Top NFT Markets By volume, OpenSea had a rough start to the year. Trading volumes are showing plummeting numbers, not worrisome ones. After some less impressive numbers in August, could September be a breath of fresh air for the beleaguered platform?
not so open anymore
On August 28, OpenSea processed $9.34 million in NFT (non-fungible token) transactions, well below its May 1 peak of $2.7 billion, according to the Decentralized Application Tracker. Dapreda. At the time of writing, the monthly trading volume figure was little changed at $9 million.
While January 2022 remains the platform’s all-time high, OpenSea hit a rather low number this month. The September figure was down 85% year-on-year. This is also down 13% from $529 million in August 2022.
Meanwhile, the number of users also plummeted from nearly 60,000 in January 2022 to 22,140 at the end of August to 27,000 in September.
The slowdown in NFT transactions on OpenSea comes amid warnings of a crypto winter in the second half of the year. Furthermore, some analysts even predicted the bursting of the NFT bubble. Top collectibles on OpenSea, the Bored Apes Yacht Club, also saw its second-lowest number of unique buyers of the month.
A breath of fresh air?
Despite the difficulties in the past, the NFT sales platform continues to come up with important plans and collaborations.
For example, Opensea roll out SeaDrop, the new secure open source contract launched on September 19th. It powers the delivery experience so creators don’t need to create custom smart contracts. but it is not the truth.
Additionally, Opensea seeks to improve and enrich the user’s overall browsing experience. The new design aims to create an easy-to-use interface for discovering interesting items and building collections. The platform also wants to showcase a wider range of project types and highlight premium content.