The top NFT marketplace by volume, OpenSea has had a difficult start to this year. Trading volume saw a plummeting figure, rather than a concerning one. After some not-so-impressive figures in August, could September bring in fresh air for the struggling platform? Not so open anymore On 28 August, OpenSea processed $9.34 million in NFT […]
has had a difficult start to this year. Trading volume saw a plummeting figure, rather than a concerning one. After some not-so-impressive figures in August, could September bring in fresh air for the struggling platform?On 28 August, OpenSea processed $9.34 million in NFT transactions, well below its 1 May peak of $2.
While January 2022 remained the platform’s all-time high, OpenSea reached a rather low figure this month. September’s figure was an 85% decrease year-over-year. It was also a 13% dip from August’s $529 million in 2022. Meanwhile, the number of users also plummeted to a mere 22,140 in August end to 27,000 in September from nearly 60,000 in January 2022.The slowdown in NFT transactions on OpenSea came amid warnings of a crypto winter in the second half of the year. Furthermore, some analysts even forecasted the burst of the NFT bubble.
, the top collection on OpenSea, also witnessed its number of unique buyers reach its second-lowest point this month.The NFT sales platform, despite the struggles in the past, has continued to come up with significant plans and collaborations.SeaDrop, a new and secure open source contract on 19 September. It powered the drops experience so that creators don’t need to create custom smart contracts. But that’s not it.
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