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Will Gendron

NFT trading on OpenSea has basically fallen off a cliff

OpenSea NFT BAYC Crypto Fortune

It may be time to shelf that NFT project you’ve been chewing on. According to an analysis of the trading volume of OpenSea — the most prominent marketplace for NFT minting and exchange — demand for NFTs has hit a new low from its peak in May.

The analysis, done by DappRadar, shows that trading volume on OpenSea fell by 99 percent over the course of about three months. As noted by Fortune, on May 1 the platform achieved a record $2.7 billion worth of transactions, juxtaposed against last Sunday’s activity, where $9.34 million worth of NFT trading occurred.

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