OpenSea trading volume drops 99% from all-time high

OpenSea trading volume drops 99% from all-time high

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Answer OpenSea trading volume drops 99% from all-time high

If you think that the cryptocurrency market is going through difficult conditions.

Take a look at what happened to the non-fungible digital tokens also known as NFTs.

Data from DappRadar shows that trading volume on OpenSea, the world’s largest NFT marketplace, has fallen by 99% in less than four months.

While the company has somewhat disputed the figure, it has acknowledged that the significant slowdown in activity is real and expected.

The sad status of NFT:

According to the page statistics “DappRadar,” OpenSea’s Ethereum daily trading volume peaked above $400 million on May 1.

In comparison, the platform generated just $5 million in Ethereum trading volume on August 28.

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In an email to Fortune, OpenSea noted that the number is a bit exaggerated, comparing a day of unusually high volume to a day with the lowest trading volume on the platform.

She also told the platform that measuring Ethereum trading volume, rather than dollars, is better to remove Ethereum price volatility from the equation.

In fact, volume decreases when it is set against Ethereum, a cryptocurrency that has itself fallen nearly 50% since May 1.

According to Dune Analytics, trading volume on OpenSea in the May-July period was down 62%, but it’s heading for more pain in August.

Meanwhile, the number of daily OpenSea users dropped from 58,870 on January 9 to just 23,620 on August 27.

Daily transactions decreased from 137,500 to only 53,300 during the same time frame.

Minimum NFT prices – which means the lowest value of NFTs in any given group – also declined over the course of the year.

Boring Monkeys are now worth 72.4 ETH as the cheapest price, compared to 153 ETH on April 30, according to the NFT Price Floor.

Read:Report: Crypto crimes cost the world $4.4 billion in 2019

Similarly, CryptoPunks have dropped from 84 ETH to 67 ETH since last month.

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