter.

All investment/financial opinions expressed by aren’t recommendations.

This short article is educational material.

As always, make your personal research before making any type of investment.

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