Open Sea’s NFT volume down 50% after monumental surge in August

Open Sea’s NFT volume down 50% after monumental surge in August

Following a colossal surge of $4B sales volume throughout the month of August for the leading non-fungible token, or NFT, marketplace OpenSea, recent figures indicate a metaphoric return to earth after a propulsion to the mighty heights of the moon.

NFT marketplaces have largely paralleled the bearish momentum witnessed across the cryptocurrency markets across the last week, as platforms, collections and floor prices all suffer corrections.

Analytical data from DappRadar reveals that over the last seven day period, sales volume on OpenSea has fallen sharply by almost 50% to $792.23M from a pool of 156,811 traders, 10% less than registered across the previous week.

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Despite this short-term correction, OpenSea still holds a dominant position over its closest competitors Axie Infinity and CryptoPunks on the volume metric with $158.24M and $45.92M respectively.

Conscious to not skew the narrative bearish, it also must be reported that by utilizing the same dataset and expanding the scope across a 30-day period, it can be fairly assessed

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