Daily trading volume on the NFT marketplace OpenSea has fallen to its lowest level in 13 months as interest in these digital assets continues to decline.
According to data from DappRadar, the platform generated $10.1 million worth of trades on August 9, up from an all-time high of $184.5 million seven months ago.
At the moment, daily trading volumes are at an all-time low since July 2021, which suggests that both the NFT space and OpenSea are facing the effects of crypto winter.
On August 9, only 54,100 transactions were made, compared to 137,500 on January 9 this year. The trading volume of popular NFT collections also fell. For example, over the past 30 days, Bored Ape Yacht Club has been up 13% to $39.6 million. CryptoPunks trading volume also fell 53% to $29.6 million, and the number of sales made in the last 30 days also fell 64%.
A report by NonFungible.com showed that the dollar value of NFT transactions decreased by 24.8% compared to the previous quarter to $8.1 billion. The number of active wallets transacting with these digital assets decreased by 33.1% to 1. 25 million compared to the first quarter of 2022.
According to the same report, NFT searches on the Internet have fallen by 80% or to the level recorded in September 2021.
OpenSea said that current market conditions forced the company to lay off 20% of its staff. OpenSea’s decision to cut staff comes just 6 months after the company raised $300 million in a funding round led by Paradigm and Coatue at a $13.3 billion valuation. At the time, the company’s CEO said he planned to grow the team as transaction volumes were rapidly growing.
