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Trading volumes of the largest NFT marketplace OpenSea fell in October by 13% to $303 million, the lowest since June 2021
OpenSea trading figures are falling
OpenSea, the largest marketplace for trading non-fungible NFT tokens, appears to be in a steady decline.
Trading volumes on the platform have fallen by 94% from the all-time high of $4.86 billion reached in January 2022. Since the beginning of the year, trading volumes in ETH have fallen by about 86%, according to Dune Analytics.
Statistics from DappRadar also show a sharp drop in NFT transactions in the secondary market. The figure has dipped from $406+ million in May 2022 to $7.63 million at the time of writing. The drawdown amounted to 98%.
Source: Dapp Radar
The minimum prices for the Bored Ape Yacht Club NFT collection, which is the historical record holder in terms of sales, have also fallen. At the time of writing, this figure was 64.7739 ETH versus 144.9 ETH as of May 1, 2022. A similar value for another popular collection, CryptoPunks, dropped to 100 ETH from 122 ETH on August 30, 2021.
See also: The strangest and most provocative NFTs: an overview of the “depths” of OpenSea
Who to blame
OpenSea’s trading volumes have dipped, even though the platform supports tokens based on a wide variety of blockchains, including Ethereum and Solana.
In September, it added support for the Arbitrum sidechain, which is a layer-two Ethereum scaling solution. This integration helped the marketplace attract a number of new NFT collections, but did not have a beneficial effect on sales figures. In mid-October, the site added support for NFTs based on the Avalanche network, but this did not affect OpenSea’s trading performance in any way.
Other initiatives did not help revive interest. So, in September, the project announced its constructor, which will give users the opportunity to release NFTs without any technical skills and knowledge.
Such a downward trend confirms the opinion of Activate Technologies experts that the hype phase in the NFT segment has already passed. In addition, a study by Binance Research suggests that the decline in OpenSea is a reflection of the overall decline in the entire crypto market.
According to NFT analyst NFTkek, the number of new released collections has also decreased over the past month.
It is also worth mentioning the increasing competition. OpenSea is on the heels of new rivals such as the multi-chain trading platform Magic Eden.
Read also why there are more NFT wallets on Reddit than on OpenSea
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