OpenSea Daily Volume Plunges Below USD 1M as NFT Sales Sink

NFT Non-fungible tokens

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Ruholamin Haqshanas

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Ruholamin Haqshanas

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Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

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June 26, 2023 06:58 EDT

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Major non-fungible token (NFT) marketplace OpenSea has seen a steep drop in the daily sales volume, which recently plunged to below USD 1m. The drop comes as the broader NFT market has been spiraling downward and the prices of popular NFT projects have been plummeting.

OpenSea’s daily trading volume dropped to around USD 837,000 on June 25, plunging to below USD 1m in more than a year, according to NFT data provider DappRadar. In comparison, the marketplace had notched more than USD 405.7m in sales at its peak in early May 2021.

Moreover, the platform’s sales volume has dropped by 72% over the past month alone, reaching USD 260m. In comparison, the marketplace generated USD 4.86bn in total trading volume in January this year, data collected by Dune Analytics shows.

Similarly, the number of unique wallets interacting with OpenSea as well as its number of transactions have plunged to the lowest levels in more than a year, each dropping by around 30% and 38% over the past 30 days.

The drop in OpenSea coincides with the broader NFT market cooling off.

As per data by NonFungible.com, the total NFT sales volume in USD has dropped by around 54% over the past 30 days, reaching USD 14m. Moreover, the number of sales has dropped by more than 37% to 16,000.

Blue-chip NFT collections have also been hit hard recently. The floor prices of top NFT collections Bored Ape Yacht Club, CryptoPunks, Otherdeed, and Mutant Ape have dropped over the past month by around 32%, 8%, 25%, and 33%, respectively, according to DappRadar.

Unlike CryptoPunks — which came into the spotlight recently amid the news that Noah Davis, the NFT expert for the auction house Christie’s, will join Yuga Labs to lead the project — other above-mentioned blue-chip collections have seen a significant drop in volume.

More specifically, Bored Ape Yacht Club, Otherdeed, and Mutant Ape have seen their volume drop by around 60%, 95%, and 79%, respectively, over the past month.

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