OpenSea’s NFT volume decreases almost half after monumental surge in August
Following a colossal surge of $4B sales volume throughout the month of August for the leading NFT marketplace OpenSea indicates a metaphoric decrease in monthly volume.
NFT market has largely paralleled the bearish momentum witnessed across the cryptocurrency markets across the last week, as platforms, collections, and floor prices all suffer corrections.
According to the data from DappRadar, the sales volume on OpenSea has fallen sharply by almost 50% to $792.23M from a pool of 156,811 traders over the last seven-day period which is 10% less than registered across the previous week.
However, OpenSea still holds a dominant position over its closest competitors Axie Infinity and CryptoPunks, listed on the volume metric with $158.24M and $45.92M, respectively.
Conscious to not skew the narrative bearish, it also must be reported that by utilizing the same dataset and expanding the scope across a 30-day period, it can be fairly assessed that OpenSea shows no signs of long-term decline with a positive volume figure of 336.94%.
In a momentary mishap this week, a bug on the platform affecting ERC721 transfers to ENS names accidentally deleted a small number of users' NFT assets worth $100K. It is understood that the incident was swiftly resolved and the funds returned.
Last week, the platform issued a guerrilla-style recruitment post, declaring that they will generously donate 1 Ethereum (ETH) token to any member of the public who refers a potential engineer or designer to the firm who becomes a successful candidate.
In the statement, head of product Nate Chastain pleaded: “We are 37 people handling 98% of all NFT volume” and that the company has a “pressing need for manpower.”