With fears that the NFT bubble is bursting, the world’s largest nonfungible token marketplace OpenSea has seen a substantial drop in their daily volumes in what could be a sign of things to come in a volatile market.
According to Coin Telegraph, OpenSea processed nearly $5 million worth of NFT transactions on Aug 28th, which is around 99% lower than the record high of $405.75 million that they saw back on May 1st, via Dapp Radar data.
The decline in daily volumes is yet another issue for OpenSea, which has seen drastic dips in users and transactions in a troubling trend for blockchain-based collectibles over the course of the last few months.
The report goes on to point out that a bearish ETH market has been one of the main components of the low statistics, with the price of one Ether falling from $4,950 in November 2021 to below $1,500 in August 2022.
Now, the NFT market is showing signs of being a cash grab for founders and VC investors who acted quick to cash in on the market when it was flush. How this impacts NFT SEO efforts and trends remains to be seen, but these signs show some difficult waters for platforms like OpenSea moving forward.