OpenSea NFT Marketplace Sees a Decline in Trading Volume
We’re entering the fall season in the northern hemisphere, but we’ve long been in winter in the crypto world. OpenSea, the largest NFT marketplace as of now is not exempt as we see its trading volume take a 99% nosedive.
What led to this not-so-gradual decline? The platform’s former product manager was arrested earlier this year for wire fraud, followed by the marketplace letting go of around 20% of its employees in preparation for the cryptowinter.
Many of the platform’s losses in trading comes from individuals who simply left the NFT/crypto space for good. Who can blame them for that considering the seemingly halted growth (and sometimes plunge) in crypto value?
Even collections such as CryptoPunks and BAYC have been hit with a decline of 20-50% in floor price. We do believe that crypto and NFTs will see their heyday again, as long as collectors weather it through this cold winter.