Skip to content Skip to footer

Drying sea? OpenSea daily volume crashes 99% from peak

This drop in trading volume follows a drop in users and transactions on the NFT marketplace.

OpenSea, the largest marketplace for non-fungible tokens (NFTs) has witnessed a significant fall in their daily trading volume.

This may be a big indication of the potential bubble burst of the NFT market.

OpenSea volume plunges

Notably, on May 1, 2023, the daily volume of OpenSea stood at $405.75M. The last 24 hours have seen a volume of only $2.2M per data from DappRadar.

Source: DappRadar

The monthly volume has also seen a significant downturn of 90% from its peak of $4.85B in January 2022. According to The monthly Dune, the monthly drop in the same period stands at around 82%.

Source: Dune

This drop in trading volume follows a drop in users and transactions on the NFT marketplace. The number of users on the general marketplace is approximated at 50,000.

This suggests that there has been a significant drop in users of NFT-related products in the last few months.

There is also a visible fall in the floor prices of NFT collections. For example, the floor price of the Bored Ape Yatcht Club (BAYC) has fallen 53% from a high of 153.7ETH on May 1 to a 72.5ETH on August 28.

Read more: OpenSea breaks creator fee structure, makes royalties optional

NFT bubble burst

In April 2022, the market volume of NFTs had reached $480,738,395. But in August, the weekly volume is just a bit above $10M.

Amid the crash, Blur’s domination has continued, with the zero-fee marketplace accounting for 58.2% of the total market volume, while OpenSea only had 31.5%.

Weekly volume. Source: Dune

Back in July, Forbes had earlier reported that blue-chip projects like CryptoPunks, BAYC, Azuki, Mutant Apes have plummeted 62% within the month.

The weak NFT numbers appear to be primarily triggered by a negative Ethereum market. It is noteworthy that the price of 1 ETH dropped from $4,950 in November 2021 to under $1,500 in August 2023.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Leave a comment

Go to Top