Has the NFT bubble burst? Volume dropped 99 percent in 90 days on Opensea

The sharp decline in the crypto money market also showed itself in the field of NFT. The data showed that interest and valuation for blockchain-based collectibles has waned in recent months.

According to DappRadar, NFT trading platform OpenSea processed approximately $5 million worth of NFT transactions on August 28. That’s about 99 percent lower than the record high of $405.75 million on May 1.

The crisis in Europe is growing! It exceeded 1.000 euro for the first time

The massive drop in daily volumes coincided with equally drastic drops in OpenSea users’ transactions.


The decline was also evident in the falling floor prices of leading digital collections projects (the minimum amount one is willing to pay for an NFT).

For example, the base price of the most expensive NFT series known as Bored Ape Yacht Club fell 53 percent to 72.5 Ethereum on August 28, compared to the 153.7 Ethereum high on May 1.

Leave a Comment