Following a massive rise in sales volume of $4 billion for the leading nonfungible token (NFT), marketplace OpenSea during the month of August, the latest numbers do not match up to those in August.
NFT marketplaces have mainly followed the bearish trend seen in cryptocurrency markets over the last week, with price adjustments in platforms, collections, and floor pricing.
DappRadar data shows that the sales volume on OpenSea has dropped drastically by almost 50% to $792.23M in the last seven days, from a pool of 156,811 traders, which is 10% fewer than the previous week.
Despite the short-term downturn, OpenSea continues to dominate its nearest competitors, Axie Infinity and CryptoPunks, who have $158.24M and $45.92M in volume, respectively.
To avoid skewing the narrative negatively, it’s also worth noting that by using the same statistics and widening the scope over a 30-day period, it’s possible to fairly conclude that OpenSea shows no symptoms of long-term decline, with a positive volume figure of 336.94 percent.
A platform fault impacting ERC721 transfers to ENS names mistakenly erased a limited number of users’ NFT assets worth $100K earlier this week. The problem was quickly rectified, and the cash was returned, according to reports.
Last week, the platform posted a guerrilla-style recruitment ad, announcing that every member of the public who brings a potential engineer or designer to the firm who becomes a successful candidate will receive a substantial donation of 1 Ethereum (ETH) token.
“We are 37 individuals managing 98 percent of all NFT volume,” said the head of product Nate Chastain in the announcement, adding that the company has a “pressing need for manpower.”