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OpenSea’s NFT volume down 50% after historical increase in August

3 min reading

Following a $4 billion sales volume rise for the main nonfungible token during the month of August

After a historical increase of $4B sales volume throughout the month of August for the main nonfungible token, or NFT, marketplace OpenSea, the recent figures state a return to earth after the thrust to the mighty heights of the moon. NFT marketplaces have compared the bearish momentum witnessed all around the cryptocurrency markets across the last week as platforms, collections and floor prices all went through mistakes.

The analytical data stated that over the past seven-day period, the sales volume on OpenSea has decreased by almost 505 to $792.23M from a group of 156,811 traders, 10% less than registered from previous week. Even with this short-term correction, OpenSea has a strong position over its closest and toughest competitors Axie Infinity and CryptoPunks, listed on the volume metric with $152.24M and $45.92M. 

The angle of the narrative bearish it also must be stated by making use of the same dataset and widening the idea around a 30-day period, it can be a calculated move that OpenSea depicts no signs of long-term decrease with a positive volume figure of 336.94%. A small mistake this week a bug on the platform affecting ERC721 moves to ENS names accidentally deleted a small number of users’ NFT assets worth $100K. it is stated that the incident was slowly resolved and the funds came back. 

During last week, the platform issued a guerrilla-style recruitment post stating that they will donate 1 Ethereum (ETH) token to any member of the public who refers a potential engineer or designer to the firm who later turned into a successful candidate. “We are 37 people handling 98% of all NFT volume” and that the company has a “pressing need for manpower.” 

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