OpenSea experiences 99% drop in daily NFT transactions

The NFT marketplace, OpenSea, has recently experienced a big drop in daily transaction volumes, this comes after a general market slump, coupled with rumors of an alleged “bubble” in NFTs.

OpenSea processed nearly BRL 25 million worth of NFT transactions on August 28, representing a 99% drop from its record BRL 2 billion on May 1, as reported by DappRadar.

In addition, the platform also saw a sharp drop in the number of users, indicating a loss of interest in NFTs over the past few months.

Another phenomenon that has been hitting NFTs is a decrease in the minimum amount someone is willing to pay for a work of digital art, including in the main projects in the sector.

A clear example of this situation is the floor price of the Bored Ape Yacht Club (BAYC) collection, which faces an approximate 53% drop in the amount people are willing to pay for NFTs.

These situations ended up triggering a climate of concern in the market, even reaching a possible theory about the bursting of the NFT bubble in the coming months.

One of the factors that influences the prices of NFTs is the price of the native coins of the blockchains on which these digital collectibles are launched, such as:

For this reason, many analysts attribute the NFT crisis to the current situation in different markets. However, some people believe that we are facing a possible financial bubble, ready to burst in the coming months.

The truth is that there are no great arguments for these claims, making NFTs a risky terrain for some and a great opportunity for other projects.

The eventual eviction of Bitcoins (BTC) by Mt. Gox on the market is a possibility that causes apprehension in the crypto market in general.

Over the past weekend, rumors surfaced on Twitter that former cryptocurrency exchange Mt. Gox would dump 137,000 Bitcoins on the market, equivalent to BRL 14 billion.

And, it seems, these claims helped push Bitcoin’s price below $20,000, even without official confirmation from the exchange.

After the uproar, Mt. Gox took to Twitter to debunk the story. They said the defunct exchange’s refund system is not yet active.

According to Eric Wall, who introduced himself as the Mt. Gox, the information about the 137,000 BTC dump is false. This is because, according to him, the platform has not yet completed the necessary infrastructure to initiate payments.

The Great Writer and The Passionate Poet As Well, He Graduated from University Of Florida in Journalism and Brad have around 12 years of experience in news and media section.

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