NFTs Are Dead At OpenSea

La muerte del mercado NFT

✍️ 29 August, 2022 - 17:43 👤 Editor: Jakub Motyka

  • OpenSea NFT buy/sell volume hits all-time lows after a year of record numbers.
  • Yes at its best $405 million worth of NFTs were traded on OpenSea in a single day, now the daily volume rarely exceeds $15 million.
  • After the big drop of the crypto market in May 2022, interest in NFTs has failed to raise its head at OpenSea.

The NFT market in OpeanSea is touched and sunk. OpenSea, the world's largest platform for buying/selling NFTs, has been 3 months registering a slump ever seen in operations of non-fungible tokens. It all started with the great cryptocurrency crash in May of this year, and since then not even NFTs have been spared the journey through the desert.

In the midst of the crypto winter that cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) or Binance Coin (BNB) are still going through , the world of NFTs does not seem to be in much better health. With data from DappRadar in hand, the volume of NFT transactions on OpenSea have dropped to almost 0 in recent months (at least when compared to the record numbers it achieved months ago).

As It Came, It Went Away: NFT Market Shrinks To Almost 0

If you look at the historical graph of the volume of NFT transactions on OpenSea (i.e., the money that moves with the purchase/sale of non-fungible tokens on this platform), the purple line is practically touching the 0:

Mercado NFT en OpenSea en los últimos 3 meses
The graph of the OpenSea NFT market leaves no room for doubt: after a few months of maximum madness, the volume of purchase/sale of non-fungible tokens on this platform has practically dropped to 0.

Although the situation is not so extreme if the graph is analyzed in more detail, what is undeniable is that the volume of transactions has been reduced by 99% in the last 3 months. If before OpenSea was able to move more than 400 million dollars a day in operations with NFT, today it is normal for it to oscillate between 5 and 15 million dollars a day, a figure that is light years away from its best moment.

Volumen últimos 30 días de NFT en OpeanSea
In the last 30 days until today, August 29, 2022, the volume of NFT transactions on OpenSea has remained above the $10 million line per day.

The data does not lie. While popular NFT collections like Bored Apes (BAYC) hit record lows this year, crypto lending companies like BendDAO flirt with bankruptcy in the face of the imminent massive liquidation of the NFTs that users have given as collateral to apply for a loan.

An example of this widespread fall in the price of NFTs, which consequently drags with it interest in this market, is the case of the famous collection of monkeys of Bored Ape Yacht Club (BAYC): if at the beginning of May 2022 its floor price (minimum price) was 153 ETH –at that time Ethereum was worth more than $2,800–, today it struggles to maintain the 72 ETH –when 1 ETH right now is worth no more than $1,500-

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Jakub Motyka
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