OpenSea’s NFT Volume Declines 50% Following Historical Rise in August

After a massive spike of $4B in transactional volume for the top non-fungible token (NFT) marketplace OpenSea during August, latest statistics suggest a sharp decline in September.

NFT marketplaces have generally followed the negative trend seen in cryptocurrency markets over the past week, with marketplaces, collections, and floor prices all seeing price declines.

According to DappRadar statistics, the sales volume on OpenSea has dropped by nearly 50% in the past seven days to $792.23M from a group of 156,811 traders, which is 10% fewer than the preceding week.

Notwithstanding the brief decline, OpenSea maintains a commanding lead over its nearest rivals, Axie Infinity and CryptoPunks, who have $158.24M and $45.92M in volume, respectively.

To avoid skewing the story negatively, it should be noted that by using the same dataset and extending the coverage over a 30.-day time frame, it can be properly evaluated that OpenSea shows no indications of downward slide with a volume growth of 336.94%.

This week, a platform issue impacting ERC721 transfers to ENS names inadvertently destroyed a handful of customers’ NFT assets valued $100K. According to reports, the issue was quickly addressed and the money were refunded.

The platform published a guerrilla-style recruiting ad last week, stating that they would kindly give one Ethereum (ETH) token to any person who recommends a prospective engineer or designer to the company and the individual gets selected in the interview.

Nate Chastain, the firm’s chief of product, stated in the statement, “We are 37 individuals managing 98% of all NFT traffic,” adding that the company had a “urgent need for personnel.”