OpenSea Daily Volume Plunges Below USD 1M as NFT Sales Sink

Main non-fungible token (NFT) market OpenSea has seen a steep drop within the each day gross sales quantity, which not too long ago plunged to under USD 1m. The drop comes because the broader NFT market has been spiraling downward and the costs of in style NFT tasks have been plummeting.

OpenSea’s each day buying and selling quantity dropped to round USD 837,000 on June 25, plunging to under USD 1m in additional than a yr, in response to NFT knowledge supplier DappRadar. As compared, {the marketplace} had notched greater than USD 405.7m in gross sales at its peak in early Might 2021.

Furthermore, the platform’s gross sales quantity has dropped by 72% over the previous month alone, reaching USD 260m. As compared, {the marketplace} generated USD 4.86bn in complete buying and selling quantity in January this yr, knowledge collected by Dune Analytics reveals.

Equally, the variety of distinctive wallets interacting with OpenSea in addition to its variety of transactions have plunged to the bottom ranges in additional than a yr, every dropping by round 30% and 38% over the previous 30 days.

The drop in OpenSea coincides with the broader NFT market cooling off.

As per knowledge by NonFungible.com, the whole NFT gross sales quantity in USD has dropped by round 54% over the previous 30 days, reaching USD 14m. Furthermore, the variety of gross sales has dropped by greater than 37% to 16,000.

Blue-chip NFT collections have additionally been hit laborious not too long ago. The ground costs of prime NFT collections Bored Ape Yacht Membership, CryptoPunks, Otherdeed, and Mutant Ape have dropped over the previous month by round 32%, 8%, 25%, and 33%, respectively, in response to DappRadar.

Not like CryptoPunks — which got here into the highlight not too long ago amid the information that Noah Davis, the NFT skilled for the public sale home Christie’s, will be part of Yuga Labs to steer the challenge — different above-mentioned blue-chip collections have seen a major drop in quantity.

Extra particularly, Bored Ape Yacht Membership, Otherdeed, and Mutant Ape have seen their quantity drop by round 60%, 95%, and 79%, respectively, over the previous month.