NFT trading volume on OpenSea drops to 1-year low as crypto winter strikes
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As concerns about the possibility of a market bubble mount, OpenSea, the world’s largest non-fungible tokens (NFTs) marketplace, has seen a significant decrease in the daily quantities of its trades.
Notably, trading volume on the NFT marketplace fell as low as $10.05 million as of August 26, the lowest since July 2021, marking a one-year low as the effects of the crypto winter take hold. According to the most recent data from DappRadar shows that volume had marginally improved to $13.49 million as of August 30.
Interestingly, this volume is a big difference from that seen in May 2022, when NFT trading volume on OpenSea surged as high as $405 million.
With trade volume on the most prominent NFT marketplace, OpenSea, down 99% since its peak in May, the market that was previously driven by ‘Fear Of Missing Out’ (FOMO) was surging during the crypto bull market of 2021 is now waning.
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