OpenSea, the biggest marketplace for nonfungible tokens (NFTs) in the world, is said to have seen a significant reduction in daily volumes of 99% over the course of the previous 90 days, as shown by data from crypto analytics site DappRadar.
Using data from Dappradar, we can see that on August 28, the NFT trading platform handled transactions worth close to $5 million. This is around 99% lower than the all-time high of $405.75M on May 1.
Because of the current crypto winter, which has witnessed large selloffs from the vast majority of crypto assets observed today, the entire NFT market has been on a negative trend for the last four months. Data from DappRadar shows that NFT transaction volume failed to exceed $1 billion, recording about $900 million, in July 2022. This is likely due to the lack of interest and investments flowing into the industry.
The drop was also reflected in the lowering of floor prices of key digital collections initiatives. Floor prices are defined as the least amount that an individual is prepared to pay for an NFT.
For instance, the starting price of the most expensive NFT series, which goes by the name Bored Ape Yacht Club, dropped by 53 percent to 72.5 Ethereum on August 28, compared to its all-time high of 153.7 Ethereum on May 1.
The situation is considerably direr with other collections. Since reaching a high of $67,750 on May 6, the price of Doodles has dropped by 81%. According to the statistics provided by NFT Price Floor and CoinGecko, the price of Clone X dropped by 82% after hitting a high of $72,600 on April 4, while the price of Azuki dropped by 88% after reaching a high of $108,000 on April 3.
