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Divya Mathur
Sep 11, 2021
by Divya Mathur

OpenSea’s NFT Volume Declines 50% After Record-Breaking Surge

OpenSea's NFT volume
The recent market-wide correction has pushed OpenSea's NFT sales down by 50%. According to recent figures, the NFT marketplace has registered a huge loss in demand over the last week, with a 9.3% dip in the number of traders and a 52.3% pullback in trading volume. 

OpenSea's NFT Volume Records 50% Decline After Historic Surge

NFT marketplaces have largely mimicked the downward trend observed in cryptocurrencies this week. One such marketplace, OpenSea, has shaved off over 50% of its trade volume gains, which topped $4 billion last month.

According to the analytics website DappRadar, sales on the platform have decreased sharply by around 52.3% to $738.9 million in the last week. This represents a 10% fall from the previous week’s sales volume.

That being said, OpenSea has maintained its dominant position in the market, leaving behind its closest competitors Axie Infinity and CryptoPunks by a huge margin. The two marketplaces registered sales worth $153.43 million and $42.25 million respectively. 

While the short-term dataset may imply an ongoing bearish sentiment, figures from the last 30 days don’t support that narrative. Overall, OpenSea has registered a 319% jump in sales volume, while CryptoPunks continued to be one of its highest-selling collections. Loot tokens were also an exception to the general trend of decline, but they were part of a $70,000 airdrop last week. 

Platform Bug Deletes User NFTs Worth $100K

Earlier this week, a small number of users on OpenSea were affected by a bug that deleted NFTs worth $100,000. The issue was disrupting ERC721 transfers from ENS account to personal accounts. Fortunately for the users, the matter was resolved the same day, although a total of 42 NFTs were burned before that. 

As a growing crypto unicorn, OpenSea is taking aggressive measures to scale up its workforce. Last week, the company said that it would give 1 Ether token to anyone for successful referrals.

“We need to ramp up hiring at OpenSea. We are 37 people handling 98% of all NFT volume. Referral bonus: Will pay 1 ETH to anyone who connects us to engineers or designers that we hire,” Opensea’s head of product Naste Chastain wrote on Twitter.
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OpenSea’s NFT Volume Declines 50% After Record-Breaking Surge
Divya Mathur
Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

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