NFT volume at OpenSea drops 50% after massive August spike

Despite exceeding $4 billion in August, sales volume on the leading NFT platform declined an industry-record amount in September.

NFT volume at OpenSea drops 50% after massive August spike

Despite exceeding $4 billion in August, sales volume on the leading NFT platform declined an industry-record amount in September.

Recent figures from the leading NFT exchange OpenSea show that after heading to the moon for a price that surpassed $4 Billion for the month of August, the platform is returning to Earth after a metaphorical bang.

Platforms, collections, and floor prices have all taken a hit in parallel with the bearish momentum observed across the crypto market last week.

Using data from DappRadar, we can see that the OpenSea volume of sales has fallen by almost 50% in the last seven days by a pool of 156,811 users, which is 10% fewer than the other week.

Even with this slight drop in price, OpenSea still forms a dominating position against its closest rivals Axe Infinity and CryptoPunks, which were listed on the volume metric with $141.7 million and $34.1 million, respectively.

In order not to skew the narrative in a bearish direction, those using the same dataset over a 30-day period may be able to fairly conclude that OpenSea does not show signs of long-term decline, with a volume figure of 336.74%.

Due to a bug on the platform, a small number of users' NFT assets worth $100K were mistakenly deleted this week. Despite the incident being quite alarming to some users, the incident seems to have been quickly handled and resolved.

Earlier this week, the platform announced that it will generously donate 1 Ethereum token to anyone who refers an engineer or designer to the firm who becomes a successful candidate.

Nate Chastain, head of product, stated that his company has a "pressing need for manpower" and that it has 37 employees handling 98% of all NFT volume.