OpenSea Trading Volume Down 99% From All-Time High
Think the cryptocurrency market has it rough? Take a look at what happened to non-fungible tokens – aka NFTs. Data from DappRadar shows that trading volume at OpenSea – the world’s largest NFT marketplace – has fallen by 99% in less than four months. While the company contested the figure to some degree, it admitted that the substantial slowdown in activity is both real and expected.
According to DappRadar’s statistics page, the daily trading volume of ETH at OpenSea peaked above $400 million on May 1st. By comparison, the platform only generated $5 million in ETH volume on August 28th. In an email to Fortune, OpenSea noted that the figure is a bit exaggerated, as it compares a day of unusually high volume to a day of some of the platform’s lowest volume. It also said that measuring volume in ETH, rather than dollars, was preferable to eliminate ETH’s price volatility from the equation.
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