OpenSea Ethereum trading volume declines 13% as BAYC floor switches platforms
OpenSea’s Ethereum (ETH) NFTs trading volume has declined for the fourth consecutive month, dropping 13% to $303M, the lowest since June 2021, according to Dune Analytics data. According to the data, OpenSea’s Ethereum monthly active traders have also dropped for the fourth consecutive month.
OpenSea’s declining number is coming amidst a broader crypto market winter that has seen NFTs’ trading volume and the value of these digital assets tank to new lows. A recent DappRadar report highlighted seven NFTs that traded for record prices last year but are now worth only a fraction of their previous value. Cumulatively, investors who bought these NFTs lost around $30 million. DappRadar stated that the decline results from “declining interest in NFTs and dips in crypto prices across all blockchains.”
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